IDC Names 2023’s Top 100 Fintech Providers in the Worldby Fintech News Singapore September 21, 2023
The International Data Corporation (IDC), a leading provider of market intelligence and advisory services for the information technology, telecommunications and consumer technology markets, has released its annual ranking of the world’s largest and most successful fintech providers.
The 20th annual IDC Fintech Rankings, released on September 11, 2023, categorize and evaluate technology providers based on calendar year revenues from financial institutions for hardware, software, and/or services, to determine the world’s biggest fintech services providers.
A total of 150 companies were selected from the process and categorized in two main groups:
- The IDC Fintech Ranking Top 100, which recognizes the top 100 vendors that derive more than one-third of their revenue from the financial services and fintech industries; and
- The IDC Fintech Ranking Enterprise Top 50, which features the top 50 most successful enterprise companies supporting four or more key industries but yet have sufficient revenues from the financial services and fintech industries to be ranked.
IDC Fintech Ranking 2023
The 100 companies that made it into this year’s main IDC Fintech Ranking come from all around the world and operate across a broad range of sectors. Many of these companies were featured in previous rankings and managed to maintain their leadership in the market.
At the top of list, the 2023 IDC Fintech Ranking put Fiserv (1st), an American fintech and payments firm, at the first position, followed by Fidelity National Information Services (FIS) (2nd), an American provider of financial services technology.
The two companies switched places this year as Fiserv was ranked second, and FIS, first, in 2022.
Broadridge Financial Services (3rd), a corporate services and fintech company; SS&C Technologies (4th), a leading cloud-based provider of financial services technology solutions; and NCR Corporation (5th), an American software, consulting and technology company, are the other three companies that made it into the top five ranking.
SS&C Technologies and NCR Corporation were already in the top five in 2022, but Broadridge Financial Services, which ranked 10th last year, made significant progress in 2023 and managed to move up seven places.
Other companies that made it into the top 25 ranking include Equifax (13th), an American consumer credit reporting agency; Finastra (14th), a financial software company from England; Nasdaq (16th), an American stock exchange operator; Temenos (21st), a Swiss company specializing in enterprise software for banks and financial services; and ION Group (25th), a global financial software and data firm from England.
In the Enterprise Top 50 ranking, several familiar names returned in 2023. In particular, Microsoft (1st) and IBM (2nd) retained their positions in the ranking, while Accenture (3rd), Tata Consultancy Services (4th) and Oracle (7th) remained in the top ten.
Intel, Cisco and NTT Data exited the top ten list this year, leaving their places to Amazon Web Services (AWS) (6th), Infosys (9th) and Cognizant (8th).
Top emerging and fastest-growing fintech providers
In addition to these two main rankings, the IDC research also includes two other special recognition.
The Emerging Fintech category recognizes companies that were not featured in the previous IDC Fintech Rankings but which are now being included. A total of 27 made it into the list.
These newcomers include recognized tech firms such as Abode, DocuSign and Unisys, consulting firms EY and PwC, and financial technology providers such as Personetics, a fintech software company headquartered in Israel; Worldline, a payment and transactional services company from France; and TabaPay, an instant money movement platform.
Finally, the Fast Track Fintech category recognizes companies featured in the previous IDC Fintech Ranking and which have noticeably grown in the rankings year-over-year.
The 29 companies named in this category include tech and consulting firms such as AWS, Capgemini and Tata Consultancy Services, banking software providers nCino and Sopra Banking Software, as well as insurance software provider Duck Creek Technologies.
The winners of the Real Results Awards 2023
IDC also unveiled the winners of its IDC Fintech Rankings Real Results Awards, recognizing the tech providers that have enabled tangible change at client financial institutions.
Broadridge Financial Services was named the 2023 overall winner and was also recognized as the winner in the Lending Transformation and the Capital Markets Transformation categories.
Finxact, a Fiserv company providing core banking software, and Moody’s Analytics, the subsidiary of the credit rating company that offers financial intelligence and analytical tools, were named the winners in the Deposit Transformation and the Insurance Transformation categories, respectively.
Finally, Q2, an American company providing smart and end-to-end banking and lending experiences, was recognized as the winner in the Omni-Experience Customer Engagement. This is the third year in a row that Q2 wins that title.