Accenture has won the top spot in a recent Everest Group ranking of open finance IT consultancies. 

Everest Group is one of a handful of prestigious research firms that big companies consult when making a procurement decision. If a company needs IT assistance, Everest Group can point out which consultancies it should consider hiring. 

Accenture often comes up in such procurement discussions because it’s the world’s largest consulting group by headcount. The firm has about 738,000 employees who support clients in 120-plus countries.

Accenture nabbed the top spot in Everest Group’s 2022 PEAK Matrix ranking of open finance IT providers. It beat out 25 other firms, a win that has very real commercial implications because Everest Group rankings directly influence the buying decisions of C-suite executives. 

Open finance, the focus of the report, is a trend in the banking sector that is well on its way to becoming a standard practice. The gist is that banks are making it easier for consumers to connect their bank accounts to external services like savings apps.

That sounds simple, and it is as far as a user signing up to a fintech service like a savings app is concerned. But building the IT infrastructure necessary to make it happen is a highly involved task. 

That’s why banks hire consultancies like Accenture to sort out the technical details.

The Everest Group looked at a long checklist of factors while performing its evaluation of open finance IT consultancies. It assessed those consultancies’ service offerings and market share, as well as behind-the-scenes details like their business strategy.

Accenture nabbed the top spot for several reasons. The Everest Group noted in its report that the company not only provides a broad set of IT consulting services, but also maintains extensive industry partnerships.

“Accenture has bolstered its open finance capabilities through a mix of acquisitions, talent investments, and development of accelerators,” said Everest Group practice director Pranati Dave. “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.”

Accenture’s investments in employee training was also highlighted. The firm has a significant number of employees with IT certifications relevant to open finance projects. 

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