CFT in TOP-3 in CNews Analytics Rating
CNews Analytics agency has published its annual review "IT in Banks and Insurance Companies", which includes a rating of major bank IT suppliers. The rating is based on the results of the activity of market participants in 2015. Center of Financial Technologies remained second in the rating of Russia's major IT developers.
According to CNews analysts, 2016 was the year of recovery in the banking sector, which led to unprecedented reduction in the number of operating banks – over a hundred credit institutions lost their licenses during the year, and by January 1, 2017 the number of operating banks decreased to 575. In the current year 2017, the trend for reduction in the number of banks has remained, but the process has slowed down – as of October 2017, there are 530 banking institutions in the market.
The largest institution to lose its license was Yugra bank, one of the Top-30 in assets. Besides, in August 2017 CBR announced the rehabilitation and temporary administration of Otkritie FC bank, one of the major private banks.
The players that have remained in the market mostly approach their IT development pragmatically – they launch only those IT projects that are essential for them or those with a clear payoff period.
Despite that, based on the results of 2016, the proceeds of 50 major IT vendors to financial institutions have increased by 23% and made 137.4 billion rubles, according to the annual CNews Analytics rating.
Banks are forced to develop new customer interaction channels and modernize own infrastructure to ensure their competitive edge. On the other hand, among the negative factors remain the economic problems and banking rehabilitation by the CBR.
Read the review "IT in banks and insurance companies"