Spyrosoft is working on increasing the number of projects for the financial sector, both among existing and new clients, especially in the USA, informed ISBtech director of the financial services business unit in the Spyrosoft Group, Michał Kaleta. Last year the company increased the number of new projects in this area to 39 from 25 a year earlier.
“Our goal in the area of financial services is to strive to increase the number of projects implemented by already active clients, which is usually related to the expansion of the portfolio of our services, but also work to attract new business partners, preferably in key geographical areas for us – example from the US. We are also focusing on expanding our portfolio in terms of the financial sector – we are currently working on low-code solutions, e.g. we are implementing Appian or Salesforce products,” Kaleta told ISBtech.
In 2021, Spyrosoft had 25 new projects, and in 2022 – 39 in the area of financial services. The number of active clients in 2021 was 21, and in 2022 there were 33. At the end of Q3 2022, the share of financial services in the total revenue of the group was 12% and amounted to PLN 27.3 million, which means an increase of almost 34 % YoY
“The biggest increase in revenue last year came from solutions and tools offered to the private and investment banking sector. The debt management industry was also very active. The debt collection software market is developing very dynamically. Experts predict that this market will grow at a rate of +10% CAGR by 2030. Our main markets for services for the financial sector are the UK, USA and Poland,” added the director.
He noted that Spyrosoft still sees the need and necessity of digital transformation in many financial institutions.
“An example here is the area of working with data. Still, many financial institutions do not have tools for their in-depth analysis. We also see a lot of potential in the need to react quickly, which we talk to our clients more and more often. The point is that entities from the financial industry must be particularly resistant to all kinds of crises – geopolitical, social, etc. An interesting and promising trend from the point of view of a software house, which we are, are the so-called hyperconnected Ecosystems. The point is that financial institutions will offer more and more additional services, and their systems will cooperate with other ecosystems. Security will also continue to be a challenge for financial institutions. The above trends are an opportunity for entities such as Spyrosoft to develop in this area,” summed up Kaleta.
Spyrosoft is a company founded in 2016 in Wrocław, operating in the IT industry and dealing with software development. On March 17, 2022, the company debuted on the Warsaw Stock Exchange, moving from the NewConnect market.