Business analysis is as one of the most important parts of systems development. However, current business analysis methodologies are inadequate because they have phases that are at a too high level and do not map activities, techniques and tools to phases. This research intended to develop a methodology for business analysts in the South African financial services environment. It was based on a qualitative research approach. Sixty participants including CIOs, business analysts, project managers and IS managers were interviewed. Participants presented a purposive sample. Data analysis consisted of finding patterns and themes in the various forms of data, which were segmented into categories and sub-categories by means of the constant comparative method. Key findings were the relevant phases of a methodology i.e. feasibility phase, business case phase, analysis and design phase and post-implementation evaluation phase. Objectives, outcomes and relevance of each of those phases were also identified. Activities, techniques and tools were mapped to each of those phases.