Ovum Decision Matrix

Ovum Decision Matrix: Selecting a
Digital Banking Platform, 201718
Publication Date: 20 Dec 2016 | Product code: IT0003-000711
Noora Haapajrvi
Ovum Decision Matrix: Selecting a Digital Banking Platform, 201718
Summary
Catalyst
Digital channels are becoming the most popular way for customers to engage with banks, and they
have therefore become mission-critical. Banks are under pressure to deliver an experience on digital
channels that matches the ever-increasing expectations of customers. They also need to provide
customers with secure digital banking services, as well as increasingly generate sales on digital
channels and support further innovation on them.
The market for digital channel platforms has changed significantly over the last few years, from online
and mobile-specific banking solutions to many vendors offering channel-agnostic digital banking
platforms. Although custom-built digital platforms remain a widely used approach, the lower
maintenance and development costs of a single platform and more easily managed security are
making packaged systems an attractive option for banks, especially as the replacement cycle for
front-office platforms is accelerating and banks are moving toward a more continuous development
approach.
This Ovum Decision Matrix (ODM) provides a reference guide for digital banking platform providers by
profiling the leading vendors, their platforms, and their positioning.
Ovum view
Ovum expects the market for digital banking platforms to grow in the near future. Banks are facing a
tough environment of growing competition, increasing regulation, and changing customer behavior.
The increased importance of the digital experience, shorter replacement cycles, and the need to
provide a secure service make it an easier decision for banks to opt for one platform for their channel
experiences over bespoke developments, platforms built in-house, or channel-specific solutions.
Because delivering an excellent experience on digital channels is becoming a differentiator in the

banking industry, a bank's choice of digital banking platform will have a significant impact on its
competitive capability for the next three to four years. The platform needs to be selected with care.
Banks have to consider their needs and the fit of the software solution to their overall architecture, as
well as the strength of the digital banking platform's technology architecture, its flexibility to respond to
changing needs and further innovation, and its ability to deliver excellent customer experiences and
support sales on digital channels. Also important is the software vendor's capability to carry out the
transformation project successfully, delivering both IT and business value.
This ODM assesses the top vendors on the market that have broad capabilities, with the leading
vendors being able to fully satisfy complex needs across the sector.
Key findings
The growing importance of digital channels has made them a central investment area for
banks.
The digital channel platform market has been shifting from channel-specific solutions toward
single platforms.
Digital banking platforms will increasingly help banks connect with fintechs.
Ovum. All rights reserved. Unauthorized reproduction prohibited. Page 2

Market context
The growing importance of digital channels has made them a
central investment area for banks
The trend for clients to interact over digital channels is continuing, and gaining strength, for banks
across the world. Originally, banks' main motivation for offering online banking was the desire to direct
customers to self-service and cut costs clients had primarily been served in branches, by people,
and this is costly. This is still a primary motive for some banks, and in some regions. However, digital
channels have grown to be the main touchpoint for banking clients: online banking offered a more
convenient and comfortable way of banking than branches, which in many banks and regions tend to
offer a service that no one wants to experience unless they have to. With Internet access growing
globally, the trend has become even stronger. Over the years, the number of devices and ways to
connect with the bank have increased; since the launch of Internet banking platforms in the late 90s,
many banks have grown to offer accessibility via a number of devices/channels, each of which is
characterized by its own strengths and drawbacks, as well as by the way end users use them.
Because digital channels are becoming banks' most important method of engaging with clients, they
have become central investment targets. According to Ovum's 2016/17 ICT Enterprise Insights
survey, 62.3% and 61.0% of respondent banks plan to increase their mobile and online banking
spending, respectively. In terms of total investment, online and mobile banking were ranked as the top
IT projects for 2017 by 29.4% and 18.4% of respondents, respectively, outranking all other options in
the survey. Although digital channels are still mostly used to conduct small transactions such as
paying bills, they are expanding to cover more complex transactions. For example, for many banks,
credit card sales now take place mainly on digital channels. Because digital channels are now the
primary way to engage with clients, it is important for banks to be able to also generate sales of
products with a higher price point on these channels.
The digital channel platform market has been shifting from

channel-specific solutions toward single platforms
The market has been moving toward platform offerings and away from bespoke service engagements
and solutions built in-house, although top-tier banks tend to still opt for those solutions. The drive for
quicker renewal and upgrade cycles especially has been promoting the case for packaged offerings
that are easier and less costly to upgrade to match the changing needs of the market. For this reason,
the digital banking platform market now includes in addition to the core banking providers that
decided to enter the front-end market companies that used to make bespoke solutions for banks
and players with a background in horizontal mobile application development.
Since 2010, the front-end digital channel solutions market has evolved toward having a device-
agnostic platform as HTML5 has become a credible option, and all but one of the solutions evaluated
in this ODM are such platforms. The platforms have evolved into complex cross-platform systems as
some vendors have adopted a hybrid approach to applications that allows reuse of the application
across any Internet-enabled device while taking advantage of that device's capabilities. Having a
single digital banking platform that services all devices allows banks to reduce maintenance and
development costs, as well as to have stronger control over their security. Furthermore, a digital
banking platform simplifies content management and enables consistency across channels. Most of

the software vendors have a platform where adding a further device, such as a smart TV, would not
require excessive development efforts. Future developments in the digital banking platform space will
likely involve more use of enterprise-class solutions in non-core areas, increased use of
microservices, development of API-related offerings, and better use of device-specific features, such
as geolocation, to offer a better customer experience and services and expand self-service
especially sales-related on different devices/channels. Platforms will also continue to further develop
capabilities related to marketing, sales, and customer experience.
Digital banking platforms will increasingly help banks connect

with fintechs
Software vendors are likely to see increased demand from banks to connect them with fintechs. A
core concern for many banks is their ability to take advantage of the latest technological
developments, especially as the practical implications of this often relate to the bank's customer
servicing capabilities. Some banks have started fintech accelerators and labs to harness fresh
thinking and new approaches. However, banks' area of expertise as institutions is not growing and
developing enterprises and solutions. Because partnering with start-ups is risky, and their products
and services may not be at the level needed by banks, many of the banking software companies on
the market have realized that they can step in to help start-ups develop their solutions and offer them
to banks as a ready and "certified" offering. An additional advantage to this marketplace development
is that, in best-case scenarios, such solutions include easy integration and lack lengthy legal
agreements.
Vendor solution selection

