The BFSI industry continues to be the largest adopter of the IT Application Outsourcing (AO) services. However, the industry dynamics have changed significantly over the last 12 to 24 months. BFSI buyers are facing increasing pressure to drive top-line growth, manage complexity arising out of wide-scale regulatory reforms, and improve profitability by driving greater cost efficiencies.

1. Topic: BFSI AO Service Provider Profile Compendium –
Capital Markets AO
Banking, Financial Services, and Insurance (BFSI) Outsourcing
Report: January 2013 – Preview Deck
Copyright © 2013, Everest Global, Inc.
EGR-2013-11-PD-0837

2. Our research offerings for global services
Subscription information Market Vista
 The full report is included in Global services tracking across functions, sourcing models, locations, and
the following subscription(s) service providers – industry tracking reports also available
– Banking, financial
services, insurance Banking, financial
Healthcare Finance & accounting
services, insurance
 In addition to published
research, a subscription may Information
include analyst inquiry, data Procurement Cloud Vista
technology
cuts, and other services
 If you want to learn whether Human resources Recruitment process Global sourcing
your organization has a
subscription agreement or
request information on pricing Service provider Transaction
PricePoint
and subscription Intelligence Intelligence
options, please contact us:
– info@everestgrp.com Custom research capabilities
– +1-214-451-3110  Benchmarking | Pricing, delivery model, skill portfolio
 Peer analysis | Scope, sourcing models, locations
 Locations | Cost, skills, sustainability, portfolio
 Tracking services | Service providers, locations, risk
 Other | Market intelligence, service provider capabilities, technologies
Copyright © 2013, Everest Global, Inc.
2
EGR-2013-11-PD-0837

3. Background and scope of the research
Background of the research
 BFSI industry continues to be the largest adopter of the IT Application Outsourcing (AO) services.
However, the industry dynamics changed significantly over the last 12 to 24 months. BFSI buyers are facing
increasing pressure to drive top-line growth, manage complexity arising out of wide-scale regulatory
reforms, and improve profitability by driving greater cost efficiencies. In order to achieve this, buyers are
focusing on optimizing their portfolio of AO service providers
 At the same time, service providers in the BFSI AO space are also ramping up their capabilities, building up
scale, and investing in developing and acquiring IP/proprietary solutions. They are also forming
alliances, which allow them to undertake and deliver on large-sized, annuity AO engagements. The
competitive intensity in the BFSI AO services space is at an all-time high. As a result, it is becoming difficult
to differentiate among service providers based purely on delivery capabilities. It is, therefore, critical to have
a comprehensive, well-rounded, and fact-based assessment of service providers‟ BFSI AO value
proposition
 In this research, we present detailed profiles of the 20 service providers featured on the capital markets AO
PEAK Matrix. Each profile provides a comprehensive picture of the service provider‟s service suite, scale of
operations, domain investments, and delivery locations
Scope of this report
This report includes detailed profiles of the following 20 service providers1:
 Capital markets AO PEAK Leaders: Accenture, Cognizant, IBM GS, Infosys, and TCS
 Capital markets AO PEAK Major Contenders:
Capgemini, CGI, CSC, EPAM, HCL, Headstrong, HPES, iGATE, L&T Infotech, Polaris, and Wipro
 Capital markets AO PEAK Emerging Players: Dell Services, Luxoft, MphasiS, and Syntel
1 The scope of the report covers service provider information up to December 2011
Copyright © 2013, Everest Global, Inc.
3
EGR-2013-11-PD-0837

4. Table of contents (page 1 of 2)
Topic Page no.
Introduction and overview 5
Everest Group capital markets AO PEAK Matrix 11
Section I: Profiles of capital markets AO Leaders 17
 Accenture 18
 Cognizant 24
 IBM 30
 Infosys 36
 TCS 42
Section II: Profiles of capital markets AO Major Contenders 49
 Capgemini 50
 CGI 56
 CSC 62
 EPAM 67
 HCL Technologies 73
 Headstrong 79
 HP Enterprise Services 84
Copyright © 2013, Everest Global, Inc.
4
EGR-2013-11-PD-0837

