Anda di halaman 1dari 17

For Application Development & Delivery Professionals

The Forrester Wave™: Digital Banking


Engagement Platforms, Q3 2017
Eleven Off-The-Shelf Solutions Point To The Future Of Digital Banking

by Jost Hoppermann
July 11, 2017

Why Read This Report Key Takeaways


In our 35-criteria evaluation of digital banking Backbase, EdgeVerve, And Temenos Lead
engagement platform (DBEP) providers, we The Pack
identified the 11 most significant vendors — Forrester’s research uncovered a market in which
Backbase, CR2, EdgeVerve, Finastra (formerly Backbase, EdgeVerve, and Temenos lead the
Misys), Intellect Design Arena, Intelligent pack. Finastra, TCS, Tagit, NETinfo, and Intellect
Environments, NETinfo, Sopra Banking Software, Design Arena offer competitive options. Intelligent
Tagit, Tata Consultancy Services (TCS), and Environments, Sopra Banking Software, and CR2
Temenos — and researched, analyzed, and offer choice, but not for all requirements scenarios.
scored them. This report shows how each
AD&D Pros Are Looking For Agile Off-The-
provider measures up and helps application
Shelf Digital Engagement Solutions
development and delivery (AD&D) professionals
The DBEP market is growing because more
make the right choice.
AD&D professionals see these solutions as a
way to meet changing customer requirements
effectively and efficiently. This is in large part
because AD&D pros are increasingly accepting
the need to effectively deliver broad, rich channel-
related business capabilities.

A Few Key Differentiators Help AD&D Pros


Identify A Well-Suited DBEP
The key capabilities that differentiate solutions
include the breadth and depth of support for
retail, corporate, and private banking, as well as
the analytics available, an agile apps builder, and
their architecture.

forrester.com
For Application Development & Delivery Professionals

The Forrester Wave™: Digital Banking Engagement Platforms,


Q3 2017
Eleven Off-The-Shelf Solutions Point To The Future Of Digital Banking

by Jost Hoppermann
with Christopher Andrews, Luis Deya, and Andrew Reese
July 11, 2017

Table Of Contents Related Research Documents


2 True Digital Banking Requires More Than The Forrester Wave™: Omnichannel Banking
Omnichannel Solutions Solutions, Q3 2015

Digital Banking Engagement Platforms An Introduction To Digital Core Banking


Emerge As The Engine For Customer
Vendor Landscape: Omnichannel Banking
Experience
Solutions
3 Digital Banking Engagement Platforms
Evaluation Overview

Evaluated Vendors And Inclusion Criteria

5 Vendor Profiles

Leaders

Strong Performers

Contenders

13 Supplemental Material

Forrester Research, Inc., 60 Acorn Park Drive, Cambridge, MA 02140 USA


+1 617-613-6000 | Fax: +1 617-613-5000 | forrester.com
© 2017 Forrester Research, Inc. Opinions reflect judgment at the time and are subject to change. Forrester®,
Technographics®, Forrester Wave, TechRadar, and Total Economic Impact are trademarks of Forrester Research,
Inc. All other trademarks are the property of their respective companies. Unauthorized copying or distributing
is a violation of copyright law. Citations@forrester.com or +1 866-367-7378
For Application Development & Delivery Professionals July 11, 2017
The Forrester Wave™: Digital Banking Engagement Platforms, Q3 2017
Eleven Off-The-Shelf Solutions Point To The Future Of Digital Banking

True Digital Banking Requires More Than Omnichannel Solutions


Rapidly shifting customer requirements create a never-ending stream of challenges for banks and their
AD&D teams seeking to execute on digital transformation. Delivering a great customer experience
(CX) is an appropriate choice of strategy for banks that want to remain competitive, and many make it
a priority for innovation investment as a result.1 But to deliver on CX, banks face a series of decisions
about integration that affect all other aspects of their business: Any planned improvement of CX also
has to take into consideration existing application landscapes, branch strategies, mobile solutions,
regulatory requirements, and a host of other issues.

For years, banks’ AD&D teams considered channels — particularly cross-channel/omnichannel


banking — as the primary strategy for delivering great CX. More recently, they have recognized
the need for broader solutions that extend well beyond support for multiple channels, as well as
for complementary capabilities, such as data management, analytics, and seamless end-to-end
processing, that, together, deliver on the promise of true digital banking (see Figure 1).2

FIGURE 1 The Top Nine Initial Focal Points Of Digital Transformation Go Beyond Omnichannel Solutions

“Which will be the top three to five initial focal points of the transformation of
your landscape of business applications?”