Inclusion criteria
This ODM provides a quantitative and qualitative representation of Ovum's view of the competitive
digital banking platform market on a global level.
The vendors selected for the digital banking ODM are active providers in a number of markets and
seek out new standalone deals in this space. The vendors have the ability to service a significant
number of markets, provide full retail banking product support, and meet the needs of a broad range
of banks. The vendors profiled here are also capable of serving at least online and mobile banking
channels, with nearly all having architectures that allow them to expand the devices covered on the
same platform.
The list of vendors is not exhaustive, but of all the potential providers, Ovum believes it represents the
main vendors worthy of consideration for a bank looking for a digital banking solution capable of
providing the tools required to help it excel in the digital economy. Within individual countries there are
local players, niche software providers, and companies that custom design digital banking platforms
for banks, which are not included in the ODM. It is also worth noting that many of the digital banking
vendors have a number of other products; the products evaluated here and the scores reflect only the
digital banking platform offerings and focus on the flagship platform. The 10 vendors assessed and
their products are listed in Table 1.

Table 1: Vendors and products included in the Ovum Decision Matrix for digital banking
platforms
Vendor Digital banking platform
Backbase Backbase Digital Banking Platform
CR2 BankWorld
Corillian Corillian
EdgeVerve Systems (Infosys Finacle) Finacle Omnichannel Banking Solution
Intellect Design Arena Digital Face
Misys Misys FusionBanking Essence Digital Channels Platform
Oracle Oracle Banking Digital Experience
SAP SAP Digital Customer Engagement Platform
Sopra Banking Software Sopra Banking Platform
Temenos Temenos UXP
Source: Ovum
Overall assessment
This ODM provides a summary 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. The greatest
weight is given to the platform's ability to fulfill retail banking needs, but the ODM also evaluates the
platforms' wealth management and corporate banking coverage. Alongside this, Ovum provides an
assessment of each vendor's execution capabilities. The evaluation relates to the vendor's particular
products and capabilities around digital banking rather than to the whole company and its full offering.
Companies looking for a digital banking platform are encouraged to consider their own goals as the
top priority when selecting a vendor. The vendors profiled here represent some of the best in the
market, but not all of the market. The positioning should be used in the context of evaluating specific
vendors' strengths and capabilities and how they align with the bank's overall strategy and objectives.
Methodology
Based on Ovum's initial assessment and knowledge of the trends in technology investment in banking
and the digital banking platform market globally, a number of vendors were invited to respond to a
detailed request for information (RFI) form, which required them to provide data and supporting
documentation relating to three primary areas: technology, execution, and market impact. In addition
to the RFI, the vendors were invited to provide briefings on their solutions.

The analysis of these three primary areas was based on a scoring assessment exercise with a
number of subcriteria. For each response within the RFI that aligned with the respective subcriteria,
vendors were rated on a scale of one to five on a consistent set of best-practice criteria or
benchmarks defined by Ovum.
The overall outcome for each subcriteria is a result of the weighted sum of questions and analysis of
the digital banking platforms. Weightings are based on analysis of the importance of each criterion in
the selection process of a digital banking platform by a bank. A weighted sum of the axis gives an
evaluation from 1 to 10 for each solution on the three assessment areas of market impact, technology
assessment, and execution assessment.
Ovum ratings
In this Decision Matrix, Ovum provides a summary of each digital banking platform's capabilities
based on a quantitative assessment of its influence on the global banking solutions market and the
quality and breadth of the functionality provided by the platform and its underlying technology. Ovum
also provides guidance for institutions looking to deploy a digital banking platform and advises
whether they should shortlist, consider, or explore solutions from the vendors assessed in this report.
Ovum defines each of these recommendations based on the vendors' positions in the market:
Market leader: This category represents the leading solutions that we believe are worthy of a
place on most technology-selection shortlists. The vendor has established a commanding
market position with a product that is widely accepted as best-of-breed.
Market challenger: The solutions in this category have a good market positioning along with
competitive functionality and should be considered as part of the technology selection.
Market follower: Solutions in this category have strong potential but have not yet reached full
maturity in terms of breadth of functionality, technology development, or market impact.
However, depending on an institution's own technology and business vision/roadmap, these
could be worth exploring for their upcoming potential or strong fit in particular markets.

Figure 1: Ovum Decision Matrix: Selecting a digital banking platform, 201718
Source: Ovum
Table 2: Ovum Decision Matrix: Selecting a digital banking platform, 201718

Market leaders Market challengers Market followers
Backbase Misys CR2
EdgeVerve Systems (Infosys Finacle) Oracle Corillian
Temenos SAP Intellect Design Arena
Sopra Banking Software
Source: Ovum
Primary assessment criteria

Evaluation categories
Given that the competitive landscape may vary significantly across the evaluation categories in
Ovum's Decision Matrix (technology assessment, execution assessment, and market impact), it is
important to consider these three categories separately in order to develop a more complete
understanding of each vendor's particular strengths and challenges. The following section presents a
vendor comparison in each category and discusses how the vendors differ across the subcriteria

within each assessment area. Note that the scores given here reflect a vendor's positioning against
other vendors.
Market impact
The following criteria were used to assess the vendors' market impact:
Market presence: An assessment of the installed base of a vendor's digital banking platform
globally, with more important markets weighted more. The measure also includes analysis of
revenue development over the last three years and the company's presence across markets.
Market growth: An analysis of the development of the vendor's banking revenue, general
revenue, and client base.
Partners and vendor presence: An analysis of the vendor's market-serving capability and
the growth of its presence across markets, including its extended presence through a partner
network.
Industry focus: An assessment of the digital banking vendor's history of activity in the
banking platform market, with a focus on the primacy of digital banking platforms to the
vendor's revenue stream. The assessment also takes into account staff dedicated to banking
platforms and R&D.
Installed base and scale of deployments: An assessment of the vendor's client base.
Figure 2: Market impact by subcriteria
Source: Ovum
The market impact section of the decision matrix explores the solution's current position and its
potential in the market. Solutions from companies that have a big core banking presence have great
potential for cross-sell, so it is not surprising that companies such as Infosys have a high market
impact score. However, Backbase, which is focused solely on digital banking platforms, is also among
the leaders in terms of market impact. Some vendors focus on internal deployment strength for
delivery, with small partner networks. However, a partner network can be effective in selling digital
banking solutions, because externalizing the sales function to a company with a global presence is an

