Infosys Finacle, part of EdgeVerve Systems, a fully owned subsidiary of Infosys, announced that EdgeVerve Systems has been positioned as a Leader in Gartner’s Magic Quadrant for Global Retail Core Banking for the 13th consecutive year, following the evaluation of its Finacle Core Banking solution. Gartner evaluated 6 Core Banking solution (CBS) vendors on criteria covering ‘Ability to execute’ and ‘Completeness of Vision’.
Gartner analyzed and compared 26 variables for each vendor’s CBS product, for a total of 156 data points, to map the vendors based on their Ability to Execute. Similarly, Gartner analyzed and compared 39 variables for each vendor’s product, leading to a total of 234 data points, in order to map the vendors’ Completeness of Vision. Based on this extensive evaluation, EdgeVerve was recognized as a Leader and positioned furthest to the right for Completeness of vision among global core banking providers.
Gartner mentions in the report that “The demand for core banking packages is expected to grow in 2020 as banks deliver on digitalization strategies while facing the consequences from the COVID-19 pandemic.” Gartner also notes that “Core banking system offerings are evolving from autonomous islands of functionality to collaborative, open-banking-enabled platforms. Moreover, the shift to open-banking platforms is integrating all of the stakeholders in a bank’s value chain: financial technology providers (fintechs), technology partners, bank employees, customers, regulatory authorities and other banks.”
Sanat Rao, Chief Business Officer and Global Head, Infosys Finacle said, “Globally, as banks tide over the challenges brought in by the pandemic and scale digital transformation initiatives, investing in a modern core banking platform will be key. With its componentized structure, cloud-native architecture, open APIs and comprehensive functional coverage, Finacle delivers one of the most advanced digital banking foundations to engage demanding consumers and drive innovation-led growth. We believe our Leader position in the Gartner Magic Quadrant underlines our unique ability to help banks accelerate their transformation in a risk-mitigated manner.”
Vittorio D’Orazio and Don Free, Gartner experts, mention in the report, “Leaders in the global retail core banking market tend to possess a high-order market understanding that helps in lead generation and, ultimately, in achieving more sales. In addition, they make it their business to monitor market trends and funnel progressive innovation into their product roadmaps. Most of them possess software development quality certifications (such as Capability Maturity Model Integration [CMMI]) or are pursuing them. The Leaders are also, without exception, “thinking small” or targeting component-based architecture as a gateway to providing increased accessibility to the granular functionality that banks need to drive the basis for differentiation. Leaders have high viability and great customer feedback, even though lately the increase in the number of sales has brought challenges in supporting customers at high standards. Leaders also focus on innovation — and the innovation trends that affect this particular market. They especially focus on trends with visionary capability in managing the ecosystem for open-banking platforms by fostering open banking with their products and services in a collaborative environment with their ecosystem partners. They also leverage the cloud opportunity by gradually making their products more cloud-friendly with “APIfication” of the components and by introducing cloud-native components at extent.”
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