Omnichannel/cross-channel solutions 64%

Analytics/business intelligence 52%

Building the architecture/application infrastructure


39%
supporting the transformation of the apps landscape

Mobile banking 25%

Central customer/party data management 25%

Customer relationship management 24%

Core banking 24%

Branch (advisory, sales, teller) 19%

Regulatory compliance and risk management 18%

Base: 107 global financial services decision makers


Source: Forrester’s Q3 2016 Global Financial Services Architecture Online Survey

© 2017 Forrester Research, Inc. Unauthorized copying or distributing is a violation of copyright law. 2
Citations@forrester.com or +1 866-367-7378
For Application Development & Delivery Professionals July 11, 2017
The Forrester Wave™: Digital Banking Engagement Platforms, Q3 2017
Eleven Off-The-Shelf Solutions Point To The Future Of Digital Banking

Digital Banking Engagement Platforms Emerge As The Engine For Customer Experience

Cross-channel/omnichannel banking has become highly attractive for business software vendors:
Dozens, if not hundreds, of players now compete in a market worth billions of dollars worldwide.
Vendors from the mobile banking, case management, and web content management segments have
repositioned their solutions — through product enhancements or merely marketing — to get their piece
of the omnichannel pie.

In parallel, however, advanced banks and software vendors have started to work with a concept that
denotes the next generation of omnichannel banking solutions. Forrester defines a digital banking
engagement platform (DBEP) as:

“An advanced cross-channel/omnichannel banking solution that enables an integrated, seamless,


and comprehensive customer and employee experience across touchpoints. Typical functionality
includes agile support for banking and channel-specific business requirements, analytics, digital
sales and marketing, and a single view of customers, products, and services.”

Banks and their AD&D teams show increasing interest in off-the-shelf DBEPs to enable them to serve
their customers more effectively and efficiently and drive top-line growth.3 With an advanced DBEP,
AD&D teams can:

›› Deliver new banking capabilities rapidly across channels. Banks can quickly roll out off-the-
shelf retail/consumer banking, corporate/commercial/SME banking, as well as private banking/
wealth management in a first phase of deployment.4 In a second phase, AD&D teams can use
built-in tools to extend and supplement these with other capabilities, such as built-in origination,
onboarding, and collection.

›› Support multiple channels out of the box. AD&D teams can use a similar phased approach to
roll out screen designs and logic for various channels. More advanced DBEPs can offer operational
benefits, such as the ability to push new marketing content to predefined screen areas or efficiently
change screen designs across all supported channels.

›› Drive revenue and improve automation. Built-in or preintegrated analytics help to both refine
the customer experience and cross-sell or upsell. Advanced DBEPs are starting to offer artificial
intelligence (AI) components in areas, such as machine learning, chatbots, and robots, that help
improve intelligence about customers and increase operational efficiencies. We can expect even
more capabilities within future releases.

Digital Banking Engagement Platforms Evaluation Overview


To assess the state of the DBEP market and see how the vendors stack up, Forrester evaluated the
strengths and weaknesses of top DBEP vendors in the space. After examining past research, user
need assessments, and vendor and expert interviews, we developed a comprehensive set of evaluation
criteria.5 We evaluated vendors against 35 criteria, which we grouped into three high-level buckets:

© 2017 Forrester Research, Inc. Unauthorized copying or distributing is a violation of copyright law. 3
Citations@forrester.com or +1 866-367-7378
For Application Development & Delivery Professionals July 11, 2017
The Forrester Wave™: Digital Banking Engagement Platforms, Q3 2017
Eleven Off-The-Shelf Solutions Point To The Future Of Digital Banking

›› Current offering. To assess product strength, we evaluated each offering against five groups of
criteria: business capabilities; product base and packaging; channels and omnichannel support;
customer experience; and technology, architecture, and delivery.

›› Strategy. We compared each vendor’s strategies with industry trends and banking needs from
the perspective of AD&D pros and people in related roles selecting an off-the-shelf DBEP. We
also took into account Forrester’s forward-looking vision on digital core banking.6 We examined
the functional and technology enhancements vendors planned, as well as their ability to innovate.
Further, we looked at their market approach, including their target geographic areas and countries;
their plans to improve existing delivery models, including software-as-a-service (SaaS); and their
strategic implementation models.

›› Market presence. To establish a DBEP’s market presence, we combined information about the
vendor’s live customers, installed base, countries with customers, and revenue. Market presence is
represented on the Forrester Wave graphic by the size of each vendor’s circle.

Evaluated Vendors And Inclusion Criteria

Forrester included 11 vendors in the assessment: Backbase, CR2, EdgeVerve, Finastra (formerly
Misys), Intellect Design Arena, Intelligent Environments, NETinfo, Sopra Banking Software, Tagit, Tata
Consultancy Services (TCS), and Temenos.7

We have included a detailed list of the products evaluated, the versions evaluated, and version release
dates in an accompanying spreadsheet, titled “Evaluated Vendors: Product Information And Selection
Criteria.” Clients should carefully review each vendor’s offerings when making a selection.

Each of these vendors has:

›› Broader channel support across retail and corporate banking. All vendors in this evaluation can
provide off-the-shelf retail/consumer banking and corporate/commercial/business banking. The
solution can deliver banking capabilities across at least three channels.8

›› Agile CX. The vendors we included designed digital banking engagement platforms that allow
you to configure the user interface (as opposed to customizing it), thus delivering an agile
customer experience.