easy way to expand market reach. The digital channel platform market is set for growth, as
demonstrated by the fact that many vendors have grown their installed bases considerably over the
last few years.
Technology assessment
The following criteria were used for the technology assessment:
Technology design, architecture, and roadmap: An assessment of the design and
functionalities of the digital banking platform and its development plans from a technology
point of view.
Business adaptability: An analysis of the to analyze, optimize, and change the platform in
terms of the complexity of the change process and the extent of changes possible.
End-user adaptability: An analysis of the opportunities for the end-user to control their
banking experience.
Security: An assessment of the platform's approach to security.
Customer experience: An assessment of the platform's customer experience optimization
capabilities.
Sales and marketing support: An analysis of marketing and sales support capabilities,
including the capability to capture, analyze, and use data from the digital banking platform for
these purposes.
Figure 3: Technology assessment by subcriteria
Source: Ovum
The core digital business functionality of most platforms is well developed, with many vendors having
been on the market with their solutions, or versions of them, for quite some years. Over the last five
years, however, many solutions have undergone reengineering, with only Corillian's solution left that
does not describe itself as a device-agnostic platform. Leaders in this section, in addition to having
technology architecture capable of meeting the requirements of the modern age, were able to provide
a solution that is secure; allows banks to provide an excellent customer experience, analyze, and

improve it; has the tools to help a bank sell on digital channels; and is adaptable, ideally for business
users of the bank, and also to some extent for end users.
Execution assessment
The following criteria were used for the technology assessment:
Deployment, maintenance, and upgrades: An assessment of the approach to data
migration, deployment, updating, and upgrading, with a focus on tools, automation, and
deployment options.
Partners: An analysis of the strength of the partnership network available for deployment and
support globally.
Training and support: An analysis of the strength of a vendor's capability to provide training
and support globally.
Maturity and scale: An assessment of the solution's stage in its maturity lifecycle as well as
the capability to scale across different scenarios.
Country coverage: An assessment of the ability to provide services for banks functioning in
different markets in various languages. Measurement included analysis of multi-entity and
multi-country capability.
Figure 4: Execution assessment by subcriteria
Source: Ovum
The execution assessment looks at the vendor's ability to deploy, support, and maintain its products.
The highest-scoring vendors in this category have a regular schedule for maintenance updates and
more substantial upgrades to the solution. They also have a track record of having been implemented
by a number of different banks around the world. The capability to support the solution in the future is
also important, as is training of the client and partners. For this reason, companies that have larger
client bases tend to fare well in this category.

Vendor analysis
Backbase
Background
Backbase is a privately owned, financial servicesfocused digital platform vendor headquartered in
the Netherlands with offices in the US, UK, India, and Singapore. The company was founded in 2003
and launched the Backbase Digital Banking Platform in 2009. Backbase started as a portal platform
that was developed for online and mobile banking modernization projects for some top-tier banks, and
the solution was later turned into a product. Because it comes from a custom-created platform
background, Backbase has historically had a strong client base, including tier-1 and tier-2 banks, but it
has also gained considerable traction among smaller banks after turning its offering into a digital
banking platform product. The company has grown very fast over the last few years: in 2016 it had
365 employees, a considerable increase from a headcount of 172 in 2013. Around 45% of its staff is
dedicated to R&D and about a third to platform implementation and support.
Market impact assessment
Figure 5: Backbase Market impact assessment
Source: Ovum
Backbase is focused purely on digital platforms, and like the market, it has grown rapidly over the past
few years, with revenues reaching $50m in 2015 around a 30% increase on 2014. The majority of
its revenues come from the banking industry, which is the company's main market. Backbase has a
global presence, with a well-established global partner network and 135 clients across the world, the
majority of which are in North America and Europe. The company has grown its client base at an
impressive rate, adding a considerable number of clients over the past two years across tiers. The
majority of its clients are tier-2 banks, with the rest being relatively evenly distributed across other
tiers.

Figure 6: Backbase Technology assessment
Source: Ovum
Backbase's solution architecture is based on a stateless, decoupled set of micro-services. The front
end of the solution employs a set of decoupled widgets, such as banking services like bill payment,
that can be reused across channels. The widgets are built upon common building blocks, which
allows changes to be implemented quickly across all channels. Because Backbase's solution was
originally designed primarily as a front-end platform for top-tier banks, it was built to work with multiple
modern and legacy systems at the back end: the solution has a data layer that sources data from
underlying back-end and core banking systems, which allows the solution to deal with multiple cores
and the bank to change its back end without a major impact on the digital channels. Backbase's
Digital Banking Platform has been deployed by a large number of banks around the world and
integrated with most of the core banking systems on the market.
Backbase offers banks in-built capabilities for customer experience management and sales
generation: the platform has in-page statistics that allow insight into user behavior, integrated A/B and
multivariate testing capabilities, and the ability to create targeted marketing campaigns using either an
in-built analytics engine or an alternative solution. All content is housed in a single location for
consistency across channels. The platform also includes many features aimed at making the user
experience easier, such as soft login, a full Facebook banking app (including payment functionality),
and the ability to co-browse with customers or communicate with them via video or chat. To allow
banks to use fintech innovations, Backbase also has an Open Banking Marketplace, which offers
banks fintechs that are guaranteed to be capable of delivering services to a large client base. In
addition to retail banking, the solution caters for corporate banking and wealth management.
Backbase's roadmap includes API management capability enhancements and a banking-as-a-service
product launch.

