Backbase takes heart via the art of digital banking
Ovum, an analyst and consultancy firm specialising in global coverage of the tech industry, has published the latest report on the digital banking platform market, Ovum Decision Matrix 2019.
It summarises the analysis of the top ten global digital banking platform vendors and positions them based on their market impact, technology and execution capabilities. In this analysis, it says Backbase performs above average in every category.
Primary assessment criteria
Vendors are measured against various categories in the report. One of these is market impact, which looks at factors like market presence, growth, or scale of deployments. Another key category is technology – its design, architecture, security and the customer experience it delivers. Execution is also examined, and this focuses on elements like deployment, maintenance, and partnerships. Backbase performs above average in every category, and truly excels in areas like industry focus, technology design, security, maturity, and international partnerships.
Some interesting industry trends also feature in report. These include a growth in the number of digital banking platform providers globally.
Aside from a growth in the number of potential vendors, the report highlights an increasing acceptance of the cloud as a means of deploying digital banking platforms. Despite their earlier security concerns, banks and regulators seem to have come around to the idea, so vendors like Backbase, who have traditionally focussed on cloud, are well positioned.
Some key insights are also provided on the various differentiation factors at play in a rapidly changing market. A bank is no longer a provider of transactional services. If it does things right, it can become part of the customer’s financial life.
Finding the right digital banking platform
Any bank that wants to ride the wave of these exciting trends needs to create a strong foundation for doing so. That foundation is a flexible, future-proof digital banking platform, one built on an open, modular architecture. The right platform will empower a bank to deploy changes rapidly, deliver superb omnichannel experiences, and connect easily to third parties. These capabilities are essential. They make the difference between surviving and thriving in the future.
Banks simply must have all of this in place to be able to meet customer expectations in a market that will never be the same again. Finding a digital banking platform that fits all the requirements is not easy, but the Ovum report provides some helpful guidance.
Get your guide to selecting the right digital banking platform in 2019 – download your free report here.