5. Table of contents (page 2 of 2)
Topic Page no.
Section II: Profiles of capital markets AO Major Contenders (continued)
 iGATE 89
 L&T Infotech 94
 Polaris 100
 Wipro 106
Section III: Profiles of capital markets AO Emerging Players 112
 Dell Services 113
 Luxoft 119
 MphasiS 124
 Syntel 130
Appendix 136
 Glossary of key terms 137
 2012 BFSI research agenda 139
 Additional BFSI research references 141
Copyright © 2013, Everest Global, Inc.
5
EGR-2013-11-PD-0837

6. This Everest Group report is a compendium of detailed
profiles of 20 service providers featured on Everest Group’s
Capital Markets AO PEAK Matrix
BFSI
Focus of report
Banking Capital markets Insurance
 Retail financial services (B2C1)  Investment banking  Life and pensions
– Retail banking  Asset management  Property and casualty
– Lending  Custody and fund administration  Others
– Cards  Brokerage
 Commercial banking (B2B2)  Others3
Services industry
IT infrastructure IT application outsourcing Business process
outsourcing (IO) (AO) outsourcing (BPO) Consulting
 Traditional IO  Application development  BFSI-specific BPO  IT strategy/operations
 Remote Infrastructure  Application maintenance  HRO consulting
Management (RIM)  Independent testing  FAO  Business consulting
 Infrastructure Management  Package implementation  PO  Infrastructure consulting
Services (IMS)  ERP services  Contact center  Infrastructure roll-outs
 Cloud  Business intelligence/data  Knowledge services
warehousing
This report analyzes capabilities of service providers for IT application outsourcing in the capital markets subvertical with a focus on large
(TCV >US$25 million), annuity-based multi-year (more than three years) relationships
1 Business-to-consumer relationships
2 Business-to-business relationships
3 Includes other capital markets functions such as structured finance, treasury, FX, and horizontal functions including risk management, etc.
Copyright © 2013, Everest Global, Inc.
6
EGR-2013-11-PD-0837

7. This report is a part of the Everest Group’s series of nine
reports focused on AO in BFSI in 2012
Market Trends in IT Application Outsourcing Services Focus of report
Each report provides: Banking
 An overview of the application services market for the BFSI verticals, capturing key trends
in market size, growth, drivers and inhibitors, adoption trends, regional/functional break-
outs of the market, emerging themes, key areas of investment, and implications for key Capital Market
stakeholders
 Key movements in volumes/values of AO transactions, evolving trends, market
dynamics, and emerging priorities of buyers in the last 12 months Insurance
Service Provider Landscape: IT Application Outsourcing Services
Each report provides: Banking
 Assessment of service provider landscape in AO services and mapping of providers on
Everest Group‟s PEAK Matrix – as Leaders, Major Contenders, and Emerging Players
 Comparative evaluation of BFSI-AO capabilities of provider categories such as global
majors, offshore majors, regional players, and tier-2 specialists. Benchmarking Capital Markets
scale, scope, domain investments, and delivery footprint of each provider‟s BFSI-AO
practice
 The 2012 BFSI-AO PEAK analyses focus on identifying the “Star
Performers”, i.e., providers with strongest forward movement over time – both in terms of Insurance
market success and capability advancements
Service Provider Profiles Compendium: IT Application Outsourcing Services
Capability profiles of service providers capturing their AO services experience in specific Banking
subverticals. Each service provider profile includes:
 Service provider overview – details of AO services capabilities, key
investments, proprietary solutions, and technological expertise Capital Markets
 Functional / Line of Business (LoB) focus
 Transactions overview for application services offerings
 Delivery footprint
Insurance
Copyright © 2013, Everest Global, Inc.
7
EGR-2013-11-PD-0837

8. Everest Group’s BFSI research is based on two key sources of
proprietary information
1
 Everest Group‟s proprietary database of more than 375 large, multi-year Service providers covered in the analysis
AO contracts within BFSI (updated annually)
 The database tracks the following elements of each large AO relationship:
– Buyer details including industry, size, and signing region
– Contract details including TCV, ACV, term, start date, service
provider, FTEs, and pricing structure
– Activity broken down separately for banking, capital markets, and
insurance, and by line of business (for example, asset
management, investment banking, brokerage, etc.)
– Scope includes coverage of buyer geography as well as functional
activities
– Global sourcing, including delivery locations and level of offshoring
2
 Everest Group‟s proprietary database of operational capability of more
than 20 BFSI AO service providers (updated annually)
 The database tracks the following capability elements for each service
provider:
– Major BFSI AO clients and recent wins
– Overall revenue, total employees, and BFSI employees
– Recent BFSI-related developments
– BFSI AO delivery locations
– BFSI AO service suite
– Domain capabilities, proprietary solutions, and intellectual property
investments
Note: We continuously monitor market developments and track additional service providers beyond those included in the analysis
Confidentiality: Everest Group takes its confidentiality pledge very seriously. Any information, that is contract-specific, will be presented back to the industry only in an
aggregated fashion
Copyright © 2013, Everest Global, Inc.
8
EGR-2013-11-PD-0837