Figure 7: Backbase Execution assessment
Source: Ovum
Backbase's solution for banking has been available for seven years and has been implemented by a
large number of clients, making it a very mature solution. The solution is scalable, with the largest live
deployment serving 8 million active digital banking users and more than 500,000 active sessions
during peak times. Usually, a greenfield implementation takes around four to six months, and it can be
deployed on-premise, on private cloud, and even as SaaS in the US for the credit union market.
Backbase has a number of systems integration partners, including Accenture, Capgemini, and IBM,
and over 2000 verified consultants, but the company has a dedicated implementation and support
workforce as well. Backbase's Digital Banking Platform has been implemented in over 45 different
countries, so it is available in a number of different languages, including Arabic, Chinese, Hindi,
German, French, Spanish, Danish, and Russian, and it has four support hubs serving clients globally.
Recommendation: Backbase is a market leader
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. 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.
Corillian
Background
Corillian, part of Fiserve, is digital bankingfocused company headquartered in the US. Fiserv, the
parent company, is primarily focused on providing technology systems and services to the banking
and payments industries, with significant strength in banking transaction platforms (across core and

channels) and payments processing, complemented by a growing focus on the analytical side of
banking (e.g. risk, compliance, and management information systems). Corillian was acquired by
Fiserv in 2007 as part of its acquisition of Checkfree.
Corillian, the company, launched its first version of an online banking platform, Voyager, in 1997.
When Corillian was acquired by Fiserv in 2007, the product name was changed to Corillian. Corillian
is Fiserv's primary online banking platform. Fiserv has developed the Corillian platform to utilize a
module approach, with which some modules can utilize the same functions (i.e. mobile banking and
payments). Additional solutions that can be integrated with Corillian include Popmoney, Mobiliti,
CheckFree RXP, CardValet, and Fiserv's PFM solution.
Figure 8: Corillian Market impact assessment
Source: Ovum
Corillian's main market is North America, where it has been gaining clients, especially credit unions
and smaller banks. Corillian has been implemented in a number of other regions, including Nigeria,
Thailand, Israel, the UK, and Australia. It has a steady client base, with more than 100 installations
live today. Fiserv uses its internal resources to deliver solutions and chooses not to use partners.

Figure 9: Corillian Technology assessment
Source: Ovum
Corillian is an online banking platform, but Fiserv is capable of offering mobile banking services
through integration with its other product, Mobiliti. Corillian is built on Microsoft operating systems
running on Microsoft Server 2012 and Microsoft SQL 2012. The application is architected on a 3(n)-
tier model consisting of presentation, application, and database. The underlying technology runs on a
Microsoft .NET 4 framework utilizing SOAP and Web services, consisting of C# and C++ code for the
application server and host servers, and MS Visual Studio.NET for UI. The online banking solution
uses a REST API layer.
Fiserv offers multi-factor, static question, out-of-bank phone, and SMS authentication. Clients can also
manage a great deal of their account information: they can create a user ID and change passwords,
emails, addresses, phone numbers, alerts, challenge questions, and account names. Fiserv also
provides services to banks to help them get a better idea of how their customers are using the
platforms and how the banks could improve their marketing campaigns.

Figure 10: Corillian Execution assessment
Source: Ovum
Corillian is a very mature solution, with the first version having been published in 1997. The solution
has a number of deployments and some internationalization through clients in countries outside of the
US. Corillian is capable of supporting more than 100,000 active live sessions. A greenfield
implementation of Corillian usually takes about nine to twelve months, and the implementation is
carried out fully by Fiserv. Maintenance updates are released on a need-to-fix basis, and version
updates are not scheduled, because the modular implementation (enabling the bank to buy additional
Fiserv products to complement services not offered by Corillian) allows banks to focus on upgrades of
those products that they feel need upgrading. Fiserv has a training program for its clients.
Recommendation: Corillian is a market follower
Fiserv provides a seasoned online banking solution for banks, with the ability to integrate with a
particularly strong mobile banking product. Corillian has a solid customer base, and it is enjoying
particular success in the US credit union segment.
CR2
Background
CR2, headquartered in Dublin, Ireland, is well established in digital banking: the company has been
providing solutions in this area for almost two decades. Soon after its founding in 1997, CR2 acquired
Interlink, an ATM switching spin-off of NCR, and started offering ATM and kiosk banking solutions in
addition to other digital banking offerings. The company spent five years integrating Interlink's ATM
offering with its existing software, which included a mobile banking platform that the company
launched in 1999 and an Internet banking offering.

CR2 has developed a digital banking offering, BankWorld, that covers not only Internet and mobile
banking but also ATM and kiosk banking. The company has been strategically focusing on a number
of emerging markets, especially the Middle East and Africa, where ATM and kiosk banking are central
to banking.
Figure 11: CR2 Market impact assessment
Source: Ovum
CR2's core market is the Middle East and Africa, where the company has the majority of its clients it
also has clients based in Europe. CR2 focuses on the lower-tier markets, with the majority of its
clients being in tiers three to five. The company's go-to-market strategy is based on its internal
capabilities, so its partner network is relatively small. Within its core markets, vendors with a physical
presence tend to be favored, and local service providers often hold strong positions. CR2 has been
growing at a fair pace over the past two years, boosted by economic development in its core markets
and the growing role of digital channels in service delivery for banks in those regions.

Figure 12: CR2 Technology assessment
Source: Ovum
CR2 is dedicated to delivering digital channels for banks. It is one of the few companies on the market
that also has an ATM switching offering. CR2 offers a solution where, through a single channel
manager platform, various channels are serviced from the underlying back-office solutions and
integrate with external third-party switch gateways. CR2's BankWorld has a shared, centralized
repository of processes and functionalities that can be accessed by all BankWorld managed and third-
party channels. Each channel accesses the shared business logic repository through channel-specific
gateways that present the omnichannel platform capabilities through published APIs.
CR2 supports multilayered security, including various forms of dual-factor authentication, third-party
tokens, and digital certificates. Customers can authenticate themselves in a number of ways,
including national IDs and iris scanning, which is currently available for ATMs as a third-party solution.
Campaign management and marketing efforts are supported via in-application banner adverts,
available on all channels. BankWorld allows banks to differentiate the experience for end users,
including at the ATM, and is developing sophisticated analytics-driven marketing campaign engines
combining ATM and digital channels.

