The Forrester Wave™: Digital Banking Engagement Platforms, Q3 2019
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The Forrester WaveTM: Digital Banking Engagement Platforms, Q3 2019
The 13 Providers That Matter Most And How They Stack Up by Jost Hoppermann July 1, 2019
Why Read This Report
In our 28-criterion evaluation of digital banking engagement platforms providers, we identified the 13 most significant ones -- Backbase, CR2, Crealogix, EdgeVerve, Finastra, i-exceed, Intellect Design Arena, Kony, Oracle, Sopra Banking Software, Tagit, Tata Consultancy Services, and Temenos -- and researched, analyzed, and scored them. This report shows how each provider measures up and helps application development and delivery (AD&D) professionals select the right one for their needs.
Key Takeaways
EdgeVerve, Backbase, Temenos, And Kony Lead The Pack Forrester's research uncovered a market in which EdgeVerve, Backbase, Temenos, and Kony are Leaders; i-exceed, Oracle, Crealogix, Intellect Design Arena, Tata Consultancy Services, and Tagit are Strong Performers; and Sopra Banking Software, CR2, and Finastra are Contenders.
Banking Capabilities, Architecture, And Strategies Are Key Differentiators As banks enhance their requirements for digital front ends to deliver great, differentiating customer experience (CX) quickly, flexibly, and efficiently -- while driving digital transformation -- the availability of a combination of off-the-shelf banking capabilities with flexible architectures will dictate which providers lead the pack. Vendors that can provide these banking capabilities across channels, provide tooling that allows banks to change and enhance these capabilities, and define a strategy that describes a promising path into the future position themselves to successfully and effectively deliver differentiating CX to their customers.
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FOR APPLICATION DEVELOPMENT & DELIVERY PROFESSIONALS
The Forrester WaveTM: Digital Banking Engagement Platforms, Q3 2019
The 13 Providers That Matter Most And How They Stack Up
by Jost Hoppermann with Benjamin Ensor, Luis Deya, and Andrew Reese July 1, 2019
Table Of Contents
2 Top Firms Support Transformation, Not Just Channels
3 Evaluation Summary 5 Vendor Offerings 6 Vendor Profiles
Leaders Strong Performers Contenders 12 Evaluation Overview Vendor Inclusion Criteria 14 Supplemental Material
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FOR APPLICATION DEVELOPMENT & DELIVERY PROFESSIONALS
The Forrester WaveTM: Digital Banking Engagement Platforms, Q3 2019 The 13 Providers That Matter Most And How They Stack Up
July 1, 2019
Top Firms Support Transformation, Not Just Channels
The transformation imperative has moved to center stage in the banking industry. New, feature-rich digital front ends are one tool of choice. Many banks and their technology teams are working to identify a low-friction pathway to quickly help them arrive at a flexible, rich digital front end -- a digital banking engagement platform (DBEP). The AD&D pros on these technology teams have a number of options to consider, ranging from directly deploying a DBEP and its off-the-shelf, channel-specific banking capabilities to using a DBEP as an accelerating platform for modifying existing off-the-shelf capabilities and building new ones. Further, DBEPs have become a key element of digital banking transformation, as they can become the nucleus of digital core banking, an architectural approach to ease transformation and foster rapid change.1
As a result of these trends, digital banking engagement platform customers should look for providers that:
>> Combine banking capabilities and channels into a single leading banking capability. DBEPs that offer either strong support for a broad set of technology channels like smartphones, tablets, browsers, and kiosks or broad and rich off-the-shelf, channel-specific banking capabilities are not uncommon. Technology teams in banks should look for vendors that have expressed capabilities in both of these areas.
>> Build their DBEP on a state-of-the-art architecture. Architecture, and particularly technology, is poised to change much faster than in the past. A structured, well-designed architecture helps mitigate the impact of change. For instance, digital tooling is an enabler of rapid business change outside of traditional core banking, although it isn't yet as advanced as Forrester would like to see. Methodologies and tooling for delivery, testing, and upgrade help a bank to deploy new capabilities smoothly. Technology teams should check for leading approaches that align best with their way of thinking.
>> Convince with a broad and rich strategy. The breadth, depth, and measurability of road maps; a vendor's plans to enhance its software-as-a-service (SaaS) strategy; and a vendor's vision of how the DBEP can support the future of banking are fundamental for seeing how well a DBEP aligns with a bank's future business models. The vendor's available resources are crucial for determining whether its strategy can fulfill its promises and create a generally available DBEP. While banks will find it hard to find a vendor that excels across all of these elements, technology teams should scrutinize vendors to identify the best-suited ones.
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FOR APPLICATION DEVELOPMENT & DELIVERY PROFESSIONALS
The Forrester WaveTM: Digital Banking Engagement Platforms, Q3 2019 The 13 Providers That Matter Most And How They Stack Up
July 1, 2019
Evaluation Summary
The Forrester WaveTM evaluation highlights Leaders, Strong Performers, Contenders, and Challengers. It's an assessment of the top vendors in the market and does not represent the entire vendor landscape. You'll find more information about this market in our reports on digital banking engagement platforms.2
We intend this evaluation to be a starting point only and encourage clients to view product evaluations and adapt criteria weightings using the Excel-based vendor comparison tool (see Figure 1 and see Figure 2). Click the link at the beginning of this report on to download the tool.
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FOR APPLICATION DEVELOPMENT & DELIVERY PROFESSIONALS
The Forrester WaveTM: Digital Banking Engagement Platforms, Q3 2019 The 13 Providers That Matter Most And How They Stack Up
July 1, 2019
FIGURE 1 Forrester WaveTM: Digital Banking Engagement Platforms, Q3 2019
Digital Banking Engagement Platforms
Q3 2019
Challengers
Stronger current offering
Contenders
Strong Performers
Temenos
Leaders
EdgeVerve Backbase
Intellect Design Arena Tagit
CR2
Finastra
Kony
Oracle
i-exceed
Crealogix Tata Consultancy Services
Sopra Banking Software
Weaker current offering
Weaker strategy
Market presence
Stronger strategy
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