A digital banking platform enables banks to drive their digital transformation initiatives and provide customers with a seamless and cohesive banking experience across all digital touchpoints. The platform serves as a framework for financial institutions to gain full control over their digital strategy and allow them to modify and optimize aspects of their operations across every device and channel. On the other hand, it enables customers to easily manage their accounts, make transfers, and monitor financial status in real-time. A digital banking platform capacitates to upgrade the traditional banking systems, automate business operations, incorporate channels, and consolidate data for a single view of the customer. The platform also works as a conciliator that integrates with prevailing architecture and links with the banking ecosystem through open APIs. Digital banking platforms are helping banks in strengthening and rebuilding their core banking system. The platform has emerged as a system that is helping banks to thrive in this digital age with a holistic perspective.
As part of the research “SPARK Matrix™: Digital Banking Platforms, 2022” Quadrant Knowledge Solutions conducted an in-depth analysis of major Digital Banking platform vendors by evaluating their products, market presence, and customer value proposition. Based on the analysis, the study provides competition analysis and ranking of the leading vendors in the form of SPARK Matrix. The evaluation is based on the primary research with expert interviews, analysis of use cases, and Quadrant’s internal analysis of the overall Digital Banking platforms market. The SPARK Matrix includes analysis of vendors, including Backbase, Coconet, CR2, Data Center Inc, EdgeVerve, Finastra, Fisa Group, Fiserv, FIS, Infrasoft Tech, Intellect Design Arena, Oracle, Sandstone Technology, SAP, Sopra Banking Software, Tagit, Tata Consultancy Services, VeriTran, and Zentity.
Quadrant Knowledge Solutions research analyzes market dynamics, growth opportunities, emerging technology trends, and the vendor ecosystem of the global market. This research provides strategic information for technology vendors to better understand the market supporting their growth strategies and for users to evaluate different vendor capability, competitive differentiation, and market position.
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