European Software & Payments: Takeaways from expert call with former Director of Strategic AI Integrations at OpenAI

研报英文原文证据摘录

European Software & Payments: Takeaways from expert call with former Director of Strategic AI Integrations at OpenAI

Barclays | European Software & Payments

source of truth will be required. The winner is unclear however, as while foundational models

were initially seen as best positioned, model commoditisation has shifted the balance

towards the SoR in some instances as they can integrate numerous models.

•• Competitive positioning, moats and disruption risk vary across software verticals: Alam

argued that large ERP vendors such as SAP and Oracle are among the best positioned

software players in the near to medium-term, given their data ownership, as well as

requirements around auditability, compliance and transaction integrity. He also highlighted

workflow platforms such as ServiceNow and Salesforce as benefiting from control over

operational processes and strong distribution, albeit with some potential pressure around

pricing and complexity. Furthermore, data platforms (e.g. Databricks, Snowflake) are

structurally well positioned in his view, reflecting the increasing importance of data control

and risk management. In contrast, horizontal SaaS, point solutions and more

implementation‑heavy legacy vendors appear more exposed, particularly where

differentiation has historically relied on UI or customisation, as AI lowers the cost of

replicating functionality and reduces migration complexity. Finally, he suggested that SMB

software is more vulnerable to disruption from AI-native vendors and model providers.

•• IT Services remain relevant but have an evolving role: For IT Services vendors such as

Capgemini and Accenture, Alam highlighted a shift away from model deployment towards

redesigning workflows, integration, agent governance and output testing. He argued that IT