Figure 13: CR2 Execution assessment
Source: Ovum
CR2's solution is very mature; the first version was released in 2002, and the latest in 2016. The
solution has a solid localization background, especially in Africa. The largest implementation of
BankWorld is 4 million end users, and BankWorld has so far supported 1,200 concurrent online
sessions. Implementation of BankWorld for a greenfield project usually takes around six to eight
months. Maintenance updates are provided four times a year, and version updates every two to three
years. Upgrading to a new version is aided by automated test tools, and CR2 also provides
consultancy services to help with the upgrade process. CR2 is itself responsible for most of its
integration, with 45 staff members dedicated to implementation projects, but the firm also uses some
local partners. The company has four support centers dedicated to its market areas and also provides
formal training and an e-certification program for its clients.
Recommendation: CR2 is a market follower
CR2 provides a solution enabling banks to offer digital services on a number of channels, including
the ATM. Especially in regions where the ATM is central to digital service delivery, banks might find
CR2 a company worthy of consideration when making their digital channel investment decisions.
EdgeVerve Systems (Infosys Finacle)

Background
EdgeVerve Systems is part of the Infosys group, a $9.5bn+ revenue IT services and outsourcing
company headquartered in India and a leading provider of consulting, technology, and outsourcing
services. The company has a strong presence in the banking and capital markets sector, which
accounts for about a third of its overall revenue. In 2015, Finacle, Infosys's banking product, was
moved to Infosys's products subsidiary, EdgeVerve Systems, which was set up in 2014. EdgeVerve

Systems develops software products for banking, distributive trade, credit servicing, customer service,
and enterprise buying.
Finacle has a strong retail banking heritage its first Internet banking solution was released in 1996.
Version 11.2 of Finacle Omnichannel Banking, the version evaluated here, was released in March
2016. The solution has a broad offering incorporating not only retail banking but also corporate
banking, SME banking, and wealth management capabilities.
Figure 14: EdgeVerve Systems (Infosys Finacle) Market impact assessment
Source: Ovum
EdgeVerve Systems has a mature digital banking offering that has been deployed at more than 150
banks, with Asia-Pacific being a significant region for the vendor. Although it does most of its
implementation work in-house, the company also has a number of partners that help it with
implementation. In addition to partners, a central go-to-market strategy for Finacle Omnichannel
Banking is cross-sales to the core banking client base of EdgeVerve Systems: 85% of its digital
banking clients also use Finacle for their core system.

Figure 15: EdgeVerve Systems (Infosys Finacle) Technology assessment
Source: Ovum
Central to Finacle Omnichannel Banking is the Finacle Omnichannel Hub, a channel management
solution that offers unified and consistent information across channels. The content on each channel
and for each user experience can be managed and changed by business users by adding or
deducting widgets (for instance bill pay) that can be shared and reused across channels. If the bank
wants, the end user can choose which widgets to have on their dashboard. Finacle integrates with
other systems with Finacle Integration Platform; the platform is integrated out-of-the box, in addition to
Finacle offering a number of other solutions including CustomerXPs, Tableau, and SAS, to mention a
few.
Finacle supports different types of authentications across channels, including risk-based, out of band
and channel limits, biometrics (fingerprint, facial recognition, and voice), and mobile tokens and open
authentication. The platform also supports various ways of connecting with the customer, including
chats, video chats, and SMS. The solution is available for many different business segments,
including SME and corporate in addition to retail banking. With visual developer tools and an app
builder tool, a bank's business users can customize user interfaces.
End-user self-service and customization possibilities are well supported with Finacle Omichannel
Banking: account information can be managed in a number of ways, and end users can open new
accounts, resolve transaction disputes, perform card management-related activities such as ordering
a new pin or blocking a card, and adjust the look and feel of their dashboard by managing widgets.

Figure 16: EdgeVerve Systems (Infosys Finacle) Execution assessment
Source: Ovum
Infosys Finacle's solution is mature. Its largest live deployment serves 15 million users, and the
solution has live sites supporting more than 33,000 concurrent users. A greenfield implementation
could be done as quickly as in 8 to 10 weeks. EdgeVerve Systems delivers weekly maintenance
patches, whose application usually takes around 10 to 15 minutes, and a new version is released
every six months. Finacle Omnichannel Banking has been implemented in a number of countries and
is available in a number of different languages, including Arabic, Hindi, Spanish, and German. The
platform also supports multi-entity and white labeling: ICICI Bank, for instance, offers four different
types of branding on one installation, and the largest multi-entity installation covers 19 countries.
Infosys's services team mainly implements Finacle Omnichannel Banking, but the company has a
number of implementation partners in this area covering different geographic regions. Infosys has a
well-established training program for its partners and clients, and the company has nine support
centers covering its solutions.
Recommendation: EdgeVerve Systems (Infosys Finacle) is a market leader
Finacle Omnichannel Banking provides a solid digital banking platform solution that caters to the
needs of the digital economy and enables banks to deliver next-generation services on digital
channels. Ovum recommends that banks shortlist the solution when considering their choice of digital
banking platform.
Intellect Design Arena

Background
Intellect Design Arena is a $100m+ company headquartered in India providing financial services
software platforms for a global client base. Intellect's channel platform offering, Digital Face, was first
released in 2013. The current version of the solution, 16.1, was released in January 2016. Due to the

history of Intellect's banking software offering, the corporate banking side of the solution is very
strong.
Figure 17: Intellect Design Arena Market impact assessment
Source: Ovum
Intellect's core markets are Asia-Pacific and the Middle East, where a number of banks have deployed
its solution. Due to its core banking and other banking software business, the company has a
reasonable presence around the world, but especially in Asia-Pacific and the Middle East. Despite the
other banking software business, cross-selling seems not to be the main driver of sales growth for
Digital Face, with less than 50% of its clients using Intellect's core banking products. Intellect takes
care of most implementations of its products, and for this reason the company does not have a strong
partner network.

Figure 18: Intellect Design Arena Technology assessment
Source: Ovum
Digital Face is an application-based solution with a single code base that uses the Configure Once
Run Anywhere framework. The framework enables banks to launch new products and services across
all digital channels in one go, but the products have to be created in the core banking system. Digital
Face can be customized using Apps Vault, where banks can configure apps they would like to see
across all digital banking channels. Digital Face is integrated with other systems using Intellect's
integration layer, Spring Green, which is built using Java and J2EE. The platform is quite new and still
in development, as reflected by the roadmap. However, the roadmap also contains some interesting
items such as offline merchant payments and gesture banking.
Digital Face provides banks with Advertisement manager, a back-office tool that enables banks to
present multiple advertisements on their homepage and give priority to adverts. Advertisement
manager enables banks to set up rules guiding the delivery of the advert based on factors such as the
product or customer profile. To improve the user experience, banks can set up test groups and
segments on Digital Face to try out new products, features, themes, and so on, and analyze the
experience from reports produced.
In addition to more common channels, Digital Face enables banks to integrate social media into their
banking offering. Currently with Intellect, a bank's clients can register users, make balance inquiries,
get mini statements, inquire about check statuses, stop check requests, and transfer money using
Facebook and Twitter.

