Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, has launched a research study examining providers of digital technologies that enable banks to adapt to rapidly evolving market requirements.
The study results will be published in a comprehensive ISG Provider Lens™ report, called Digital Banking Technology and Platforms 2023, scheduled to be released in July. The report will cover companies offering products that include core banking systems and specialized platforms for customer engagement and payment processing.
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.
In the past few years, the tradition-bound business of banking has been forced to adapt to new customer expectations, business models, competitors and ways of working even as it grapples with the effects of macroeconomic disruptions and interest rate dynamics. Many banks are carrying out digital transformations to become more resilient, keep growing and compete with fintech startups. Often, by adopting a modular, API-based core platform, banks gain the agility to integrate market-relevant solutions and quickly bring new products and services to market.
“Banks need to respond to market forces faster than ever,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “The best digital platform vendors future-proof their banking customers, empowering them to unlock new revenue opportunities using emerging technologies.”
ISG has distributed surveys to more than 30 digital banking technology providers. Working in collaboration with ISG’s global advisors, the research team will produce three quadrants representing the digital technology and platforms the typical banking enterprise is buying, based on ISG’s experience working with its clients. The three quadrants are:
- Core Banking Platforms, evaluating vendors of platforms supporting the core business processes of banking companies. These platforms carry out daily transactions, account management, data storage and reporting. Increasingly, they are made up of specialized modules linked through APIs.
- Digital Banking Engagement Platforms, assessing providers of stand-alone engagement solutions that allow customers to access banking products and services through multiple channels. These platforms enable banks to provide services to customers in new ways without disturbing legacy core banking platforms.
- Payment Processing Platforms, covering vendors of holistic payment processing platforms that support multiple types of transactions, both traditional and new. They let banks harness open-banking capabilities to introduce new services such as embedded finance, payment as a service and Buy Now, Pay Later.
A report based on the study will cover the global digital banking technology market and examine available products and services. ISG analysts Avinav Chowdhury, Arjun Das and Sarida Khatun will serve as authors of the report.
A list of identified providers and vendors and further details on the study are available in this digital brochure. Companies not listed as digital banking technology providers can contact ISG and ask to be included in the study.
All 2023 ISG Provider Lens™ evaluations feature expanded customer experience (CX) data that measures actual enterprise experience with specific provider services and solutions, based on ISG’s continuous CX research. Enterprise customers wishing to share their experience about a specific provider or vendor are encouraged to register here to receive a personalized survey URL. Participants will receive a copy of this report in return for their feedback.
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 Europe, as well as in the U.S., Canada, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.
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
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 800 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.
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