Mumbai: Information technology bellwether Infosys Technologies Limited is the fastest growing technology and service provider (TSP) in the US financial service market, leading research and analyst firm Gartner Inc said in its report titled 'Competition Intensifies Between Fast-Growing and Large IT Providers for Financial Service Engagements.'
The Gartner study, by analyst Susan Cournoyer and pulished on July 27, confirms that Infosys has grown to become one of the top three fastest growing providers of systems integration services to the US financial services market.
"At Infosys, we believe that the financial services industry is experiencing a continuously 'flattening world', with companies therefore having to make substantial changes to their business to succeed and stay ahead of the market," said Ashok Vemuri, senior vice president and head of Infosys' Banking & Capital Markets business unit.
"With regulations increasing and technologies breaking down communication barriers, companies need to transform themselves to compete effectively. For over 25 years we have serviced the financial services industry and over this period, we have deepened our strategic focus on this sector by continuously enhancing our portfolio of solutions and services so our clients can navigate these changes and be leaders in the industry," he added.
Using its Global Delivery Model (GDM) for implementation of its many relationships within the financial services market, Infosys is now the fastest growing TSP to the industry. Having transitioned its services' core strategy from a general-IT focus to a solutions portfolio provider, Infosys has expanded its offerings from back-office related work to infrastructure, front-office and mid-office work for the financial services industry.
"Our solutions address critical business imperatives for the banking and capital markets industry today, including compliance, risk management and data quality," Vemuri continued. "In today's 'flattening world,' we help companies win by efficiently addressing the new set of operational priorities. We believe these latest rankings reinforce our market position among those providing technology, consulting and outsourcing services to the financial services industry."
Globally, financial service is Infosys' largest vertical. Clients include several of the top commercial and investment banks, securities firms and credit card issuers in the US, Europe and Australia. Companies in the financial services industry leverage Infosys' expertise in visioning, architecting and delivering business and technology solutions to help them increase their operational efficiency, enable more effective customer management and lower their operational risk profiles.
Gartner Inc. reviewed the similarities and differences to identify competitive challenges and growth opportunities for TSPs targeting the financial sector. Key strategic changes, critical success factors and benefits of building successful financial service practices were ranked in the report by the IT service and solution TSPs with the largest and/or fastest-growing revenue in the North American financial service market.
Infosys defines, designs and delivers IT-enabled business solutions to Global 2000 companies. These solutions focus on providing strategic differentiation and operational superiority to clients. With over 58,000 professionals employed in 35 offices world-wide, Infosys ensures world-class processes, speed of execution and the power to stretch their IT budget by leveraging the global delivery model.