Oracle has been named a Leader in the Gartner Magic Quadrant for Global Retail Core Banking1, for the twelfth time. Of the six companies evaluated, Oracle was recognized as a Leader for its completeness of vision and ability to execute in the market.
According to Gartner, “The demand for core banking packages is expected to grow in 2020 as banks deliver on digitalization strategies while facing the consequences from the COVID-19 pandemic. Bank CIOs should consider evaluating both long-standing and emerging vendors, especially when pursuing public cloud installations.”
Oracle FLEXCUBE offers the latest digital capabilities to innovate at speed and scale. With it, banks can manage costs and risks and improve operational efficiency with cloud automation and intelligent decision-making. These capabilities have made Oracle FLEXCUBE a top core banking platform over the last several years.
The report also notes the importance of APIs that can extend a bank’s key functionality in a rapidly changing landscape, adding “APIs are not new, but their importance to bank CIOs should not be underestimated.” FLEXCUBE’s more than 1,500 available APIs, component-based architecture with a large number of business services and exposed microservices make it the flexible choice for challenger banks and fintechs, up to multi-nationals with complex requirements.
In an associated research paper2, Gartner also evaluated Oracle for FLEXCUBE. The research outlined product critical capabilities such as component-based architecture, functional granularity, interoperability and internationality for the large-bank segment, midsize-bank segment, and small-bank segment.
“We believe our continued placement as a Retail Core Banking Quadrant Leader is a direct result of our consistent investment in our Retail Banking portfolio and our customers’ success,” said Sonny Singh, executive vice president and general manager of Oracle Financial Services. “The flexibility, scalability, and performance of the platform allows our customers to adapt to the industry’s most pressing changes, including evolving customer demands, business models, and regulations. This focus on product, architecture and customer excellence continues to make Oracle FLEXCUBE, one of the most widely used core banking platforms globally.”