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Kyndryl - Transforming Core Banking Services
Vendor Analysis
published on Nov 28, 2024
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Report Overview:
This NelsonHall vendor assessment analyzes Kyndryl's offerings and capabilities in core banking services
Who is this Report for:
NelsonHall’s ‘Transforming Core Banking Services’ profile on Kyndryl is a comprehensive assessment of Kyndryl’s offerings and capabilities for the core banking sector, designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of technology and operational services and identifying vendor suitability for core banking services in RFPs
- Vendor marketing, sales, and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the support services sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of Kyndryl’s BFS-focused core banking service offerings and capabilities and market and financial strength, including:
- Identification of the company’s strategy, offerings, and new developments
- Analysis of the company’s strengths, weaknesses, and outlook
- Revenue estimates
- Analysis of the profile of the company’s customer base including the company’s targeting strategy and examples of current contracts
- Analysis of the company’s offerings and Kyndryl service components
- Analysis of the company’s delivery organization including the location of delivery centers.
Key Findings & Highlights:
Kyndryl has delivered consulting and technology services to the financial services industry as an independent company since November 2021, with a 30-year history. Financial services represent 45% of Kyndryl’s revenues. Kyndryl provides legacy systems modernization, digital workplace solutions, applications, data and AI, security and resiliency, and network and edge solutions to its customers. Samlink, which Kyndryl acquired in 2022, is a specialized services provider in the Nordics for banking applications, zCloud workload management, and data management. Today, Kyndryl and Samlink go to market jointly to offer solutions addressing digital transformation, compliance, and operational resilience.
In May 2024, Kyndryl announced it was acquiring Skytap, a provider of hybrid cloud services. The acquisition expands Kyndryl’s capabilities with Skytap’s technology, allowing clients to move and run mission-critical systems into the public cloud. At the same time, Kyndryl announced the sale of its Canadian securities transaction processing platform (Securities Industry Services, or SIS) to Broadridge. The sale increased the company's focus on its core business. Kyndryl will continue to provide managed services and capabilities to Broadridge for its SIS business.
Along with four top-tier U.S. banks, Kyndryl co-owns ViewPointe, a check-archival platform in the U.S. Kyndryl also operates a payments facilitation service (Payfac) for its public sector customers in partnership with a leading U.S. bank.
Kyndryl is a member of the Banking Industry Architecture Network (BIAN), a standards and framework body, involved in developing the next generation of “Core-less” banking and Open Banking systems. As a large services provider in managing mission critical systems, it undergoes the same scrutiny and audit of Federal Banking agencies as its customers.