Upcoming ISG Provider Lens report will evaluate providers of technologies empowering banks to successfully innovate on products, business models and processes
Information Services Group (ISG), a leading global technology research and advisory firm, has launched a research study examining providers of digital technologies that enable banks to adapt to rapidly evolving market requirements.
“The best digital platform vendors future-proof their banking customers, empowering them to unlock new revenue opportunities using emerging technologies.”
The study results will be published in a comprehensive ISG Provider Lens™ report, called Digital Banking Technology and Platforms 2023, scheduled to be released in July. The report will cover companies offering products that include core banking systems and specialized platforms for customer engagement and payment processing.
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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.
In the past few years, the tradition-bound business of banking has been forced to adapt to new customer expectations, business models, competitors and ways of working even as it grapples with the effects of macroeconomic disruptions and interest rate dynamics. Many banks are carrying out digital transformations to become more resilient, keep growing and compete with fintech startups. Often, by adopting a modular, API-based core platform, banks gain the agility to integrate market-relevant solutions and quickly bring new products and services to market.
“Banks need to respond to market forces faster than ever,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “The best digital platform vendors future-proof their banking customers, empowering them to unlock new revenue opportunities using emerging technologies.”
ISG has distributed surveys to more than 30 digital banking technology providers. Working in collaboration with ISG’s global advisors, the research team will produce three quadrants representing the digital technology and platforms the typical banking enterprise is buying, based on ISG’s experience working with its clients. The three quadrants are:
- Core Banking Platforms, evaluating vendors of platforms supporting the core business processes of banking companies. These platforms carry out daily transactions, account management, data storage and reporting. Increasingly, they are made up of specialized modules linked through APIs.
- Digital Banking Engagement Platforms, assessing providers of stand-alone engagement solutions that allow customers to access banking products and services through multiple channels. These platforms enable banks to provide services to customers in new ways without disturbing legacy core banking platforms.
- Payment Processing Platforms, covering vendors of holistic payment processing platforms that support multiple types of transactions, both traditional and new. They let banks harness open-banking capabilities to introduce new services such as embedded finance, payment as a service and Buy Now, Pay Later.
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A report based on the study will cover the global digital banking technology market and examine available products and services. ISG analysts Avinav Chowdhury, Arjun Das and Sarida Khatun 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 digital banking technology providers can contact ISG and ask to be included in the study.
All 2023 ISG Provider Lens™ evaluations feature expanded customer experience (CX) data that measures actual enterprise experience with specific provider services and solutions, based on ISG’s continuous CX research. Enterprise customers wishing to share their experience about a specific provider or vendor are encouraged to register here to receive a personalized survey URL. Participants will receive a copy of this report in return for their feedback.
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