Top 20 Banking Technology Solution Companies - 2020
The banking sector is undergoing a paradigm shift, one driven by a host of different factors. New competitions from FinTechs, mounting regulations, compliance pressures, and disruptive technologies are changing the way the banking industry operates, today. Digital transformation that started as an option has turned into a necessity over the years. In the internet world that we live in, customers can attain a vast amount of information at their fingertips in a fraction of time. With the online availability of all the information and the ability to perform an increasing number of banking functions digitally these days, most of the customers prefer digital banking as opposed to brick-and-mortar banking. This transformation has drastically changed the way relations are built and managed between the bank and its customers. Being a commoditized space and so little to compete on, providing a greater customer experience is turning out to be the key that gives banks a competitive edge over their counterparts.
The evolving customer demands that seek round-the-clock personalized service coupled with the changing competitive landscape that is fuelled by advanced technologies and solutions is forcing the traditional institutions to rethink the way they do business. Though the transition from legacy systems to innovative solutions doesn't seem to be easy, the new technologies that tend to threaten the banking sector present themselves with newer opportunities. Banks are responding to this unprecedented change in the sector through investment, data management, and adoption of advanced technology solutions to engage with the customers. With the procurement of these advanced technology solutions, banks can leverage big data and advanced analytics to enhance the customer experience. Consequently, they are looking to implement the best technology solution to improve functional efficiency and gain customer loyalty while ensuring regulatory compliances are met.
To deliver a superior customer experience with agility, banks are resorting to the best technology solutions available in the market that can efficiently streamline their processes with strategies that could give them a competitive edge over the others. However, it is a daunting task to choose the right technology solution that best suits your process from the available lot in a market so big! To help banks and financial service organizations navigate through the best-of-breed banking technology solutions, CIOReview has compiled a list of the 20 most promising banking technology solution providers. The enlisted solution providers are the frontrunners in the market that are committed to the efficient streamlining of banking processes with innovation and security. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.
We present to you CIOReview’s, "20 Most Promising Banking Technology Solution Providers -2020."