Figure 19: Intellect Design Arena Execution assessment
Source: Ovum
Intellect's solution for digital channels has been available for five years, making it a new but
established platform. Digital Face has been implemented in a number of countries, especially in the
Middle East and Asia-Pacific. The solution is available in four languages: Vietnamese, Arabic, English,
and Swahili. Intellect has one support center in Chennai serving its clients, and usually one person at
each client site providing level 1 and 2 support. The solution's largest implementation serves 650,000
clients, and the largest test of the platform has been able to support 20,000 concurrent users. A
greenfield implementation usually takes about four to six months, and three as an out-of-the-box
project. Intellect also provides training for clients in the form of train the trainer.
Recommendation: Intellect Design Arena is a market follower
Digital Face is a robust digital channel offering capable of serving various different lines of business.
The solution is strong in corporate banking.
Misys
Background
Misys is a circa $900m revenue capital markets and banking technology vendor headquartered in the
UK, offering financial services software for retail banking, corporate banking, asset management, and
capital markets. The company has a significant heritage and client base in retail banking, although it
has historically had a stronger focus on capital markets solutions. In 2012, Misys was purchased off
the market by private equity firm Vista Partners, and the company has shifted to an expansion phase
in the last couple of years, with significant investment in products both organically and through
acquisition.
Misys's mobile and online banking offering is based on the company's 2014 acquisition of IND Group,
a long-standing specialist digital banking provider founded in 1997. Misys's digital banking offering is

called FusionBankingEssenceDigitalChannels Platform,and the company also has an offering for

corporate banking called FusionBanking Corporate Channels that is not based on IND's platform.
Figure 20: Misys Market impact assessment
Source: Ovum
Misys's digital banking offering is a key driver for the company on the retail banking side of its
business, both as a standalone offering and as a solution integrated with its core. The digital banking
platform has seen impressive growth: the company has added more than 35 new deployments within
the last two years. Its client base is relatively evenly distributed across different tiers, with the largest
concentration (36% of clients) being tier-2 institutions. Its client base tends to be concentrated in
Europe.

Figure 21: Misys Technology assessment
Source: Ovum
FusionBanking Essence Digital Channels Platform is a channel-agnostic, J2EE multichannel platform

that has user-centric widgets that can be reused and shared across channels. Adjustment and
customization of the platform by the bank's business users is enabled by a repository of digital
channel platform components that has over 100 entries of integrated and tested libraries and
interfaces. For even more customization, banks and third parties can extend the platform with an
Extension Development Kit.
Improvements to the customer experience on the platform are developed and provided by Misys
Labs, which analyzes customer behavior on the platform and combines this information with market
trends. The improvements are either built into the digital banking platform or shared with the banks,
which can modify their user experience using the digital development toolkit, which allows additional
business and user interface logic to be built on top of the platform.
The platform enforces two-factor authentication in all functions where loss of property is possible; the
authentication methods include one-time passwords and mobile tokens, but other authentication
methods can be added. Misys has plans to add new biometric functionalities in addition to fingerprint
in 2017.

Figure 22: Misys Execution assessment
Source: Ovum
The solution has been implemented in 142 banks around the world, in Slovakian, Finnish, Chinese,
French, Spanish, Arabic, and a number of other languages. The client base of Misys's digital banking
platform is relatively independent of its core banking client base, with around 40% of FusionBanking
Essence Digital Channels clients also being core banking clients of Misys. As a product company,
Misys has a well-established partner network; however, these partners tend to do more work with the
company's other products. At the moment, partners are limited to providing services for
FusionBanking Essence Digital Channels: Unblu provides co-browsing, and Eclectics and Infobip
USSD. The largest deployment of the platform serves 1.2 million users. A greenfield deployment
typically lasts between three and nine months; updates take three to five days, and more substantial
updates take five to ten days.
Recommendation: Misys is a market challenger
Misys's acquisition of IND and continuing investment and development work on the digital banking
platform have allowed the company to provide banks with a modern, integrated digital banking
platform solution capable of equipping them with the tools required to cater to the needs of the
market. Ovum recommends that banks consider FusionBanking Essence Digital Channels Platform
when searching for a digital banking platform solution.
Oracle
Background
Oracle Corporation, a $38bn+ revenue enterprise application provider headquartered in the US, is
one of the largest providers of databases, decision support tools, and enterprise business applications
in the world. Oracle has a strong industry-specific portfolio for banking, as well as covering core
banking. It has two digital channel platform offerings the long-established Oracle Flexcube Direct

Banking and the new flagship Oracle Banking Digital Experience, launched in 2015. Oracle Banking
Digital Experience (OBDX) is based on Flexcube but has undergone reengineering to update the
platform. The Oracle Financial Services Global Business Unit (FSGBU) manages development, sales,
marketing, and all other aspects of the banking vertical software assets. The scores here are mainly
for OBDX, although they reflect the company's broader experience and presence with Flexcube Direct
Banking.
Figure 23: Oracle Market impact assessment
Source: Ovum
The investment to thoroughly re-architect and reengineer Oracle Flexcube Direct Banking to create a
new offering shows that Oracle is serious about its digital banking platform offering and considers the
market an important opportunity. Oracle Flexcube Direct Banking has a relatively well-established
client base, from which many will surely, as the platform matures, move over to OBDX. Its acquisition
of clients during just one year on the market shows the appeal of the new platform. Oracle's financial
services offerings have been deployed widely around the world, and the company has a considerable
presence across the globe as well as an excellent partner network.

