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:
