Everest Group Names HCL a ‘Leader’ and ‘Star Performer’ in Global Banking Application Services PEAK Matrix™ Assessment 2018

HCL Technologies (HCL), a leading global technology company, has been identified as a Leader and Star Performer in the Global Banking Application Services PEAK Matrix™ Assessment 2018 by Everest Group. HCL has been named a Leader for the fourth consecutive year in the Banking Application Services PEAK Matrix assessment and a “Star Performer” for the second time after 2015.

The company has been assessed high for both ‘vision and capabilities’ as well as ‘market impact’ for its double digit growth in Banking Application Services, strong presence in growing markets like Asia Pacific, ability to support clients through investments in co-innovation labs, investment in talent and solution accelerators. HCL’s go-to-market powered by its FENIX framework, an approach that is Forward‐thinking, Engineering‐driven, Nextgen‐focused, Innovative, and E‐Xperience‐centric along with its flexibility in operating and commercial models were highlighted as its key strengths by Everest Group.

“Receiving this award underscores our commitment to drive high-value client centricity for next-gen banking,” said Rahul Singh, President and Global Head of Financial Services for HCL Technologies. “Our goal is to leverage technologies like AI and robotics along with our innovation labs to help customers launch new products and create differentiated user experiences. Simultaneously, we are bringing a renewed focus to regulatory compliance and rationalizing and converging IT and operations across business divisions.”

“Evolving consumer demands, competition from digital native firms, and a digital talent gap puts stress on banks to execute digital initiatives at speed and scale. To manage these roadblocks, banks need partners that can run business in a cost optimized model, guide banks on their transformation journeys, manage the complexity of the innovation ecosystem, and bring differentiated skills,” said Jimit Arora, Partner at Everest Group. “Significant scale up in existing accounts, multiple new client wins, and clients recognizing the value delivered in engagements helped HCL demonstrate superior market success. HCL strengthened its value proposition through investments in innovation labs, partnerships, talent, and solutions to position itself as a Star Performer and a Leader on the 2018 Everest Group Banking Application Services PEAK Matrix^TM.”

For future-ready financial services organizations, HCL offers smart, next–generation digital technologies, allowing companies address the need of the hour and stay ahead of the game. HCL is investing in FinTechs, APIs, application modernization, and cognitive computing to facilitate this transition. DRYiCE, an autonomics and orchestration framework, drives efficiency for the banking sector by automating both standard and nonstandard tasks.

As a long-term and transformation partner to Fortune 500 financial Services and banking clients across the globe, HCL provides end to end Digital, Engineering, Applications, Infrastructure and Business services across multiple domains in BFSI including Asset and Wealth Management, Retail Banking, Corporate Banking, Cards & Payments, lending and risk functions.

For the purpose of the study, Everest Group assessed and analysed 25 IT service providers featured on the application services in Global banking PEAK Matrix™. The assessment is based on Everest Group’s annual RFI process for the calendar year 2018, interactions with leading service providers, client reference checks, and analysis of the Global banking Application services market.