IT Consultancies Transform Digital Strategy in Financial Services

The financial industry has some of the strictest information technology (IT) and security requirements. You likely already know you need a consultant you can trust to mitigate risk and maximize value, but how do you know where to find IT consulting for financial services companies? The process isn’t as cut-and-dry as it may appear.

When you think of the “best” consulting companies, your mind may jump to Deloitte, BCG or McKinsey. In reality, multinational corporations often charge exorbitant service fees or lack a customer-centric approach. The best can balance speed, experience, and value while having comprehensive service offerings and a high customer satisfaction rating.

1. iuvo

Boston-based iuvo is the leading IT consulting and solutions provider because it offers tailored white-glove services that get results. Since 2007, it has completed 62,000 cases. Its clients aren’t the only ones who recognize its value — its innovative solutions and exceptional customer service have helped it win 35 awards and counting.

It handpicked its 23 consultants for their niche skills and experience, each with over two decades in the IT field on average. Outsourcing to them can help you improve scalability, increase operational efficiency, maximize uptime and enhance compliance while eliminating unnecessary expenses.

This team is well-versed in the financial sector’s technologies, standards and regulations. It has extensive experience working with banks, credit unions, venture capital entities, investment companies, brokerage firms and loan associations.

It covers cloud systems, business continuity, cybersecurity, DevOps, vendor management and communications, with services ranging from remote monitoring to ongoing training. Whether you need to identify redundancies, implement solutions, migrate systems or prevent disruptions, it can help.

iuvo mainly serves the Greater Boston area, but it has nationwide reach. Whether you are stationed in Massachusetts or not, you know where to find IT consulting for financial services companies.

2. Cognizant

Cognizant is a billion-dollar brand with over 336,000 employees worldwide. While its services may be out of reach for small and medium-sized businesses, its size and resources are

an excellent fit for large enterprises. In its 30-year history, it has built strong relationships with many leading companies in the financial sector, including 90% of top European banks.

In addition to retail and commercial banks, Cognizant serves lenders and payment companies. It leverages its industry, technology and enterprise expertise to guide human-centered digital transformations.

The entity specializes in technology modernization to identify and address business-critical challenges, upskilling clients when necessary to ensure optimal usage after the consultancy ends. It also manages digital transformations, working closely with stakeholders to design an end-to-end solution. Its enterprise-focused approach increases speed-to-market and drives growth.29

This IT consultant’s solutions are tailored to large companies undergoing digital transformation, so its deliverables tend to include task automation, payment system modernization and multibanking cash management. It aims to simplify data aggregation, reduce processing times and streamline inefficient processes.

3. S-Pro

What started as a small technology startup team of five developers has blossomed into an international organization with hundreds of staff members. S-Pro has a 78% annual growth rate, demonstrating its commitment to improvement. To date, it has completed over 300 projects.

Although it is headquartered in Switzerland, it has offices in Poland, the Netherlands, Ukraine and the United States. Its global presence enables it to minimize schedule conflicts and project delays by bridging time zones. Also, clients have around-the-clock access to its services via its task and project management tools.

It has over 250 engineers, so it can seamlessly distribute various countries’ workloads. This customer-focused attitude has helped it form numerous long-lasting relationships, with customer engagements lasting an average of 4.2 years.

This consultant has a deep understanding of the financial sector, with over 65% of its revenue coming from fintech businesses. Its services cover wealth management, cryptocurrency, Web3, banking, investment and payment processing.

It can develop an IT roadmap, a data analytics system or a cybersecurity strategy, prioritizing high-return investments from planning through deployment. Given that the industry experienced 3,348 cyber incidents in 2023, these services are vital for preventing breaches.

Its business process optimization and cloud migration processes eliminate bottlenecks to streamline workflows. Unlike many competitors, it specializes in artificial intelligence and machine learning consulting.

4. Kellton

The global IT services and consulting company Kellton is a full-service solutions provider for various industries. It primarily serves large organizations — including some Fortune 500 companies — but it also assists startups and small businesses. Since its founding 15 years ago, it has helped 200 clients across 1,000 projects in Europe, the U.S. and Asia.

Its handpicked team of 1,800 professionals has cross-domain experience, helping them provide world-class service regardless of industry. Since its partner ecosystem comprises vendors like AWS, Salesforce, Google Cloud, Microsoft Azure and Databricks, compatibility with your existing tech stack won’t be an issue.

It doesn’t offer comprehensive IT advice, but as its partnerships suggest, it specializes in cloud management and deployment. Services include architecture review and migration strategy development.

Also, it offers data consulting, which covers architecture review, system management, technology optimization and hardware modernization. It aims to streamline your IT ecosystem by simplifying your infrastructure for efficiency, cost-effectiveness and agility.

This firm takes a methodology-driven approach, leveraging domain-specific data models and an expansive toolset to develop cutting-edge solutions for modern tech stacks. Its AI, blockchain and cloud computing expertise can help you complete a next-generation digital transformation.

5. Intellectsoft

Intellectsoft’s IT consulting services cover engineering and digital transformation. It serves startups, multinational corporations and everyone in between, and has helped clients like Mitsubishi Power, Harkins and Skroote. Even though it is a boutique consultancy agency, several Fortune 500 brands trust its advice.

While it is based in the U.S., it has branches in Colombia, Azerbaijan, the United Kingdom, Ukraine, Norway and Poland. Since it has a global presence, you don’t have to worry about waiting when you need important questions answered.

You receive end-to-end support if you partner with this team. It handles everything from ideation to post-integration support. Since it doesn’t take on every project, it can guarantee personalized solutions.

Custom fintech solutions include payment software, data hub platforms, enterprise data visualisation and lending tools. Experts predict the global fintech market’s revenue will reach $1.5 trillion by 2030, so it’s unsurprising that consultants are offering personalized solutions.

Intellectsoft’s services only cover software architecture, development and DevOps. It can create and launch websites, mobile apps, and enterprise software, covering everything from user interface design to quality assurance testing.

Choosing Between the Best IT Consulting Providers

Now that you know where to find IT consulting for financial services companies, you must choose between them. While each has a proven track record and comprehensive service offerings, only one fits you best. Don’t take this decision lightly — consider factors like budget, IT needs and availability.