ISG to Publish Study on Digital Banking Platform Providers
Information Services Group (NASDAQ: III) has launched a research study focused on digital banking solutions, responding to the increasing pressure on traditional banks to adapt to evolving customer expectations and competition from FinTechs. The ISG Provider Lens™ report, set for publication in July, will examine core banking, digital payment processing, and wealth management platforms to assist enterprise buyers in evaluating vendors and offerings. The study incorporates insights from over 45 banking platform providers and will highlight the global banking platforms market, including European offerings.
- Launch of a research study focused on digital banking solutions.
- Report set to cover key technology areas: core banking, payment processing, and wealth management.
- Aims to assist enterprise buyers in evaluating vendor relationships and offerings.
- Collaboration with over 45 banking platform providers to gather insights.
- Traditional banks face pressure from rapidly changing customer expectations and FinTech competition.
ISG Provider Lens™ report will examine how new digital technologies are helping banks transform themselves
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
“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
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
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.
About ISG
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