›› Supporting capabilities such as analytics and mobile payments. All of the vendors have
solutions with additional capabilities, such as facet-rich, preintegrated, or built-in analytics, that
help banks to better serve their customers and to drive revenue.9

›› Regional or international success. Participating vendors either show a very strong regional or
international focus or are currently moving from one geographic focus area to another.
›› Mindshare within Forrester’s client base. Vendors are frequently mentioned in Forrester client
inquiries and other forms of client interaction.

© 2017 Forrester Research, Inc. Unauthorized copying or distributing is a violation of copyright law. 4
Citations@forrester.com or +1 866-367-7378
For Application Development & Delivery Professionals July 11, 2017
The Forrester Wave™: Digital Banking Engagement Platforms, Q3 2017
Eleven Off-The-Shelf Solutions Point To The Future Of Digital Banking

Vendor Profiles
This evaluation of the DBEP market is intended to be a starting point only. In doing so, clients can also
take care of the various, and in some cases different, business scenarios and technology requirements
that pure-play DBEP vendors (Backbase, CR2, Intelligent Environments, NETinfo, and Tagit) and
broader banking platform vendors (EdgeVerve, Finastra, Intellect Design Arena, Sopra Banking
Software, TCS, and Temenos) support. We encourage clients to view detailed product evaluations and
adapt criteria weightings to fit their individual needs through the Forrester Wave Excel-based vendor
comparison tool (see Figure 2).

FIGURE 2 Forrester Wave™: Digital Banking Engagement Platforms, Q3 ’17

Strong
Challengers Contenders Performers Leaders
Strong

Backbase Go to Forrester.com
to download the
EdgeVerve Forrester Wave tool for
more detailed product
NETinfo Temenos evaluations, feature
Tagit comparisons, and
TCS customizable rankings.

Finastra
Current Intelligent Environments
offering
Sopra Banking Intellect Design Arena
Software

CR2

Market presence

Weak

Weak Strategy Strong

© 2017 Forrester Research, Inc. Unauthorized copying or distributing is a violation of copyright law. 5
Citations@forrester.com or +1 866-367-7378
For Application Development & Delivery Professionals July 11, 2017
The Forrester Wave™: Digital Banking Engagement Platforms, Q3 2017
Eleven Off-The-Shelf Solutions Point To The Future Of Digital Banking

FIGURE 2 Forrester Wave™: Digital Banking Engagement Platforms, Q3 ’17 (Cont.)

ts

e
ar
en
a

ftw
en

nm
Ar

So

y
iro

nc
gn

Te es lta
n

in
si

tE

ic su
nk
De
na e
gh ’s

se

en
g

rv on
rv

Ba

os
ei er

ra
tin

So o
ct
ba

Ve

llig

Se C
w est

st

en
in

a
lle
ge
ck

TA
pr

t
te
R2

ET

m
rr

gi
te
Ba

Ed

In
Fi
Fo

TA
Ta
In
C

N
Current Offering 50% 4.33 1.56 3.98 2.68 2.57 2.50 3.56 2.13 3.28 3.12 3.52

Business capabilities 30% 4.05 1.65 3.70 2.90 2.00 2.95 2.95 2.10 2.60 2.30 4.60

Product base and 5% 3.00 4.00 3.00 3.00 3.00 2.00 5.00 0.00 4.00 5.00 5.00
packaging

Channels and 25% 4.80 1.30 3.55 3.45 2.95 2.55 3.20 2.10 3.00 4.20 3.40
omnichannel

Customer experience 5% 3.00 1.00 3.00 3.00 3.00 1.00 3.00 1.00 3.00 3.00 4.00

Technology, 35% 4.60 1.40 4.80 1.85 2.65 2.35 4.20 2.65 4.00 2.80 2.40
architecture, and
delivery

Strategy 50% 3.85 2.10 4.15 4.10 2.85 2.15 2.10 1.68 2.43 2.90 3.63

Planned enhancements 50% 4.20 2.60 3.80 5.00 3.80 3.00 2.60 2.20 3.40 3.40 3.80

Market approach 50% 3.50 1.60 4.50 3.20 1.90 1.30 1.60 1.15 1.45 2.40 3.45

Commercial model 0% 3.00 3.00 3.00 3.00 3.00 4.00 4.00 2.50 3.00 4.00 1.50

Market Presence 0% 3.20 1.78 4.80 4.10 2.61 2.40 1.00 2.10 1.00 4.42 2.37

Number of customers 40% 3.00 1.00 5.00 5.00 3.00 3.00 1.00 2.00 1.00 5.00 3.00

Installed base 30% 3.00 1.60 5.00 2.00 1.70 3.00 1.00 2.00 1.00 4.40 0.90

Countries with 20% 3.00 4.00 4.00 5.00 4.00 1.00 1.00 2.00 1.00 5.00 3.00
existing clients

Revenue 10% 5.00 1.00 5.00 5.00 1.00 1.00 1.00 3.00 1.00 1.00 3.00

All scores are based on a scale of 0 (weak) to 5 (strong).

