Financial technology revenues grow due to focus on innovation, rankings show

21 October 2010

Revenue for financial technology firms has increased due to continued focus on innovation among banks, the authors behind a new report have claimed.

The rankings of the top 100 financial technology firms by the American Banker, Bank Technology News and IDC Financial Insights showed that revenues for the industry were up by one half of a per cent when compared with the previous year.

In the list of the top 100 Fiserv held the number one spot with SunGard, Fidelity Information Services, Tata Consultancy Services and NCR Corporation making up the rest of the top five.

Hundson Technologies was found to be the highest climbing firm in the top 100 moving from 89 in 2008 to 71 in 2009.

Karen Massey, senior analyst of banking practice at IDC Financial Insights, said: “The financial services industry remains in a precarious place as the global economy has not yet rebounded while regulators implement new mandates.

“Financial institutions are relying more than ever on their technology providers for innovative, effective, and efficient solutions to address profitability and efficiency strategies, as well as compliance requirements.”

Rebecca Sausner, editor of Bank Technology News, added: “The velocity of change that financial institutions are facing is unparalleled; reacting to new regulatory, customer and business demands requires strong partnerships with strong vendors.”

Further findings from the research showed that Six Card Solutions and Virtusa Corporation were among the new entries into the top 100.

By Jim Ottewill