Figure 24: Oracle Technology assessment
Source: Ovum
OBDX provides an open standardsbased architecture with separate presentation, business services,
and integration tiers. Business services are channel-agnostic, and they can be reused across all
channels. The user interface is responsive, built with HTML5 and CSS3, and adaptive to form different
factors. Banks can also modify the provided interfaces. The platform uses an OBDX UX that has been
built with Oracle Java Extension Toolkit (JET), which banks can use to further modify UX. The platform
integrates with the core system via the Host Integration tier, which uses SOA/Webservices.
OBDX has externalized security-related features by integrating with a number of enterprise-class

products from Oracle, such as Oracle Adaptive Access Management or Oracle Identity Management
Suite. A similar approach is taken with customer experience improvement, where Oracle helps banks
to integrate with industry-standard tools. Marketing and sales support follows similar logic, but with a
more Oracle-wide approach: OBDX is part of a larger cross-industry digital platform that includes a
marketing cloud solution, and Oracle has also acquired capabilities to track customers' behavior and
provide analytics and targeted marketing.
Given that it is a very new platform, the roadmap for OBDX is still very long. One existing feature of
the platform that will receive further investment is API management.

Figure 25: Oracle Execution assessment
Source: Ovum
Having been on the market since 2015, although the platform is built on Flexcube Direct Banking,
OBDX is not a mature solution. Its client base and countries with deployments are currently limited,
but given the legacy of Flexcube Direct Banking and Oracle's expertise, localization should not be a
problem for the platform. As a large multinational company, Oracle has a large partner network and
excellent training and support capabilities.
Recommendation: Oracle is a market challenger
Oracle provides a promising platform with OBDX. The company has plenty of experience and market
coverage that it has acquired through Oracle Flexcube Direct Banking, positioning OBDX to become
one of the leading platforms in the market.
SAP
Background
SAP is a 20.8bn+ revenue enterprise application software provider headquartered in Germany, and
one of the top providers of ERP applications. At the start of the last decade, the company moved into
the provision of vertical applications, with financial services one of its main industry streams (covering
both retail banking and insurance).
SAP launched its first online banking offering in 1998. In 2010, with the acquisition of Sybase and its
Mobile 365 and Financial Fusion, SAP gained new mobile banking and online banking offerings that it
has since merged into one digital banking offering. In 2013, SAP added new assets to its digital
banking offering with the acquisition of hybris, an omni-commercesolution, whose analytics and
customer experience capabilities the company has been aligning with its banking solution.


Figure 26: SAP Market impact assessment
Source: Ovum
As a provider of banking software, SAP has an especially strong presence in Europe. The company
stationed itself more seriously in the digital banking platform market with the acquisition of Sybase six
years ago, and has been reengineering the solution into one digital banking platform from two
channel-based offerings. The company has seen some growth in this space; however, there has been
limited cross-sell to SAP's clients. As a large software provider, SAP has a very well-established
network of partners, some of which also engage in digital banking implementations.

Figure 27: SAP Technology assessment
Source: Ovum
SAP's Omnichannel Digital Banking is a multilayered platform with the capability to serve a number of
different devices/channels. It integrates with the core system with an integration layer that serves as a
single point of integration for all devices and channels. The integration architecture uses web-services
standards and standard APIs. SAP NetWeaver Process Integration is the central integration hub
mediating between different interfaces and technologies. This is also the main way for banks to
integrate third-party applications, although a number of other APIs can be used as well. The banking
capabilities are also being complemented by hybris, which has strong customer experience, sales,
and analytics capabilities. Although the integration/customization of hybris for banking is still a work in
progress, one bank is already using hybris for its online banking platform.

Figure 28: SAP Execution assessment
Source: Ovum
SAP's digital banking platform offering is relatively mature, with a number of deployments around the
world. The solution is available in a number of different languages, including Arabic, Japanese,
Portuguese, German, Chinese, and many more. The platform also supports multi-entity deployments,
with the largest number of separate entities being nine. The solution's largest live deployment
supports 3 million customers. A greenfield deployment would take around six to nine months. SAP
releases new upgrades every 12 to 18 months, but the company has plans to release support
packages with new functional enhancements once a quarter. As a large multinational company, SAP
has a very well-established network of partners, some of which also work with digital banking platform
implementations, and a training program for its partners and clients. The company also has very good
support capabilities and a presence across the globe.
Recommendation: SAP is a market challenger
SAP provides a robust digital banking platform that is in many ways capable of equipping banks with
the tools and capabilities they need to succeed in the digital economy. The SAP Digital Banking
offering has potential especially in the customer experience and sales area with further integration of
SAP hybris.
Sopra Banking Software

Background
Sopra Banking Software is a subsidiary of Sopra Steria, a $4bn+ revenue European IT services
company headquartered in France. Sopra Banking Software was founded in 2012 through the
integration ofSopra Group's banking software business unit (Evolan), Callata & Wouters, Delta
Informatique, and Tieto Financial Services UK. In 2014, it acquired COR&FJA Banking Solutions

GmbH. Its flagship integrated offerings are currently Sopra Banking Platform and Sopra Banking
Amplitude, in addition to its digital banking offering, Sopra Digital Banking Platform.
Figure 29: Sopra Banking Software Market impact assessment
Source: Ovum
Sopra Banking Software has a relatively strong presence in Europe, the Middle East, and Africa,
which have traditionally been strong markets for the company's banking software offering. Its digital
banking implementations tend to be focused on its core banking clients.

Figure 30: Sopra Banking Software Technology assessment
Source: Ovum
Sopra Banking Platform has a customer engagement layer on which different channels reside.
Integration with the platform is done via API gateway. As the Digital Banking Platform exposes APIs,
further development can be done at the Developer Portal.
The platform uses token-based authentication and one-time passwords, as well as biometric solutions
from Neuroscience, a provider of biometric solutions. Each layer of the digital banking solution is
secured with an API Gateway and built with a multilayer approach, and because of this, the solution
can be implemented with a variety of workflow authentication scenarios.
To improve the customer experience, the solution equips banks with the ability to adapt and modify
the style sheet (CSS), and in some cases banks can develop specific navigation scenarios, screens,
and applications.

