- Banks boost competitiveness with digital banking based on new generation of cloud-native core banking systems
- Specific benefits range from enhanced responsiveness and customer centricity to reduced costs
- GFT is a leading global specialist in implementing and customising cloud-native core banking systems
- BankLiteX launched by GFT and Thought Machine with such cloud technology reduces time-to-market drastically
Stuttgart, 13th October 2021 – Banks all over the world are under pressure: Low interest and high cost for legacy technology combine to threaten their margins. A new generation of consumers feels they are irrelevant. Regulators demand they be open for integration with external services and technologies in the context of Open Banking. And newly founded digital banks are adding to the pressure on incumbents because they are not burdened by legacy technology and processes.
Fortunately, the latest generation of cloud-native core banking systems answers all the above challenges. They make it easier than ever to transform a bank, or to build a new one. At much lower costs than were associated with legacy technology. GFT is a leading specialist for implementing this new generation of digital banking tech. The company has forged partnerships with benchmark providers of cloud native core banking systems – Thought Machine, Vodeno and Mambu.
Research firm Everest Group has recognised GFT as a ‘Major Contender’ for application and digital services in banking in its recently released "Application and Digital Services in Banking PEAK Matrix® assessment 2021: Global and Europe Focus." GFT is among the leading specialists worldwide for application and digital services in banking. Everest Group sees GFT’s positioning in the European market as particularly strong.
Digital banks are easy to create and deploy with BankLiteX
Together with Thought Machine, GFT has launched BankLiteX, the modular, end-to-end solution that enables rapid creation and deployment of a cloud-based, digital banking entity. With BankLiteX, time-to-market of new banking features or even a complete bank is reduced to a fraction of the time required by conventional systems. This means that
- banks can be much more responsive, customer centric, and innovative.
- the solution eliminates the risk of moving to a new, completely different technological basis.
- total operating cost can be up to 70 percent lower than with legacy systems.
Of course, BankLiteX is designed to cooperate with other systems and technologies for seamless Open Banking experiences. Among GFT’s recent successes in digital banking is building the all-digital bank Mox in Hong Kong based on Vault, Thought Machine’s next-generation, cloud-native core banking engine.
Marika Lulay, CEO of GFT, commented: "We understand what pressures banks are under to stay competitive. This is why, together with Thought Machine, we have developed BankLiteX. Our clients can now be among the first to benefit from the latest technology. The report from Everest Group clearly confirms our expertise in this field."
PEAK Matrix® reports analyse the performance of various providers by evaluating them on two key criteria: their vision and ability to successfully deliver services and their impact in the market. This report marks the first time that Everest Group has assessed firms’ capabilities for application and digital services in banking including a PEAK Matrix graph with a European focus in addition to the global focus.
Everest Group’s PEAK Matrix® reports give a unique overview of the major players in a market segment. The analysis and information they provide make it easier for companies to decide which global service providers best meet their needs. Based on the rigorous PEAK Matrix® methodology, the reports follow Everest Group’s annual processes for each category, which includes an analysis of information provided in request for information (RFI) questionnaires, interactions with service providers and full verification of customer references that are provided.
“We understand what pressures banks are under to stay competitive. This is why, together with Thought Machine, we have developed BankLiteX. Our clients can now be among the first to benefit from the latest technology. The report from Everest Group clearly confirms our expertise in this field.
Everest Group recognises GFT as a ‘Major Contender’ for application and digital services in banking
Research firm Everest Group has recognised GFT as a ‘Major Contender’ for application and digital services in banking in its recently released “Application and Digital Services in Banking PEAK Matrix® assessment 2021: Global and Europe Focus.”