Ovum’s report provides guidance for retail and universal banks in their vendor shortlisting process by assessing the top vendors on the market. The Decision Matrix Ovum summarizes of each vendor’s digital banking platform’s capabilities based on a quantitative assessment of its market impact in the digital channel platform market globally and the quality and breadth of functionality provided by the platform and underlying technology. Alongside this, the report also assesses of each vendor’s execution capabilities.
The digital banking landscape has become more competitive and banks have had to further innovate to retain their customers, achieve a seamless omni-channel experience and maintain their competitive advantage. The Decision Matrix emphasizes that excellent experience in digital channels is increasingly becoming a differentiator in the banking industry, selecting a digital banking platform is a decision that will have a great impact on the competitive capability of a bank for the next three to four years.
The Decision Matrix assesses vendors’ solutions over three dimensions of market impact, technology and execution – across which Backbase scored exceptionally high. This is the second time in a row Backbase has been nominated as a Market Leader by Ovum.
Ovum’s decision to name Backbase as a Market Leader speaks to the platform’s unique ability to empower banks to effectively service the needs of their digital customers, and notes its state-of-the-art technology and rapid digital transformation capabilities.
Jouk Pleiter, CEO of Backbase commented: “We are very proud to be rated market leader the second time in row by Ovum.This truly demonstrates our commitment in constantly evolving and improving our platform and banking in order to meet market needs. We’ve been delivering great mobile apps and complete omni-channel projects for the past few years for the world’s leading financial institutions, and it’s wonderful to be recognised and rewarded for this.”
Noora Haapajärvi, author of the Ovum Decision Matrix, added: “Backbase’s Digital Banking Platform is the leading solution on the digital banking platform market. The solution provides banks with the tools to develop a compelling experience on digital channels. The Backbase Digital Banking Platform is particularly suitable for larger banks and their more complex legacy environments, as well as for banks with a desire to have a leading-edge digital experience. Ovum recommends that banks shortlist Backbase’s Digital Banking Platform when searching for a competitive digital banking platform solution.”