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-- Banks boost competitiveness with digital banking based on new generation of cloud-native core banking systems
-- Benefits include enhanced responsiveness, customer centricity, and reduced costs
-- GFT is a leading global specialist in implementing and customizing cloud-native core banking systems
-- BankLiteX launched by GFT and Thought Machine with cloud technology reduces time-to-market drastically
NEW YORK, Nov. 8, 2021 /PRNewswire/ -- Banks all over the world are under pressure: Low interest and high cost for legacy technology 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 neobanks 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. The company has forged partnerships with benchmark providers of cloud-native core banking systems – Thought Machine, Vodeno and Mambu.
Research firm Everest Group has recognized 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.
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 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. Therefore, 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 analyze 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.
GFT is driving the digital transformation of the world's leading companies in the financial and insurance sectors, as well as in the manufacturing industry. As an IT services and software engineering provider, GFT offers strong consulting and development skills across all aspects of pioneering technologies, such as cloud engineering, artificial intelligence, mainframe modernization and the Internet of Things for Industry 4.0.
With its in-depth technological expertise, profound market know-how and strong partnerships, GFT implements scalable IT solutions to increase productivity. This provides clients with faster access to new IT applications and innovative business models, while also reducing risk.
Founded in 1987 and located in 15 countries to ensure close proximity to its clients, GFT employs 6,000 people. GFT provides them with career opportunities in all areas of software engineering and innovation. The GFT Technologies SE share is listed in the Prime Standard segment of the Frankfurt Stock Exchange (ticker: GFT-XE).
About Everest Group:
Everest Group is a research firm focused on strategic IT, business services, engineering services, and sourcing. Our clients include leading global companies, service providers, and investors. Clients use our services to guide their journeys to achieve heightened operational and financial performance, accelerated value delivery, and high-impact business outcomes. Details and in-depth content are available at http://www.everestgrp.com
SOURCE GFT Technologies AG