Temenos positioned as a leader in Gartner's Magic Quadrant for Global Retail Core Banking
Report highlights surge in demand for modern, practical and enabling core banking platforms to support business initiatives, such as digital banking
GENEVA, Switzerland – 21st June 2016 – Temenos (SIX: TEMN), the market-leading software specialist for banking and finance, today announces that industry analyst firm Gartner, Inc., has positioned Temenos as a 'Leader' for the seventh consecutive year in the 2016 report 'Magic Quadrant for Global Retail Core Banking' (GRCB). Temenos has been placed in the top position within the Quadrant for its ability to execute.
This report assessed the capabilities of 17 core banking vendors, qualified from an initial list of 40 candidates, against two criteria: their ability to execute and their completeness of vision.
Don Free, Research VP Gartner and author of the report, states:
"The core banking market demand for practical and enabling technology to support significant business initiatives, such as a digital banking strategy, is surging. Lack of agility and the high cost of technology are driving more banks to build the business case for core banking renewal.
The focus on evolving the digital bank strategy to keep pace with new target market opportunities is leading core banking system technology evolution that exposes APIs to external development communities. As banks roll back traditional 'do everything yourself' development models, the capacity to extend granular APIs to third-party developers is quickly becoming a mandate"
Temenos' Core Banking combines rich functionality with cutting-edge technology in an easily upgradable application. Its customers benefit from real-time embedded analytics, a sophisticated product builder and technology that allows for easy integration, progressive renovation and infinite scalability. Temenos' Interaction offering and its newly launched MarketPlace accelerates the pace of innovation, enabling banks to easily expose their products and services to fintech partners and thus providing the foundation for an open banking platform.
David Arnott, CEO, Temenos, said:
"It is pleasing to see Temenos recognised, for the seventh consecutive year, as a Leader in the Gartner Magic Quadrant. With R&D investment at more than twice the level of our closest competitors, channelled into a concentrated group of industry-specific, front-to-back suites, we believe our value proposition is unrivalled. This independent report supports the findings from other recent industry analysis showing Temenos as leading the market for core banking and delivering unparalleled levels of customer success.
- The full report reference is: Gartner Magic Quadrant for Global Retail Core Banking, Don Free, 21 April 2016
- Gartner defines a "core banking system" as a back-end system that processes daily banking transactions and posts updates to accounts and other financial records. Core banking systems typically include deposit, loan and credit processing capabilities, with interfaces to general ledger systems and reporting tools. This Magic Quadrant assesses vendors based on the multicurrency products they offer in support of a bank's financial transaction management in the retail banking market. Gartner has chosen to keep the scope of this year's Magic Quadrant consistent with those of previous years. For this reason, they have excluded Islamic banking vendors — many of which do not support standard retail banking capabilities — and other solutions that do not meet Gartner's established criteria.
- Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.