© 2017 Forrester Research, Inc. Unauthorized copying or distributing is a violation of copyright law. 6
Citations@forrester.com or +1 866-367-7378
For Application Development & Delivery Professionals July 11, 2017
The Forrester Wave™: Digital Banking Engagement Platforms, Q3 2017
Eleven Off-The-Shelf Solutions Point To The Future Of Digital Banking

Leaders

›› Backbase excels in rich engagement capabilities and broad omnichannel support. Backbase
Digital Banking Platform is the vendor’s current DBEP.10 Since the previous Forrester Wave
evaluation, Backbase has enhanced its capabilities for retail, corporate, and private banking.
Today, it is second to none — and comes with supportive analytics, as well as rich digital sales and
marketing capabilities. The solution broadly supports both a variety of channels and omnichannel
capabilities, including multimodal omnichannel.11 Its ability to modify existing apps and create new
ones is not unique, but it helps AD&D teams use off-the-shelf and custom-built apps for routine
and differentiating purposes. The solution architecture is well layered, leverages microservices, and
allows users to create and run business capabilities on top of existing back-end solutions.

Backbase’s road map includes many improvements, such as extended native cloud support,
AI-driven customer journeys, onboarding and origination, and turnkey compliance with the
EU’s Revised Directive on Payment Services (PSD2) — but it remains comparatively high-level.
Reference clients told us about challenges with Backbase’s rapid pace of innovation: Backbase
seems to focus more on enhancing its current capabilities than on describing future capabilities.
Despite this pace, reference clients provided positive feedback about software quality. Backbase
is one of two evaluated vendors whose reference clients expressed no doubt about whether
they would choose it again. Put Backbase’s name on your shortlist if you seek rich engagement
capabilities, tooling to support custom-built differentiation, and proven ability to innovate.

›› EdgeVerve delivers across a number of capabilities and shows no deep gaps. EdgeVerve,
the software product subsidiary of Infosys, has a DBEP comprising multiple Finacle products and
elements of EdgeVerve’s portfolio. It broadly supports retail, corporate, and private banking, and
its built-in analytics have visibly improved compared with our earlier Forrester Wave evaluation.
The solution supports the branch channel via three options: Finacle CRM provides advisory
capabilities, while Finacle Core Banking (which is not part of the DBEP) and Mobile Teller both offer
teller functionality. Social networks no longer enjoy rich support.12 While the solution comes with
the broad, rich integration capabilities of the past, the vendor only finalized integrations with two
different third-party core banking solutions in 2016.

EdgeVerve plans to enhance its DBEP’s coverage of retail, corporate, and private banking. Plans
include branch digitalization, enhancing its digital sales and marketing capabilities, social banking,
supply chain finance, and advanced behavioral analytics. AI is a key element of EdgeVerve’s
plans: Robo-advisors for wealth management and conversational AI for voice banking are only two
examples. Beyond AI, its plans include more RESTful APIs, more microservices, and more open
source. Overall, its plans are broad, but not always detailed. When talking to reference customers,
we noted their satisfaction with the solution’s security features and functions. EdgeVerve is a good
fit for banks looking for a solution with no troughs, but it also lacks true peaks today.

© 2017 Forrester Research, Inc. Unauthorized copying or distributing is a violation of copyright law. 7
Citations@forrester.com or +1 866-367-7378
For Application Development & Delivery Professionals July 11, 2017
The Forrester Wave™: Digital Banking Engagement Platforms, Q3 2017
Eleven Off-The-Shelf Solutions Point To The Future Of Digital Banking

›› Temenos stands out with broad and rich banking capabilities. The vendor’s DBEP has
dedicated modules for retail, corporate, and private banking, as well as modules for analytics
and DBEP infrastructure. Overall, the company’s broad, rich banking capabilities have moved
significantly beyond what it offered 18 months ago, buts its corporate banking capabilities don’t
exceed typical functionality. Strong points include built-in analytical, digital sales, and marketing
capabilities: The 2011 acquisition of Primisyn seems to have borne fruit. A highlight of Temenos’
DBEP is its apps builder — a dedicated development toolkit that allows AD&D pros to build new
apps and modify off-the-shelf ones. Its omnichannel capabilities are only average: Multimodal
omnichannel is not available out of the box. Further, the solution lacks a larger number of visible
integrations with third-party core banking solutions in the past year.

Temenos’ road map shows new business capabilities until the end of 2017 and new architecture and
technology improvements through 2018. Functional road map items include an enhanced product
configurator, enhanced gamification, out-of-the-box origination, and enhanced digital sales and
marketing. Planned architectural and technology enhancements include a new data architecture
to cope with the flood of customer interactions, savings and lending APIs, and online upgrades.
Reference client feedback showed neither peaks nor troughs and indicates that the solution may
not yet have fully arrived on the buy side. Temenos’ DBEP is a good fit if you are looking for broad
banking capabilities with good channel support, rich analytics, a solid apps builder, and a good-
enough tool set to build business capabilities on top of your back-end solutions.

Strong Performers

›› Finastra’s DBEP focuses on mobile and online channels. The vendor’s DBEP contains 24
solutions. It has rich corporate and private banking capabilities that focus primarily on the internet
channel. Retail banking capabilities are as rich, comprise customer onboarding, account opening
and loan and mortgage origination, and broadly support the mobile channel. The solution allows
clients to create a single view of both their customers and products/services and makes this
accessible to both customers and employees. Its built-in gamification capabilities are second to
none. The Finastra DBEP offers broad, rich integration capabilities based on open standards and
integration frameworks such as Spring Integration. The solution integrated with the highest number
of off-the-shelf third-party core banking solutions in the past year.