9. Company X | Capital markets AO profile (page 1 of 5)
Corporate and BFSI overview
>US$500 million US$100-500 million <US$100 million
Company description Scale of BFSI subverticals
Company X is a global provider of IT and BPO services. Its IT offerings
span technology consulting, application development and Banking Capital Markets Insurance
maintenance, systems integration, software products and IT
infrastructure services. It primarily serves BFSI, telecom, retail and Key financial parameters Revenue1 from BFSI vertical
manufacturing verticals Revenue in US$ million Revenue1 from other verticals
Operating margin
Headquarters: XX XX
XX
Website: www.companya.com
Geographical mix Service mix
FY 2011; US$ million FY 2011; US$ million
100% = xx 100% = xx
FY 2009 FY 2010 FY 2011
Latin America Consulting
Services offered for BFSI vertical
Application services for money transfer, credit
U.S. BPO ADM cards, loans, wealth management, anti-money laundering, and
APAC mobile banking; ERP solutions; IT infrastructure support; product
licensing and reselling
Europe Infrastructure Major BFSI clients
services Bank A, Bank B, Financial Services Firm C, Insurer D, Trading
Services Firm E, Investment Bank F
1 FY ends on December 31
Source: Everest Group (2013)
Copyright © 2013, Everest Global, Inc.
9
EGR-2013-11-PD-0837

10. Company X | Capital markets AO profile (page 2 of 5)
Capital markets AO capability assessment and market success
Headline assessment Measure of capability: Very high High Medium Low
Targeted solutions for capital markets, combined with strong revenue growth and
Everest Group PEAK Matrix for capital markets AO
client wins, enabled Company A to further strengthen its leadership position in the
capital markets AO marketplace High
Leaders
Transaction success Major Contenders Company A
 Over XX capital markets AO clients, including global accounts, which are
Market success
served in multiple geographies
 Over XX large active capital markets AO deals with average TCV of
US$XX million and average contract duration of XX years
 Major capital markets AO clients: XX, XX, XX
Success dashboard1 High Medium Low
Capital Market lines of business Geographic scope
Emerging Players
I-Banking Brokerage North America EMEA Low
Asset Mgmt Custody, Fund admn Latin America APAC Low Delivery capability High
Scale Scope
 Derives XX% of its total revenue from the BFSI vertical, with  Offers solutions in the areas of XX, XX, XX
~US$XX million from capital markets AO services  Covers all capital markets subverticals with major focus on XX
 Registered a strong growth of XX% in its capital markets AO revenue in  Equal mix of revenue from large and small deals in capital markets AO
2011
Domain investments Delivery footprint
 Proprietary solutions and frameworks: XX  Over XX delivery centers across multiple countries such as XX,
 Acquired XX in 2011 to strengthen its existing P&C, component-based XX, XX, XX, XX for capital markets AO services
software platforms  High degree of offshore leverage with over XX% resources employed at
 Multiple alliances in the capital markets vertical: XX low cost locations, especially India
1 Transaction success for large-sized deals; assessment relative across service providers
Source: Everest Group (2013)
Copyright © 2013, Everest Global, Inc.
10
EGR-2013-11-PD-0837

11. Company X | Capital markets AO profile (page 3 of 5)
AO domain investments
Proprietary solutions (representative list)
Line of Business Solutions
Overall BFSI  Data management tools: tools for data cleansing, data generation, data migration solutions, and
data-masking tool
 “AAA”: financial services CRM solution
capital markets  “XYZ”: Policy software for P&C capital markets carriers, which includes modules such as policy
administration, rating, rules, product definition and configuration as well as product templates
 “ABC”: Software to manage core business functions, including policy processing, billing, and
claims
Acquisitions (representative list)
Target Date Capabilities added
Target A 2009 Software testing capabilities for capital markets industry
Key alliances (representative list)
Alliance partner Purpose of alliance
Partner A Implementation partner for P&C suite
Partner B Co-development of software for claims
Source: Everest Group (2013)
Copyright © 2013, Everest Global, Inc.
11
EGR-2013-11-PD-0837

