2024 Gartner® Market Guide for Digital Banking Platforms recognizes ebankIT

Key findings for banking CIOs by Gartner®

We believe that Gartner identifies six significant findings in this Market Guide regarding digital banking platforms, their capabilities, and vendors.

1. Foster self-reliance in innovation

In this Market Guide, Gartner says that "Banking CIOs want to actively foster self-reliance and autonomy in innovation to keep pace with the continuous changes in client expectations and technology development." 

Gartner also says, "Banking CIOs want to actively foster self-reliance and autonomy in innovation to keep pace with the continuous changes in client expectations and technology development."

2. Focus on omnichannel capabilities

In this report, Gartner says that "the primary use case for deploying a DBP continues to be creating omnichannel digital capabilities."  An omnichannel digital banking platform would connect every banking channel on every device, enabling banking customers to enjoy a mobile-friendly, intuitive, and interactive user experience.

The survey showcases that omnichannel capabilities are a priority for CIOs, followed by delivering new customer experience and improving existing customer experience.

According to vendor surveys, clients cite creating omnichannel as the top driver for investing in DBP, followed by delivering new customer experience capabilities and improving existing customer experience.

-  Gartner® Market Guide for Digital Banking Platforms, 2024

3. Shift to modular design and platform-based tools

Gartner says, "A digital banking platform (DBP) is designed by assembling component capabilities, architecture patterns and technologies that work together to provide an adaptive, intelligent and enhanced experience."

In the report, it is stated that "banking CIOs responsible for delivering banking technology insights should shift from the traditional design of packaged applications for channels to engineering a modular collection of capabilities."

"A digital banking platform is designed by assembling component capabilities, architecture patterns, and technologies that work together to provide an adaptive, intelligent, and enhanced experience. By design, a DBP fosters distributed delivery and enhances autonomy," says Gartner. 

4. Separation between IT teams and business team

Within this report, Gartner sheds light on how banking CIOs should acknowledge the specific roles of IT as the developers of application components and digital banking teams or business units as the architects of user experiences.

We believe Gartner intends to emphasize that creating a distinct separation of duties in product design and execution will enable business technologists to function as independent innovators.

5. Embrace collaborative partnerships

In the Market Guide, Gartner also emphasizes that the success of financial institutions will depend on the democratized collaboration between technology teams and businesses for continuous improvement. 

Support collaboration and knowledge sharing for IT teams to work together in groups or communities with digital experience teams and line of business users to achieve common business goals through conversations or information exchange.

-  Gartner® Market Guide for Digital Banking Platforms, 2024

6. Leverage APIs for new revenue streams

We believe that Gartner in the Market Guide underlines that "Leading banks are using robust DBPs to enable new engagement models with digital ecosystems.

Tips for financial institutions to modernize

We believe that Gartner offers CIOs recommendations on how to undergo a digital business strategy and innovation. 

- "CIOS delivering financial services digital business strategy and innovation:
Make evaluating product roadmap an essential selection criteria mapping to the bank's scaling roadmap. This is because there are currently no vendors' products that can serve across lines of business capabilities comprehensively.

- Prepare for implementations by documenting requirements for customer journey maps to cut down implementation delays. Most vendors provide model bank offerings that will not be comprehensive out-of-box for an incumbent bank's requirements."

While most vendors offer model bank solutions, it's worth noting that these may not fully align with the specific needs of an incumbent bank right from the start.

Discover more key insights by reading the full report!