Finastra’s plans for functional and architectural enhancements of its DBEP extend to Q3 2018.
These include extended product origination, KYC and AML enhancements, enhanced social media
integration, extended wealth management capabilities, and PSD2 compliance, as well as robo-
advisors and other AI options.13 Finastra’s implementation team handles most of these projects,
with systems integrators handling a smaller number. Reference clients were not completely
satisfied with on-time delivery and pointed to the need for good relationships with Finastra’s
executive management. The Finastra DBEP is a good fit for banks seeking state-of-the art retail

© 2017 Forrester Research, Inc. Unauthorized copying or distributing is a violation of copyright law. 8
Citations@forrester.com or +1 866-367-7378
For Application Development & Delivery Professionals July 11, 2017
The Forrester Wave™: Digital Banking Engagement Platforms, Q3 2017
Eleven Off-The-Shelf Solutions Point To The Future Of Digital Banking

banking capabilities. When it comes to corporate banking — and, to a lesser degree, private
banking — customers may need to accept that some business capabilities aren’t yet available out
of the box via for the mobile channel out of the box.

›› TCS shows a largely balanced performance and a strong apps builder. TCS built its
DBEP around its key offering, TCS BaNCS Digital, and supplemented it with a dedicated app
development toolkit and some corporate and private banking capabilities. It has broad retail
banking capabilities — including support for customer onboarding, account opening, and loan and
mortgage origination — and broadly supports the mobile channel. The solution offers many typical
corporate and private banking capabilities, albeit mostly for the internet/online channel. TCS’
DBEP directly supports the internet/online, mobile, branch, and kiosk channels. A strong point is its
apps builder — a dedicated development toolkit for TCS BaNCS Digital that allows banks’ AD&D
teams to build new apps and to modify TCS-provided apps across channels, leveraging the same
underlying channel infrastructure.

TCS’ product road map is well-defined through Q3 2018. Functional road map elements include
enhanced account opening, remote deposit capture for corporates, PSD2 support, and robo-
advisors. The technology road map embraces API layers for fintechs, AI, and cloud-enabled
development toolkits. TCS’ clients told us they are very satisfied with how TCS leverages their
input to shape the road map and provided very positive feedback about the quality of the software.
They noted the need to work very closely with TCS’ development teams in India to get exactly what
they expected. TCS’ DBEP is a good fit for banks willing to accept a comparatively young solution
with good off-the-shelf capabilities, but a few gaps, although its road map will fill many of them in
the near future.

›› Tagit’s DBEP has matured beyond pure mobile banking. The vendor’s Mobeix solution
was initially a mobile banking offering, evolved into a broader omnichannel banking solution,
and is now a DBEP. Mobeix has progressed in retail banking: It now also supports customer
onboarding, account opening, and loan and mortgage origination. Private banking has also
improved, while corporate banking is not up to the level of Tagit’s retail banking.14 Channel
support is well established, particularly for the mobile channel, but rich multimodal omnichannel
support doesn’t yet exist. Gamification and social network support are on par with about 18
months ago. Gamification comes with some basic features, such as rewards points, while more
advanced features require third-party solutions. While its social network support is broader than its
gamification support, it still lacks rich marketing support and remains at previous levels.

Tagit has plans to enhance Mobeix through 2018. Functional enhancements include enhanced
remittance support and client onboarding; corporate dashboards and liquidity management; and
portfolio management and robo-advisors for retail, corporate, and private banking. Technology road
map items include enhanced integration support, Payment Application Data Security Standards 3.2
certification, and partner solutions for biometric authentication and analytics. Tagit’s reference clients
offered very positive feedback about both the quality of the software and the responsiveness of

© 2017 Forrester Research, Inc. Unauthorized copying or distributing is a violation of copyright law. 9
Citations@forrester.com or +1 866-367-7378
For Application Development & Delivery Professionals July 11, 2017
The Forrester Wave™: Digital Banking Engagement Platforms, Q3 2017
Eleven Off-The-Shelf Solutions Point To The Future Of Digital Banking

Tagit’s support. Mobeix is a good fit for banks seeking a DBEP that allows them to both build custom
apps and leverage off-the-shelf artifacts. However, banks also need to accept that they will have to
use third-party solutions for capabilities outside Mobeix’s scope, such as Google Analytics.

›› NETinfo provides rich banking capabilities across many channels. NETinfo has clients in every
world region except North America. Its NETteller solution provides broad, rich capabilities for retail,
corporate, and private banking. NETteller supports a variety of channels, including the internet,
mobile, branches, and kiosks, but it doesn’t offer advanced omnichannel requirements such as
multimodal omnichannel for the internet and mobile channel. The solution is well architected and
offers NETinfo customers a choice of delivery models, such as on-premises or cloud-based ASP
and SaaS-like delivery.15 NETinfo’s rich back-end integration capabilities result in high satisfaction
rates among its reference clients for the integration of NETteller and their client’s back-end solutions.