12. Company X | Capital markets AO profile (page 4 of 5)
Capital markets AO transactions activity
NOT EXHAUSTIVE
Recent transaction activity1
TCV estimate Duration
Buyer’s name Announcement date (US$ million) (years) Contract details and services
Firm A January 2011 XX XX Maintenance of applications and provision of
desktop services
Firm B March 2009 XX XX Maintenance and support of capital markets
administration systems
Firm C December 2008 XX XX Implementation of „ABC‟ capital markets
solution; maintenance services
1 Publicly-announced capital markets AO transactions during 2009 to 2012
Source: Everest Group (2013)
Copyright © 2013, Everest Global, Inc.
12
EGR-2013-11-PD-0837

13. Company X | Capital markets AO profile (page 5 of 5)
Key offshore AO delivery locations
NOT EXHAUSTIVE
Confirmed location for capital markets AO 500-1,000 AO FTEs
>5,000 AO FTEs 100-500 AO FTEs
1,000-5,000 AO FTEs <100 AO FTEs
Czech Republic
Poland
Slovakia Bulgaria
China
Mexico Vietnam
India
Thailand
Brazil
Malaysia
Chile
Source: Everest Group (2013)
Copyright © 2013, Everest Global, Inc.
13
EGR-2013-11-PD-0837

14. BFSI Outsourcing research agenda (page 1 of 2)
Published Current
Topic Release date
BFS BPO Annual Report 2012 – Strong Growth Post the Downturn July-2012
Application Outsourcing (AO) in Banking: PEAK Matrix Provider Landscape – Evolution at Play August-2012
IT Application Outsourcing (AO) in Insurance – Navigating Business Challenges through Technology September-2012
A PEAK into the Leaders, Major Contenders, and Emerging Players of the Banking BPO Market October 2012
Applications Outsourcing in Banking – Service Provider Profiles Compendium October 2012
IT Application Outsourcing (AO) in Capital Markets Annual Report – Change is the only constant October 2012
Webinar Deck: PEAK into the BFSI Outsourcing Market October 2012
Application Outsourcing (AO) in Insurance: PEAK Provider Landscape – Policies for Growth and Differentiation October 2012
Insurance Business Process Outsourcing (BPO) Market 2011-2012 – Annual Report November-2012
A PEAK into the Leaders, Major Contenders, and Emerging Players of Capital Markets BPO November-2012
Banking BPO Service Provider Profiles Compendium November-2012
A PEAK into the Leaders, Major Contenders, and Emerging Players of Insurance BPO December-2012
Capital Markets BPO Service Provider Profile Compendium December 2012
AO in Capital Markets: PEAK Provider Landscape – Need for Speed: Capturing the Capital Markets Momentum December 2012
Insurance BPO Service Provider Profile Compendium January 2013
Copyright © 2013, Everest Global, Inc.
14
EGR-2013-11-PD-0837

15. BFSI Outsourcing research agenda (page 2 of 2)
Published Current
Topic Release date
IT Application Outsourcing (AO) in Insurance – Service Provider Profiles Compendium January-2013
BFSI AO Service Provider Profile Compendium – Capital Markets AO February-2013
IT Applications Outsourcing (AO) in Banking – Trends and Future Outlook – 2013 Q2-2013
Application Outsourcing in Banking – PEAK Into the Evolving Service Provider Landscape – 2013 Q2-2013
IT Applications Outsourcing in Banking – Service Provider Profiles Compendium – 2013 Q2-2013
BFS BPO Annual Report Q2-2013
BFSI BPO Service Provider Landscape – Banking BPO Q2-2013
BFSI BPO Service Provider Profile Compendium – Banking BPO Q3-2013
BFSI BPO Service Provider Landscape – Capital Markets BPO Q3-2013
IT Applications Outsourcing (AO) in Insurance – Trends and Future Outlook – 2013 Q3-2013
Application Outsourcing in Insurance – PEAK Into the Evolving Service Provider Landscape – 2013 Q3-2013
IT Applications Outsourcing in Insurance – Service Provider Profiles Compendium – 2013 Q3-2013
BFSI BPO Service Provider Profile Compendium – Capital Markets BPO Q3-2013
Insurance Business Process Outsourcing (BPO) Market – Annual Report Q3-2013
BFSI BPO Service Provider Profile Landscape – Insurance BPO Q4-2013
BFSI BPO Service Provider Profile Compendium – Insurance BPO Q4-2013
Copyright © 2013, Everest Global, Inc.
15
EGR-2013-11-PD-0837