Figure 31: Sopra Banking Software Execution assessment
Source: Ovum
Sopra Banking Software's solution has been implemented by a number of banks, especially in
Europe, Africa, and the Middle East. The solution is available in most European languages. The
company takes care of the implementation of the solution, following an agile methodology and in one-
month sprints. The largest deployment of the solution supports 11 million users and is capable of
handling 15,000 concurrent users. Service maintenance packs are delivered to clients as specific
orders, usually every six months. New versions are released around every seven to eight years and
minor releases every 15 to 20 months. The vendor has two support centers, in Luxembourg and
Singapore, providing first-, second-, and third-level support for clients around the world. It also has a
well-established training capability, Sopra Banking University, to educate partners and clients.
Recommendation: Sopra Banking Software is a market challenger
Sopra Banking Software provides banks with a digital banking platform capable of offering a set of
tools that banks need.
Temenos
Background
Temenos is a $550m+ revenue banking platform provider headquartered in Switzerland. Temenos's
banking software offering is heavily centered on its core banking platform, with Core Banking being
the flagship product. However, Temenos launched its first online banking solution in 2003, and in 2013
the company boosted its digital channel offering with the acquisition of Edge IPK. The acquisition was
followed by the decoupling of its online banking offering from the core system and a significant push
of resources to develop its digital channel platform offering. The scores here are for Temenos UXP.


Figure 32: Temenos Market impact assessment
Source: Ovum
With the acquisition of Edge IPK, a user experience platform provider founded in 2001, and
consequent investment into the platform, Temenos has demonstrated its commitment to digital
banking platforms as a standalone market offering, not simply as an easy cross-sell to its large core
banking clientele: Temenos reports that only about 10% of its digital banking clients also use its Core
Banking solution. Revenues for the digital banking platform keep growing, having almost doubled
between 2014 and 2016, and the company has also aggressively grown its client base. Temenos as a
product company has a well-established partner network, and it also has a considerable global
presence.

Figure 33: Temenos Technology assessment
Source: Ovum
Temenos UXP underpins the digital banking platform offering. Channel solutions can be implemented
as widgets or components, reusable across channels, that contain individual banking functions, such
as bill pay. Temenos provides a product builder that allows business owners to create and design
products across all channels. Out-of-the-box channel solutions are provided for retail banking,
corporate, and private banking. The digital banking platform can be integrated with the standard set of
integration connectors (SOAP, REST, XML, etc.) to any core banking system, and the solution can
also be delivered fully integrated with Temenos's core banking system.
Customization by banks is enabled with Temenos's integrated development environment, which
allows mapping of data from back-end and core systems and also carries over styles. Further
customization is enabled by Temenos's online store, MarketPlace, which has more than 60 widgets
and components from Temenos and third parties (known as MarketPlace providers).
Temenos provides an integrated analytics and reporting platform, Temenos Analytics, which collects
data from the platform that is then viewable for the bank's users via a management information
dashboard. The platform has also a number of other applications for different areas of the bank.

Figure 34: Temenos Execution assessment
Source: Ovum
Temenos's solution has been implemented by banks around the world, and it has live deployments in
English, French, Spanish, and Burmese. The platform also has a strong multi-entity capability, with
one client covering 15 different countries with the product. The largest deployed client for Temenos
UXP has 16 million clients, and the platform is capable of supporting thousands of concurrent live
sessions. A greenfield implementation would normally take around six to nine months, and the
timeframe for maintenance updates is one to two years or in the emergence of critical issues. A new
version is usually released every two to three years, and point releases occur every six to twelve
months. Temenos has a well-developed training capability for its clients and partners, as well as a
certification program. Partners working with Temenos on systems integration and feature development
include Accenture, Deloitte Digital, Cognizant, and Aspire Systems. Temenos provides support for its
clients from 14 support centers across the world.
Recommendation: Temenos is a market leader
With Temenos UXP, banks get capabilities that equip them for the digital economy. Being based on a
user experience platform, the product has a strong underlying foundation that Temenos has
developed, and that will probably see further advancements in the near future. Ovum recommends
that banks shortlist Temenos when searching for a competitive digital banking platform solution.
Appendix
Further reading
Retail Banking IT Priorities for 2016 and Spending Forecasts to 2020, IT0003-000690 (June 2016)
Omnichannel Banking and the Future of the Customer Experience, IT0003-000663 (September 2015)

Ovum Decision Matrix: Selecting a Next-Generation Mobile Banking Solution, IT0003-000627

(October 2014)
Ovum Decision Matrix: Selecting a Next-Generation Banking Digital Channel Platform, IT003-000596
(December 2013)
Author
Noora Haapajrvi, Associate Analyst, Financial Services Technology
noora.haapajarvi@ovum.com
Ovum Consulting
We hope that this analysis will help you make informed and imaginative business decisions. If you
have further requirements, Ovums consulting team may be able to help you. For more information
about Ovums consulting capabilities, please contact us directly at consulting@ovum.com.
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Ovum Decision Matrix: Selecting a

Digital Banking Platform, 201718

Publication Date: 20 Dec 2016 | Product code: IT0003-000711

Because delivering an excellent experience on digital channels is becoming a differentiator in the

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The digital channel platform market has been shifting from

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Digital banking platforms will increasingly help banks connect

Vendor solution selection

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Backbase Backbase Digital Banking Platform

EdgeVerve Systems (Infosys Finacle) Finacle Omnichannel Banking Solution

Intellect Design Arena Digital Face

Misys Misys FusionBanking Essence Digital Channels Platform

Oracle Oracle Banking Digital Experience

SAP SAP Digital Customer Engagement Platform

Sopra Banking Software Sopra Banking Platform

Temenos Temenos UXP

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Figure 1: Ovum Decision Matrix: Selecting a digital banking platform, 201718

Table 2: Ovum Decision Matrix: Selecting a digital banking platform, 201718

Backbase Misys CR2

EdgeVerve Systems (Infosys Finacle) Oracle Corillian

Temenos SAP Intellect Design Arena

Sopra Banking Software

Primary assessment criteria

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Figure 2: Market impact by subcriteria

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EdgeVerve Systems (Infosys Finacle)

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Intellect Design Arena

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called FusionBankingEssenceDigitalChannels Platform,and the company also has an offering for

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FusionBanking Essence Digital Channels Platform is a channel-agnostic, J2EE multichannel platform

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OBDX has externalized security-related features by integrating with a number of enterprise-class

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Market impact assessment

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Sopra Banking Software

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