NETinfo has plans to enhance NETteller through Q4 2018. Functional road map items include VIP
and branch assistance via beacons, enhanced onboarding, and PSD2 extensions. Technology road
map items include enhanced biometric security mechanisms with eye-vein verification, support
for Apple TV, and augmented reality for branches. NETinfo is one of two evaluated vendors whose
reference clients expressed no doubt about whether they would choose it again; they also offered
very positive feedback about the quality of its software. Add NETinfo and NETteller to your shortlist
if you’re looking for a compact DBEP, broad channel support, and a vendor with the proven ability
to keep improving its DBEP, unless you’d be nervous about a vendor with the smallest number of
employees in this group.

›› Intellect Design Arena supports many standard deployment scenarios. Its DBEP includes
21 modules, supports many (but not all) of the typical retail banking capabilities, and offers some
onboarding and origination capabilities. The solution is stronger in corporate banking, where most
of its live installations are, and offers most of the typical corporate banking functions, including the
management of approval workflows, corporate dashboards, and foreign exchange management.
It has rich banking capabilities, but they target bank advisors rather than bank customers using
a mobile channel. The solution is second to none when it comes to the number of channels it
supports directly, but it lacks advanced omnichannel features. It also offers limited support for
gamification and social networks.

Intellect’s plans cover enhancements of its functionality, business capabilities, architecture, and
technology. Functional enhancements include support for family banking, as well as out-of-the-box
analytics.16 The vendor also plans to add cobrowsing, gesture-based interactions, video-based
advisory, and augmented reality, such as showing credit card transactions as soon as a mobile
app “sees” the credit card. When executing its road map, Intellect needs to streamline its solution
architecture: Reference clients told Forrester that it is extremely important to understand the
various Intellect components to avoid custom integration of off-the-shelf products. Intellect’s DBEP
is a good fit if your bank doesn’t need most of Intellect’s planned enhancements right away — and
if your technology organization can manage a facet-rich product portfolio.

© 2017 Forrester Research, Inc. Unauthorized copying or distributing is a violation of copyright law. 10
Citations@forrester.com or +1 866-367-7378
For Application Development & Delivery Professionals July 11, 2017
The Forrester Wave™: Digital Banking Engagement Platforms, Q3 2017
Eleven Off-The-Shelf Solutions Point To The Future Of Digital Banking

Contenders

›› Intelligent Environments has broad business capabilities for mainly two channels. Intelligent
Environments has a well-defined DBEP called Interact, with clients in Asia Pacific, Central America,
Europe, and the Middle East. It offers support for corporate banking, offers more support for
private banking, and excels in retail banking. Beyond the typical retail banking capabilities, Interact
offers customer onboarding, account opening, loan origination, and digital collections. Direct
channel support focuses on the internet and mobile channel. The vendor offers basic capabilities
for analytics and social networks, leveraging solutions such as Google Analytics. Interact’s built-in
identification and authentication capabilities aren’t unique, but reference clients expressed a high
degree of satisfaction with the vendor’s secure data center environment.

The vendor plans to enhance Interact’s technology and architecture and, to a lesser degree, its
business capabilities over the next two years. This includes support for PSD2, in-car servicing
(particularly for automotive finance), chatbots, machine learning, and automatic intrusion response
systems. Reference clients gave the most positive feedback on the quality of the Interact software
and on how the vendor defines, refines, and communicates its product road map and strategy
based on client feedback. Interact is a good fit for banks that want a DBEP with great targeted
capabilities. Reference clients told us the provider had an “extremely proactive and impressively
professional” team, while they accepted the need to assemble third-party capabilities depending
on their individual requirements.

›› Sopra Banking Software offers a facet-rich DBEP. Its DBEP has 23 modules from Sopra
Banking Software and its sister firm Axway, but these aren’t yet fully preintegrated. Some of the
modules are channel- or business-oriented; others focus on application infrastructure. The DBEP
supports many standard retail banking capabilities, plus customer onboarding, account opening,
and loan and mortgage origination. Support for corporate banking is broader, except for the mobile
channel. Omnichannel capabilities don’t visibly include advanced features, such as multimodal
omnichannel. Built-in gamification allows banks to boost their user experience and incentivize
users to participate in community activities. Social network capabilities are available via Microsoft
Dynamics CRM Social Connector, as well as APIs and custom development.

Sopra Banking Software’s plans include functional and architectural enhancements. The functional
road map through the end of 2017 includes topics such as machine-learning-based next-action
capabilities, PSD2, and the integration of analytics and AI. The architectural road map runs to the
end of 2018 and includes API catalogs, API life-cycle management, enhanced DevOps support, a
marketplace, and a mobile software development kit. Sopra Banking’s reference clients stressed
the need for a competence center to get the most out of the solution, but they also offered very
positive feedback about the quality of the software. Sopra Banking’s DBEP is a good match if you
need a componentized approach that allows you to pick and choose the capabilities your bank
truly needs.