16. Additional research references
The following documents are recommended for additional insight into the topic covered in this report. The recommended documents either
provide additional details on the topic or complementary content that may be of interest
1. IT Application Outsourcing (AO) in Capital Markets Annual Report – Change is the only constant (EGR-2012-11-R-0766): This report provides
an overview of the Application Outsourcing (AO) market for the capital markets industry, through an in-depth analysis of large-sized AO contracts
(i.e., contracts over US$25 million in TCV and over three years in duration). The report analyzes key trends in market size and growth, demand
drivers, adoption and scope trends, emerging priorities of buyers, key investment themes, and future outlook for 2012, with regards to such large
capital markets AO deals
2. Application Outsourcing (AO) in Capital Markets: PEAK Provider Landscape – Need for Speed: Capturing the Capital Markets Momentum
(EGR-2012-11-R-0804): The report provides a comprehensive assessment of the service provider landscape in AO services for capital markets, and
maps 20 capital markets AO providers on Everest Group‟s PEAK Matrix. It also benchmarks the scale, scope, domain investments, and delivery
footprint of each provider's capital markets AO practice. Finally, the 2012 capital markets AO PEAK analysis focuses on identifying the "Star
Performers", the providers with the strongest forward movement over time in terms of market success and capability advancements
3. IT Application Outsourcing (AO) in Insurance – Service Provider Profile Compendium (EGR-2013-11-R-0811): The insurance AO service
provider profile compendium provides comprehensive and fact-based snapshots of 20 service providers featured on Everest Group Insurance AO
PEAK Matrix. Each more than 5 pages service provider profile provides a comprehensive assessment of their service suite, scale of
operations, domain investments, and delivery locations specific to insurance AO services.
For more information on this and other research published by the Everest Group, please contact us:
Jimit Arora, Vice President: jimit.arora@everestgrp.com
Rajat Juneja, Practice Director: rajat.juneja@everestgrp.com
Kiranjeet Kaur, Senior Analyst: kiranjeet.kaur@everestgrp.com
Pallavi Saxena, Analyst: pallavi.saxena@everestgrp.com
S. Sivaram, Analyst: Sivaram.s@everestgrp.com
Everest Group
Two Galleria Tower
13455 Noel Road, Suite 2100 Phone: +1-214-451-3110
Dallas, TX 75240 Email: info@everestgrp.com
Copyright © 2013, Everest Global, Inc.
16
EGR-2013-11-PD-0837

17. Everest Group
Leading clients from insight to action
Everest Group is an advisor to business leaders on the next generation of global services with a worldwide reputation for helping
Global 1000 firms dramatically improve their performance by optimizing their back- and middle-office business services. With a
fact-based approach driving outcomes, Everest Group counsels organizations with complex challenges related to the use and
delivery of global services in their pursuits to balance short-term needs with long-term goals. Through its practical
consulting, original research, and industry resource services, Everest Group helps clients maximize value from delivery
strategies, talent and sourcing models, technologies, and management approaches. Established in 1991, Everest Group serves
users of global services, providers of services, country organizations, and private equity firms in six continents across all industry
categories. For more information, please visit www.everestgrp.com and research.everestgrp.com.
Dallas (Corporate Headquarters) Toronto India / Middle East
info@everestgrp.com canada@everestgrp.com india@everestgrp.com
+1-214-451-3000 +1-416-865-2033 +91-124-496-1000
New York London
info@everestgrp.com unitedkingdom@everestgrp.com
+1-646-805-4000 +44-207-129-1318
Stay connected
Websites Twitter Blogs
www.everestgrp.com @EverestGroup www.sherpasinblueshirts.com
research.everestgrp.com @Everest_Cloud www.gainingaltitudeinthecloud.com
Copyright © 2013, Everest Global, Inc.
17
EGR-2013-11-PD-0837