Banks and credit unions are looking for digital banking vendors that offer a variety of products. These platforms can enable digitized end-to-end banking operations, allowing banks to save time and money. In addition, they provide a broad suite of banking products, enabling financial institutions to create a unified customer experience.
The digital banking ecosystem is undergoing a rapid transformation. Banks and credit unions are adopting new platforms to improve their digital offerings, as well as to provide customers with a streamlined and personalized experience. While some of these companies are new to the market, other organizations have decades of experience and expertise in developing and delivering digital platforms. Choosing the right vendor is critical for bank success.
For this purpose, Quadrant Knowledge Solutions (QKS) conducted in-depth analysis of the leading digital banking platform vendors. It identified the top-tier vendors, evaluated their product portfolio, and analyzed the competition. Using its proprietary SPARK MatrixTM, QKS ranked the leading vendors. Ultimately, the results were used to create a comprehensive market forecast analysis for the global market.
When it comes to selecting a digital banking vendor, it is essential for financial institutions to ask direct questions. This will give them an idea of the user’s desires and emotions. Moreover, it will allow them to gauge how the vendor approaches security. They should also determine how easy it is to use the digital product. If the solution is too complicated, the user might not be able to use it.
Digital banking vendors should also offer an open platform. Most vendors offer core banking functionality. However, this may not always be enough for a complex banking solution. A digital banking vendor should offer a flexible platform that supports multiple public cloud platforms. Additionally, the vendor should offer a strong technology strategy that aligns with current and emerging trends.
As the financial sector continues to shift toward the cloud, digital banking platform providers must expand R&D budgets to ensure that the platform is kept up to date. Some vendors have been slow to respond to changing needs. Nevertheless, the industry is in an exciting position. With the rise of Fintech apps, the demand for digital banking has increased.
In addition to an open, flexible platform, digital banking vendors should provide a robust security infrastructure. Banks can reduce their risk of data breaches by partnering with a digital banking vendor that is ahead of cybercriminals. Also, it is important for a digital banking vendor to offer a fast time-to-market.
The next step is to evaluate how the digital banking vendors are addressing customer needs. Specifically, a vendor should identify the priority user scenarios that will enable the most effective financial services. Once a bank has compiled this list, it can use it to assess whether or not the products can meet these requirements.
When evaluating a digital banking vendor, the bank should be sure to find out how the vendor plans to prevent theft and fraud. While some vendors have been making significant investments in advanced analytics, the breadth of capabilities can vary between the vendor offerings.