Gartner Magic Quadrant report on International Core Retail Banking 2011

The latest iteration of Gartner’s annual Magic Quadrant report on International Core Retail Banking once more positioned TEMENOS T24 in the ‘Leaders’ quarter, maintaining the position on last year and displaying the company has commitment, vision and the ability to execute.

According to Don Free, Principal Research Analyst, Gartner, “Although uncertainty lingers about the relative health of the banking industry, bank CEOs are steadfastly shifting from post-recessionary caution to a posture of growth.  As banks reassess their capacity to support this shift in business focus, it's clear that technology is in the cross hairs to serve as the catalyst for growth”. 

Providing additional support to the strength of Temenos implementations he states, “Given the breadth of T24 functionality, strategic componentized development efforts should pay off in shorter and higher-quality implementation cycles.” 

Gartner are one of the most respected analyst houses globally, and we are delighted that Gartner has again identified Temenos as a leader in our market.

Gartner iterate the fact that within a Magic Quadrant there is no outright ‘Leader’ or winner; simply a group of vendors which are leading.  The Magic Quadrant is therefore a visual snapshot of a market's direction, maturity and participants with entrants able to state that being located in a certain position may provide benefits based upon client requirements and own situation. Retail banking software is complex, and Gartner emphasises that every bank must evaluate their own situation in order to select the software that will best suit their needs. Not all vendors are included in a Magic Quadrant as there are criteria which must be passed, including product geographic spread, core functionality and market share. 

Other industry analysts include Forrester, Ovum (Datamonitor), Celent and Aite, all of which publish annual vendor reports on Core Banking software.  In the latest of these from Forrester titled ‘Global Platform Deals, May 2011’, for the 6th consecutive year, Temenos has been named as a ‘Global Power Seller’, achieving the highest number of new named deals. The report also reiterates the global presence of Temenos in the Core Banking space, appearing in the top 3 in 5 of the regional breakdowns. 

In the report “Solution Guide to International Retail Banking Core Systems, February 2011” Ovum positioned Temenos in the ‘shortlist’ category.  Describing vendors in that category as "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 complete offering to address overall market requirements with strong technology capability". 

These reports together show that Temenos is consistently regarded within the industry as a top vendor, reinforcing the strategy and execution of the company.

For further information please contact Mark Frampton (mframpton@temenos.com), Analyst Relations & Research Manager, Temenos U.K.Ltd.

To visit the Gartner website, please click here.