Banks Seek Specialist IT Partners as Legacy Systems Strain

Banks and insurers are leaning more heavily on specialist IT providers as legacy infrastructure struggles to support digital channels, real-time data, artificial intelligence and tighter cybersecurity controls. MobileAppDaily, citing Boston Consulting Group, said global banks’ technology investment is growing at an annual rate of 9%. The shift has raised the importance of compliance expertise, cloud resilience and uninterrupted operations alongside conventional measures such as implementation cost.

MobileAppDaily updated its financial IT managed-services rankings in July 2026, listing 187 companies with an average rating of 4.8. Providers featured include Kellton, CodingCops and Innowise. CodingCops lists a minimum project size of $5,000 and hourly charges of $25 to $49, while Innowise starts at $10,000 and charges $50 to $99 an hour, illustrating the range of budgets banks and insurers face when selecting transformation partners.