How new digital technologies are transforming the traditional banking platformsIn its far recent Provider Lens Study, tech research and advisory firm ISG examines the changing digital banking landscape. Visit www.isg-one.com/research for details.
STAMFORD, Conn.–(BUSINESS WIRE)–Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, has launched a research study examining providers of digital banking solutions at a time when traditional banks are under growing pressure to meet evolving customer needs amid increasing competition from FinTechs and other financial institutions.
The study results will be published in a comprehensive ISG Provider Lens™ report, called Digital Banking Technology & Platforms, scheduled to be released in July. The report will cover three banking technology offerings: core banking platforms, digital payment processing platforms and digital wealth management platforms.
Enterprise buyers will be able to use information from the report to evaluate their current vendor relationships, potential new engagements and available offerings, while ISG advisors use the information to recommend providers to the firm’s buy-side clients.
The new report examines digital banking platform providers as customers are pushing the banking industry to overhaul its legacy technologies, said Jan Erik Aase, partner and global leader, ISG Provider Lens Research.
“Banking platform providers have unleashed new technologies to help banks upgrade their offerings,” he said. “As banks struggle with rapidly changing customer expectations, new business models and the rising challenge of FinTech firms, they are looking to platform players to support them with augmented capabilities.”
ISG has distributed surveys to more than 45 banking platform providers. Working in collaboration with ISG’s global advisors, the research team will produce three quadrants representing the services and products the typical enterprise client is buying in the banking platforms space, based on ISG’s experience working with its clients. The three quadrants that will be covered are:
- Core Banking Platforms (with Digital Banking Engagement Hub), examining software vendors that offer solutions to support the core digital business processes of banking companies, including the digital banking engagement hub. Digital core banking is defined as the process that performs daily banking transactions and account activities, irrespective of the type of customer or channel. Banking software is the driving force behind the creation and management of accounts, balances, transactions and journal entries, along with the storage of client data, receipts and other reporting tools.
- Digital Payment Processing Platforms, analyzing platforms and solutions specifically for supporting traditional and real-time payment transactions for all types of banks. These platforms establish communication and processing between banks, merchants and customers. They serve retail and corporate customers and act as holistic payment processing platforms with enhanced functionalities such as low- and high-value, real-time and cross-border or international payments. These platforms are also marketed as digital payment hubs that provide a comprehensive, single platform for processing multiple payment business lines.
- Digital Wealth Management Platforms, looking at providers of platforms and solutions that support portfolio management and securities trading platforms for universal banks, investment banks and private banks with wealth management services that include client-advisor engagements. These platforms facilitate trading of wealth management assets such as mutual funds, equity, bonds, derivatives, private equity and commodities. Digital wealth management platforms provide automated tools and data-driven analytics to help banks serve their wealth management clients.
The report will cover the global banking platforms market and also examine products and services available in Europe. ISG analysts Sushma Kaza and Arjun Das will serve as authors of the report.
A list of identified providers and vendors and further details on the study are available in this digital brochure. Companies not listed as banking platform providers can contact ISG and ask to be included in the study.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG’s global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG’s enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.
A companion research series, the ISG Provider Lens Archetype reports, offer a first-of-its-kind evaluation of providers from the perspective of specific buyer types.
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 800 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.