“Why aren’t you in the Gartner Magic Quadrant (MQ)?” A question we hear on occasion from clients and prospects. The answer is actually very simple. We are explicitly excluded by Gartner. Why? We haven’t fallen out with them. It’s just simply because they view us as specialists. And for our clients in banking and financial services, that is a good thing.
We have a large install base of different types of clients, a global footprint with a wide variety of use cases and applications. Our clients include investment banks, global custodians, asset managers, retail banks, insurers and energy trading to name a few. But you get the idea.
And while we see these as distinct groups with distinct characteristics. Gartner counts them as a single vertical. Financial services.
Why does this matter? A key criterion for pretty much any MQ is that you have a footprint in more than one industry. But a fundamental part of the value we bring to our clients is that specialist knowledge. So our ‘singular focus’ means we meet a key exclusion criterion – our single Gartner-defined industry footprint, financial services.
And that is fine. Gartner is completely transparent about its methodology and inclusion criteria.
I just wanted to be sure that clients and prospects are fully aware of the exclusion criteria too. And why it means we cannot be included.
Gartner MQs use standard criteria in two categories: ‘Ability to Execute’ and ‘Completeness of Vision’. We have looked at our capabilities across such criteria and we would say they are strong across a number of MQs. And we are happy to talk to any clients about those capabilities and the criteria if that helps.
If, as an institution, you use Magic Quadrants. We understand. It’s a good place to start, a valuable tool. But it is just a starting point, a complement to your wider analysis. If you are transforming your business for the future, then magic is still to be found outside Gartner MQs. After all, the objective is to find the provider that aligns with your business goals. And, with financial services being a complex market, a specialist is a good place to start.
HFS Point of View
In an increasingly digital post-pandemic world, what will move the needle towards native automation? For tech-forward sectors, the focus is increasingly on industry-specific technologies.