GFT positioned as the Leader in the 2022 SPARK Matrix™ for Digital Banking Services by Quadrant Knowledge Solutions
- The Quadrant Knowledge Solutions SPARK Matrix™ provides competitive analysis & ranking of the leading Digital Banking Services vendors.
- GFT, with its comprehensive service offerings and customer experience management, has received strong ratings across the parameters of service excellence and customer impact.
MIDDLETON, Mass., Aug. 8, 2022 /PRNewswire/ -- Quadrant Knowledge Solutions announced today that it has named GFT a 2022 technology leader in the analysis of the global SPARK MatrixTM: Digital Banking Services market.
The Quadrant Knowledge Solutions' SPARK Matrix™ includes a detailed analysis of the global market dynamics, major trends, vendor landscape, and competitive positioning. The study provides competitive analysis and ranking of the leading service vendors in the form of its SPARK MatrixTM. The study offers strategic information for users to evaluate different provider capabilities, competitive differentiation, and market position.
According to Pradnya Gugale, Analyst, Quadrant Knowledge Solutions, "GFT offers robust service capabilities, including digital onboarding, AML, KYC, transaction monitoring, end-to-end loan origination and loan processing, payment/e-payment, cards, wallets, core-banking systems, buy now, pay later, and more, through a unified solution titled BankLiteX. The solution enables rapid development and deployment of a cloud-based, digital banking entity and reduces the time to market new banking features. The solution also helps banks provide responsiveness, adopt a customer-centric approach, and lower the overall operational costs." "With its overall comprehensive services capabilities, unique customer value proposition, strong partnership ecosystem, ability to serve multiple use cases, comprehensive roadmap and vision, GFT has received strong ratings across the parameters of service excellence and customer impact, and the company has been positioned as a leader in the SPARK Matrix: Digital Banking Services, 2022," adds Pradnya.
GFT-
"We have delivered one of the most innovative new digital banks: Mox in Hong Kong. Moreover, we are in the process of delivering Al Rajhi Bank Malaysia (ARBM) in Malaysia, as well as another digital bank in Singapore, both of which will go live this year," said Alpesh Tailor, Group Head of Banking Solutions and Cloud at GFT. The recognition from Quadrant Knowledge Solutions especially for our digital banking solution BankLiteX is a testament to GFT's role as a leader in digital banking. We are seeing strong demand for this type of solution both from incumbents and neobanks alike – which is no surprise because they give banks much faster time to market, greater flexibility, and easy access to the latest technologies."
Some critical factors driving the rising adoption of digital banking services include cheaper internet and the ongoing COVID-19 pandemic, which have disrupted the entire banking sector. These disruptors have accelerated the banking industry's transformation from traditional to digital banking. While cheaper internet has accelerated the adoption of mobile banking, the social distancing norms imposed following the COVID-19 pandemic have accelerated the adoption of online banking. To keep up with the increasingly accelerating digital transformation, banking and financial institutions around the world are adopting advanced technologies. However, it is crucial for organizations to realize that the capabilities of digital banking services are not just limited to online banking.
Thus, Digital Banking Services enables banks to drive digital transformation initiatives and provide customers with a seamless and cohesive banking experience across all digital touchpoints. Digital transformation allows banks to strengthen and rebuild their core banking system. Advancing the core services helps banks thrive in this increasingly competitive digital age with a holistic perspective. Digital banking services providers offer a robust portfolio comprising of software and services, such as banking-as-a-service, core banking, lending, credit and asset finance solution, cards, payments, financial crime prevention, wealth management, along with smooth customer experience. These solutions and services are backed by technologies like AI, ML, advanced analytics, RPA, etc. Vendors are focusing on building in-house AI/ML capabilities that can be injected into packaged digital banking services and allow financial institutions and banks will be able to provide personalized services, achieve optimal STP rates, and drive augmented marketing.
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About Quadrant Knowledge Solutions
Quadrant Knowledge Solutions is a global advisory and consulting firm focused on helping clients in achieving business transformation goals with Strategic Business and Growth advisory services. At Quadrant Knowledge Solutions, our vision is to become an integral part of our client's business as a strategic knowledge partner. Our research and consulting deliverables are designed to provide comprehensive information and strategic insights for helping clients formulate growth strategies to survive and thrive in ever-changing business environments.
For more available research, please visit https://quadrant-solutions.com/market-research/
Media Contacts:
GFT
Dr Markus Müller
markus.j.mueller@gft.com
Quadrant Knowledge Solutions
Riya Mehar
rmehar@quadrant-solutions.com
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