New York, September 13, 2022 – Banks are depending on the cloud to build better systems for the future, but legacy technology is holding 62% of them back.
The growing need to overhaul these systems is what powered GFT’s leap on the 2022 IDC FinTech Rankings. Continued adoption of GFT’s approach to reimagining banks’ current technology with core digital solutions moved the company up 14 spots this year, ranking #35 and earning recognition as a "Fast Track Fintech."
"Banks have an opportunity to transform their legacy technology in a way that isn’t just a response to competitive pressure. Instead, we’re offering them a vision that transcends simply keeping up with the industry, opening them up to entirely new business models and revenue streams," said Marco Santos, CEO, USA and LatAm, at GFT.
Financial companies are doubling down on IT
IDC’s Fortune 500-style ranking categorises and evaluates the top global providers of financial technology based on calendar year revenues.
The providers included on the list supply the technological backbone of the financial services industry; an industry for which IDC forecasts worldwide spending on IT across the globe to be $590 billion (USD) by 2025.
Increased demand brings record year for GFT
The company reported a record year in 2021, achieving its best-ever revenue and earnings. GFT saw further growth in the first half of 2022: Revenue rose by 37 percent and earnings before taxes (EBT) by as much as 75 percent.
Santos continued, "Our jump in this year’s rankings is a reflection of the increased demand we’re seeing for digital transformation services, and a preview of the momentum we expect to continue in the year to come."
Bettering customers around the world
According to IDC, “To thrive in a digital economy, financial services organisations must embrace innovation and integrate technology effectively to enhance the customer experience and achieve operational excellence.
GFT and the vendors featured on the IDC FinTech Rankings, represent those providers committed to helping financial institutions successfully execute their digital transformation initiatives for the betterment of their customers around the world.”
IDC Financial Insights publishes a comprehensive report about the year's findings that is available to view or download from http://www.idc-fi.com. The complete list and more information about the rankings are also available here.