Accenture has been named a Leader in open finance IT services in a report by industry analyst firm Everest Group.

In the report, titled “Open Finance IT Services PEAK Matrix® Assessment 2022,” Accenture is positioned as a Leader for both Market Impact, which assesses service providers against criteria such as market adoption, portfolio mix and value delivered to clients; and Vision & Capability, which measures firms’ strategy, scope of services, innovation & investments, and delivery.

Accenture named Top Leader in Everest Group’s Open Finance IT Services PEAK Matrix

Open finance extends the scope of open banking beyond payments services and uses additional datasets, such as credit, mortgages, wealth management, insurance and investments, to create new financial services offerings. With customers’ consent, their financial data can be accessed by trusted third parties to provide more tailored services and products. Embedded finance, buy now, pay later, and super-apps are all recent examples of customer-centric solutions that stemmed from the concept of open finance.

According to Everest Group, Accenture has been driving open finance strategies for banks and market participants and collaborating with regulators globally to shape the open finance agenda. The report notes that Accenture has dedicated partnerships with fintechs, data providers and ecosystem players; innovative solutions for deploying open finance platforms; and a focus on developing talent through relevant training and certifications.

“Accenture has bolstered its open finance capabilities through a mix of acquisitions, talent investments, and development of accelerators,” said Pranati Dave, practice director, Everest Group. “Clients referenced Accenture’s strong open finance expertise and initiatives, as well as its wide partnership ecosystem and innovation labs, which have helped it earn recognition as a Leader.”

Amit Mallick, Accenture’s open finance lead, said, “As open banking evolves into open finance, Accenture is helping banks, fintechs, and non-financial institutions such as retailers, tech firms and telecoms providers, leverage their diverse datasets to launch new propositions for consumers and businesses. Our end-to-end technology capabilities and deep cross-industry expertise support clients across the entire lifecycle of their open finance journeys. The ultimate destination for firms is open data, where customers can share select data across all aspects of their lives — to receive more intuitive and personalized products.”

The report analyzed 26 service providers on several capability-related dimensions and is based on RFI responses from service providers, client reference checks and an ongoing analysis of the open finance banking and financial services market.

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