The news is out! The 2019 Ovum Decision Matrix lists Backbase as the Ultimate Digital Banking Platform Market Leader. The report recommends shortlisting the Backbase digital banking platform, highlighting our track record of empowering banks to optimize complex legacy environments and create compelling digital experiences.
Backbase above average in every Ovum category
Ovum’s matrix looks at each vendor’s ability to serve retail banking, corporate banking and wealth management. On each front, the Backbase digital banking platform excels, performing above average, or leading the way for many criteria.
Market impact – Market impact looks at factors like the global installed base, revenues, or partner networks. Backbase gets top position in areas like market presence, scale of deployments, growth, and industry focus.
Technology – This category looks at the strength and flexibility of the technology behind the digital banking platform. Backbase comes out on top for factors like security, design, architecture, business adaptability and the product roadmap.
Execution – Here, the focus is on things like deployment, maintenance, upgrades, partnerships, or global coverage. Backbase wins full marks for partnerships and leads in country coverage, which shows the strength of its international network.
Interesting industry developments
Some interesting trends also feature in the Ovum report. These include a growth in the number of digital banking platform providers, despite which, Backbase still achieved Ultimate Leader status. The report also highlights banks’ and regulators’ increasing acceptance of using the cloud to deploy digital banking platforms, meaning our traditional focus on all things cloud puts us in a very good place.
The Ovum report also notes how customers expect banking to be as frictionless as booking a flight or ordering a taxi. This is creating a new differentiator in the market, that of strong financial management support. Great products and services count, but tomorrow’s banks will only win if they can help customers with tasks and decision-making. When a bank has the right digital banking platform in place, it can do this in many ways, like automating the tracking of travel expenses, monitoring daily spend, or recommending smart investments. Fintechs and big techs have been blazing a trail in this trusted advisor role, but supporting every aspect of a customer’s financial life is the new way forward, so banks are working to catch up.
Finding the right digital banking platform
To keep up with these exciting trends, banks need the support of a flexible, future-proof digital banking platform. Staying in tune with customer needs means being able to deploy changes rapidly, deliver the best omni-channel experiences, and connect easily to third parties. It’s not an option, it’s a necessity and many banks are seeking the right digital banking platform. Ovum provides some helpful guidance in the form of this yearly decision making matrix.
See why Ovum recommends shortlisting the Backbase digital banking platform, and get some key insights on the future of the financial services industry. For more information visit [link to website].