© 2017 Forrester Research, Inc. Unauthorized copying or distributing is a violation of copyright law. 11
Citations@forrester.com or +1 866-367-7378
For Application Development & Delivery Professionals July 11, 2017
The Forrester Wave™: Digital Banking Engagement Platforms, Q3 2017
Eleven Off-The-Shelf Solutions Point To The Future Of Digital Banking

›› CR2’s DBEP focuses on retail banking and ATM support. CR2 has more than 50 clients in
Africa, Asia Pacific, the Middle East, and, to a lesser degree, Europe. Its DBEP consists of 11
modules that support omnichannel banking and in particular ATMs and point-of-sale systems. Card
management is also a key element of CR2’s solution. The solution offers, for example, out-of-the
box support for retail banking and analytics (via partnerships with Cognizant). CR2 supports the
branch, email, internet, and mobile channels, for example, but not advanced omnichannel features
such as multimodal omnichannel.17 Identification and authentication mechanisms are more than
sufficient, and reference clients expressed their satisfaction with these. It currently lacks support for
gamification and social networks.

CR2’s plans have some good focus areas but, overall, lag behind other vendors. For example, it
focuses on the ability to create a single source that allows a bank to set up a service once and
deploy it across all channels. Other road map items include security mechanisms, such as facial
and fingerprint recognition, and cash management capabilities, such as sweeping and pooling,
for corporate banking. CR2 also plans to deliver BankWorld via SaaS or platform-as-a-service
in the medium to long term. Reference clients expressed a high degree of satisfaction with the
solution’s quality and its functional breadth, particularly for marketing via ATMs. CR2’s solution is
a good shortlist candidate if you are in its key target regions, focus on retail banking, and have a
strong interest in the ATM channel. Banks looking for corporate and private banking capabilities in
particular will find CR2’s capabilities to be worth consideration.

© 2017 Forrester Research, Inc. Unauthorized copying or distributing is a violation of copyright law. 12
Citations@forrester.com or +1 866-367-7378
For Application Development & Delivery Professionals July 11, 2017
The Forrester Wave™: Digital Banking Engagement Platforms, Q3 2017
Eleven Off-The-Shelf Solutions Point To The Future Of Digital Banking

Engage With An Analyst


Gain greater confidence in your decisions by working with Forrester thought leaders to apply
our research to your specific business and technology initiatives.

Analyst Inquiry Analyst Advisory Webinar

To help you put research Translate research into Join our online sessions
into practice, connect action by working with on the latest research
with an analyst to discuss an analyst on a specific affecting your business.
your questions in a engagement in the form Each call includes analyst
30-minute phone session of custom strategy Q&A and slides and is
— or opt for a response sessions, workshops, available on-demand.
via email. or speeches.
Learn more.
Learn more. Learn more.

Forrester’s research apps for iPhone® and iPad®


Stay ahead of your competition no matter where you are.

Supplemental Material

Online Resource

The online version of Figure 2 is an Excel-based vendor comparison tool that provides detailed product
evaluations and customizable rankings.

Data Sources Used In This Forrester Wave

Forrester used a combination of three data sources to assess the strengths and weaknesses of each
solution. We evaluated the vendors participating in this Forrester Wave, in part, using materials that
they provided to us by March 17, 2017.

›› Vendor surveys. Forrester surveyed vendors on their capabilities as they relate to the evaluation
criteria. Once we analyzed the completed vendor surveys, we conducted vendor calls where
necessary to gather details of vendor qualifications.

© 2017 Forrester Research, Inc. Unauthorized copying or distributing is a violation of copyright law. 13
Citations@forrester.com or +1 866-367-7378
For Application Development & Delivery Professionals July 11, 2017
The Forrester Wave™: Digital Banking Engagement Platforms, Q3 2017
Eleven Off-The-Shelf Solutions Point To The Future Of Digital Banking

›› Executive strategy calls. We conducted calls with the vendor’s executives to learn about their
company’s background, positioning, value proposition, customer base, and strategic vision.

›› Customer reference calls. To validate product and vendor qualifications, Forrester also conducted
reference calls with two of each vendor’s current customers.

The Forrester Wave Methodology

We conduct primary research to develop a list of vendors that meet our criteria for evaluation in this
market. From that initial pool of vendors, we narrow our final list. We choose these vendors based on:
1) product fit; 2) customer success; and 3) Forrester client demand. We eliminate vendors that have
limited customer references and products that don’t fit the scope of our evaluation.

After examining past research, user need assessments, and vendor and expert interviews, we develop
the initial evaluation criteria. To evaluate the vendors and their products against our set of criteria,
we gather details of product qualifications through a combination of lab evaluations, questionnaires,
demos, and/or discussions with client references. We send evaluations to the vendors for their review,
and we adjust the evaluations to provide the most accurate view of vendor offerings and strategies.

We set default weightings to reflect our analysis of the needs of large user companies — and/or
other scenarios as outlined in the Forrester Wave evaluation — and then score the vendors based
on a clearly defined scale. We intend these default weightings to serve only as a starting point and
encourage readers to adapt the weightings to fit their individual needs through the Excel-based tool.
The final scores generate the graphical depiction of the market based on current offering, strategy, and
market presence. Forrester intends to update vendor evaluations regularly as product capabilities and
vendor strategies evolve. For more information on the methodology that every Forrester Wave follows,
go to http://www.forrester.com/marketing/policies/forrester-wave-methodology.html.

