Five-year study uncovers remarkably consistent wallet-share gains among investment banks investing in vertical-specific technology

Trusted by more than 1,700 financial services institutions, Intapp has a broad view into how leading investment banks (IBs) are leveraging technology to stay competitive regardless of overall market trends. To examine the business impact of Intapp DealCloud through an evidence-based lens, we conducted an analysis of publicly traded investment banks to see how firmwide adoption of DealCloud affected market share over a five-year period.

To ensure accuracy and objectivity, we looked at publicly traded investment banks that we serve (all of which break out investment banking revenues in their quarterly and annual statements), and for materiality purposes, added a second screen to include only those firms with 500 or more DealCloud users. 

Cohort and methodology of our analysis

• Publicly traded investment banks that break out IB fees in financial statements
• Minimum threshold of 500+ DealCloud users for materiality
• Data from 2020–2024, focusing on IB fees and wallet share
• Review based on publicly available filings and internal usage thresholds

The resulting cohort of five banks started using DealCloud as early as 2018, and on average have 900+ bankers on DealCloud. For each firm, DealCloud is the key operating system for deal sourcing, relationship management, corporate and sponsor coverage, and deal execution. By standardizing across divisions like M&A, ECM, DCM, and PCA, each of these banks has:

1. A unified view of every company and sponsor in its network
2. Data-driven insights on how to best leverage those relationships to win more mandates and deliver optimal client outcomes, both of which serve to maximize fees

On average, these top banks brought in $835M in fees in 2020, and $1.13B in fees in 2024. Due to the cyclical nature of the industry, the true measure of success is market (or “wallet”) share, and we found that each firm in this cohort — without exception — increased its market share between 2020 and 2024.

In 2020, the five banks captured 3.32% of global IB fees, averaging 0.66% each. By 2024, they accounted for 4.82%, averaging 0.96% each. Collectively, that’s 150 basis points of incremental market share, against a fee pool that averaged $123 billion in the five-year period.

One notable trend in the data was what happened between 2021 and 2022, when the investment banking fee pool contracted by approximately 30%. Four of these five banks grew their market share that year, with one even increasing it by over 80 basis points.

Highlights from the cohort

• Average bankers on platform: 900+
• IB fee growth (2020 → 2024): $835M → $1.13B
• Wallet share change: 3.32% → 4.82%
• Total wallet-share increase: +150 bps
• Notable trend: Four of five banks gained share during a 30% market contraction (2021–2022)
• Banks with more unified coverage models saw faster wallet-share gains
• Cross-division visibility strengthened client and sponsor engagement
• Consistency in execution improved resilience during cyclical downturns

In summary

In a hyper-competitive but inherently cyclical market like investment banking, sustained growth is a universal but at times elusive goal, influenced — sometimes favorably, sometimes not — by exogenous macroeconomic conditions. Wallet share, on the other hand, can be gained (or lost) in any market, and banks investing in Intapp DealCloud to power sourcing and execution are proving to be consistent and decisive gainers.

Taken as a whole, these results illustrate a clear pattern: Investment banks that institutionalize DealCloud as their operating system are consistently outpacing peers in the metrics that matter most; sourcing efficiency, relationship development, and ultimately share of wallet. Even in years when the global fee pool contracted sharply, these firms continued to gain ground by equipping their bankers with unified data, transparent coverage models, and repeatable execution frameworks. As the industry enters its next cycle, the banks that continue to invest in this level of operational discipline and data-driven decision making are positioning themselves not just to compete, but to win. 

Curious where your firm sits on the coverage maturity curve? Our team can help you benchmark your operating model against leading investment banks.