ISG Provider Lens™ report will examine how new digital technologies are helping banks transform themselves
Information Services Group, 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.
“Banking platform providers have unleashed new technologies to help banks upgrade their offerings”
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.
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