NEW YORK–(BUSINESS WIRE)–Banks are relying on the cloud to build better systems for the future, but legacy technology is holding 62% of them back.
The growing need to overhaul these systems is what drove GFT’s leap into the 2022 IDC FinTech Rankings. Continued use of GFT’s approach to reimagining the banks’ current technology with digital core solutions brought the company up 14 places this year, ranking #35 and gaining recognition as a “Fast Track Fintech.”
“Banks have an opportunity to transform their legacy technology in a way that is not just a response to competitive pressures. Instead, we offer them a vision that goes beyond keeping up with the industry, opening them up to entirely new business models and revenue streams,” said Marco Santos, CEO, US and LatAm, at GFT.
Financial companies double down on IT
IDC’s Fortune 500-style rankings categorize and evaluate the top global financial technology vendors based on calendar year revenue.
The vendors included in the list provide the technological backbone of the financial services industry; an industry which IDC estimates worldwide IT spending to reach $590 billion (USD) by 2025.
Increased demand results in a record year for GFT
The company reported a record year in 2021, and achieved its best revenue and earnings ever. GFT saw further growth in the first half of 2022: Revenues rose as well 37 per cent and profit before tax (EBT) with a whopping 75 per cent.
Santos continued, “Our jump in this year’s ranking is a reflection of the increased demand we are seeing for digital transformation services, and a preview of the momentum we expect to continue in the year ahead.”
Better customers worldwide
According to IDC, “To thrive in a digital economy, financial services organizations must embrace innovation and integrate technology effectively to improve customer experience and achieve operational excellence.
GFT and the vendors featured in the IDC FinTech Rankings represent those vendors committed to helping financial institutions execute their digital transformation initiatives to improve their customers worldwide.”
IDC Financial Insights publishes a comprehensive report on this year’s findings which is available to view or download from The full list and more information on the rankings is also available here.
About GFT – Shaping the future of digital business
As a pioneer for digital transformation, GFT develops sustainable solutions across new technologies – from cloud technology and artificial intelligence to blockchain/DLT.
With its deep technological expertise, strong partnerships and extensive market knowledge, GFT offers advice to the financial and insurance sectors, as well as the manufacturing industry. Through the intelligent use of IT solutions, GFT increases productivity and creates added value for customers. Companies get easy and secure access to scalable IT applications and innovative business models.
Founded in 1987 and located in more than 15 markets to ensure proximity to customers, the GFT team consists of over 10,000 dedicated talents. GFT provides them with career opportunities in all areas of software engineering and innovation. The GFT Technologies SE share is listed in the SDAX index of the German stock exchange (ticker: GFT-XE).
www.gft.com
www.blog.gft.com
www.linkedin.com/company/gft-group/
www.twitter.com/gft
