Acquisitions were again pivotal in determining the outcome of the lists, particularly affecting European vendors bought by US competitors in recent years. In the US, Fidelity's recent business additions saw the company beat Fiserv to the top slot on the FinTech 100. Notably, Indian outsourcing firms TATA and Infosys both made strong progress in the past year moving up a number of places to slots number 10 and 14 respectively.
UK giant Misys, the LSE-listed global application software and services provider lost a number of slots after another turbulent year in 2006, with new management and less subsequent external diversions this could be followed by a period of consolidation and an opportunity to reverse its recent decline. However, as close competitors I-Flex and Temenos have been surging through the ranks to 30th and 46th respectively, it is clear that competition will remain intense in core banking technology.
The impact of new regulatory changes in the European market such as SEPA and MiFID also made their presence felt. For financial technology revenues in Europe new regulatory requirements, risk management and security will remain dominant themes, as the industry increasingly falls under external regulatory guidance. Demands such as these are raising the competitive stakes and ensuring those financial institutions that want to succeed need to have cutting-edge technology solutions and support.
The EMEA region will also see an increasing emphasis on customer service solutions and applications both in retail banking and wealth management, as well as considerable additional resource being applied to data management and infrastructure services. New services, particularly more sophisticated mobile access to banking and payments, wider acceptance of contactless card products as well as generally cheaper, faster and easier basic banking services should all be significant business drivers for continued technology investment.
"Overall, the industry is in good health and FinTech companies are growing faster than what the industry spends on technology," said Jeanne Capachin, research vice president of global banking and insurance for Financial Insights. "Acquisitions have played a part, but top vendors strive to become trusted partners with their financial institution customers."