ISG to Publish Studies on Digital Banking Services and Platforms
June 28 2021 - 11:45AM
Business Wire
Upcoming ISG Provider Lens™ reports will
examine digital providers and platforms as the COVID-19 pandemic
pushes banks to embrace online services
Information Services Group (ISG) (Nasdaq: III), a leading global
technology research and advisory firm, has launched two research
studies examining providers of digital banking services and digital
banking platforms as the COVID-19 pandemic forces financial
institutions to embrace new ways of doing business.
The study results will be published in two comprehensive ISG
Provider Lens™ reports, called Digital Banking Services and
Digital Banking Technology & Platforms, scheduled to be
released in November. The report on digital banking services will
cover such offerings as digital modernization, governance, risk and
compliance services and payment processing, while the platform
report will evaluate a variety of platform-based solutions, from
core banking to digital engagement.
Enterprise buyers will be able to use information from the
reports 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.
Beginning in July 2021, all ISG Provider Lens evaluations will
feature new and 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 these reports in return for their feedback.
The new reports look come at a time when the banking industry
faces major changes accelerated by the COVID-19 pandemic, said Owen
Wheatley, lead partner for banking and financial services with ISG.
“The banking industry is undergoing a massive digital disruption,
with digital customer engagement, reimagined contact centers and
next-generation apps becoming the norm,” he said. “Banks are
seeking ecosystem partners to help them leverage new technologies,
embrace innovation and tackle the ever-changing challenges of an
increasingly digital world, while staying competitive and
attracting customers.”
For the digital banking services report, ISG has distributed
surveys to 30 providers. Working in collaboration with ISG’s global
advisors, the research team will produce four quadrants
representing the services and products the typical enterprise
client is buying in the digital banking space, based on ISG’s
experience working with its clients. The four quadrants that will
be covered are:
- Core Modernization and Integration Services, analyzing
providers that help banking clients maintain competitive relevance
and attain operational excellence in a digital-first environment.
With the goals of optimizing customer experience, reducing
operating costs and enhancing service quality, such services also
help banks manage risk and regulatory compliance more
effectively.
- Banking Governance, Risk and Compliance Services,
looking at providers that support banks in enabling effective
corporate governance, mitigating enterprise-level risk and meeting
regulatory compliance requirements. This quadrant analyzes
portfolios offered by service providers on GRC system integration
and managed services to account for risk arising from IT systems,
data and legacy applications.
- Transformational and Digital Banking Services, assessing
providers that can offer relevant technology to allow business
process solutions to enable and enhance the digitalization roadmap
of financial institutions. While a large proportion of banking
operations are carried out via an electronic platform, digital
banking should eliminate all processes requiring paperwork as well
as reduce manual effort significantly. These services should offer
high levels of process automation, web-based services and enhanced
security.
- Payment and Card Processing Services, measuring the
ability of managed service providers to help organizations create,
implement and support payment-based business services in the global
payment ecosystem. Through this ecosystem of payment processors,
payment networks, merchants, banks and other intermediaries,
providers support their customers in deploying and operating
proprietary platforms and technology services.
For the digital banking platforms report, ISG has distributed
surveys to about 140 platform vendors. The research team will
produce four quadrants representing the services and products the
typical enterprise client is buying in the banking platforms space.
The four quadrants are:
- Core Banking Platforms, analyzing software vendors
supporting the core business processes of banking companies. Core
banking is defined as the processes that perform daily banking
transactions and account activities, irrespective of the type of
customer. Hence, core banking software is the most crucial part of
every bank.
- Open Banking Solutions, covering software vendors that
support the free movement of financial information between banks
and a growing list of approved third-party providers. Open banking
solutions offer the opportunity to transform banks to an
API-connected, platform-based business model that identifies new
products and processes.
- Payment Processing Platforms, assessing providers of
platforms and solutions specifically designed for supporting
traditional and real-time payment transaction and processing. The
platform serves to establish communication and processing between
banks, merchants and customers. The solution covers retail and
corporate customers, acting as a holistic payment processing
platform, including enhanced functionalities such as low- and
high-value, real-time, cross-border or international payments.
- Digital Banking Engagement Solutions, analyzing
providers of solutions that enable and support the digital
transformation journey of banks by providing omni-channel, mobile
access to banking products and services. The solutions offer a
transformational layer that allows legacy systems to be digitized
and optimized to support emerging technologies. The platform also
acts as a bridge and integrates existing systems and infrastructure
with innovative API-led applications and microservices to offer
enhanced customer experience.
The banking services report will cover the global digital
banking market and examine products and services available in the
U.S., Germany, the U.K., Switzerland and the Nordic countries. The
banking platforms report will cover the global market as well as
platforms available in the U.S. and Europe. ISG analysts Gowtham
Kumar and Lutz Peichert will serve as authors of both reports.
A list of identified providers and vendors and further details
on the study are available in these brochures: Digital Banking
Services and Digital Banking Technology & Platforms. Companies
not listed as digital banking providers can contact ISG and ask to
be included in the studies.
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., Germany,
Switzerland, the U.K., France, the Nordics, Brazil and
Australia/New Zealand, 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 700 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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version on businesswire.com: https://www.businesswire.com/news/home/20210628005694/en/
Will Thoretz, ISG +1 203 517 3119 will.thoretz@isg-one.com Erik
Arvidson, Matter Communications for ISG +1 617 755 2985
isg@matternow.com
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