Integrity Policy

We conduct all our research, including Forrester Wave evaluations, in accordance with our Integrity
Policy. For more information, go to http://www.forrester.com/marketing/policies/integrity-policy.html.

Survey Methodology

Forrester fielded its Q3 2016 Global Financial Services Architecture Online Survey with 22 questions
to technology decision makers at financial services companies and received responses from 107
participants with their take regarding their current situation and future plans for applications and
deployments, as well as their most urgent business pains. Survey responses represent a broad set
of financial services firms around the globe, covering all size of financial services firms and many
subverticals of the financial services industry. Thus, many decision makers in the financial services space
will find themselves well-represented. Respondent incentives included a copy of the finalized report.

© 2017 Forrester Research, Inc. Unauthorized copying or distributing is a violation of copyright law. 14
Citations@forrester.com or +1 866-367-7378
For Application Development & Delivery Professionals July 11, 2017
The Forrester Wave™: Digital Banking Engagement Platforms, Q3 2017
Eleven Off-The-Shelf Solutions Point To The Future Of Digital Banking

Endnotes
1
Data from our Q3 2016 Global Financial Services Architecture Online Survey shows that firms are prioritizing customer
experience for innovation and investment. Only a small group of financial services intend to invest into end-to-end
digital financial services.
2
End-to-end digital banking will become the key to great CX. See the Forrester report “Brief: Trends In Digital Banking
Applications For 2017.”
3
Only a small minority of financial services firms continue to strategically focus on custom-build business applications.
See the Forrester report “The Path To Digital Transformation In High Speed Financial Services.”
4
In the interest of brevity, Forrester will use the term “retail banking” instead of “retail/consumer banking”; “corporate
banking” to reference “corporate/commercial/SME banking”; and “private banking” as a short form for “private
banking/wealth management.”
5
Forrester also used a related vendor landscape as an input. See the Forrester report “Vendor Landscape: Omnichannel
Banking Solutions.”
6
To support rapid and continuous change, AD&D teams in banks need to adopt a new target state. See the Forrester
report “An Introduction To Digital Core Banking.”
7
Forrester is aware that Finastra comprises the former Misys and the former D+H. However, the Finastra products
evaluated in this Forrester Wave all belong to the portfolio of the former Misys.
8
In the interest of brevity, Forrester will use the term “retail banking” instead of “retail/consumer banking,” “corporate
banking” to reference “corporate/commercial/SME banking,” and “private banking” as a short form for “private
banking/wealth management.”
9
Alternatively, a vendor could be a Leader in a previous related Forrester Wave.
10
Backbase’s usage of the term “banking platform” does not align with Forrester’s definition, which embraces end-to-
end capabilities and thus also core banking. However, Forrester clearly sees the solution as a member of the digital
banking platform engagement category.
11
Forrester defines multimodal omnichannel capabilities as the ability to serve customers via multiple channels in parallel/
synchronously (e.g., video/voice conferencing, chat, co-browsing), thus creating a single multimodal touchpoint.
12
In the previous Forrester Wave, EdgeVerve positioned BrandEdge as some kind of social network framework — to
deliver social media integration for the omnichannel banking solution. However, BrandEdge does not belong in
EdgeVerve’s 2017 version of its DBEP.
13
KYC: know your customer; AML: anti-money laundering.
14
Tagit’s corporate banking score is lower than in our Q4 2015 evaluation. However, this is not due to it having lesser
capabilities but to our hardened evaluation criteria, which reflect the greater sophistication of the market and emerging
advanced corporate banking needs. See the Forrester report “The Forrester Wave™: Mobile Banking Solutions, Q4 2015.”
15
ASP: application services provider.
16
Family banking allows the head of a family to manage the accounts of his/her family members. This goes beyond
typical entitlements, as the family head may also define parental locks for certain transactions or merchants.
17
Forrester defines multimodal omnichannel capabilities as the ability to serve customers via multiple channels in parallel/
synchronously (e.g., video/voice conferencing, chat, cobrowsing), thus creating a single multimodal touchpoint.

© 2017 Forrester Research, Inc. Unauthorized copying or distributing is a violation of copyright law. 15
Citations@forrester.com or +1 866-367-7378
We work with business and technology leaders to develop
customer-obsessed strategies that drive growth.
Products and Services
›› Core research and tools
›› Data and analytics
›› Peer collaboration
›› Analyst engagement
›› Consulting
›› Events

Forrester’s research and insights are tailored to your role and


critical business initiatives.
Roles We Serve
Marketing & Strategy Technology Management Technology Industry
Professionals Professionals Professionals
CMO CIO Analyst Relations
B2B Marketing ›› Application Development
B2C Marketing & Delivery
Customer Experience Enterprise Architecture
Customer Insights Infrastructure & Operations
eBusiness & Channel Security & Risk
Strategy Sourcing & Vendor
Management

Client support
For information on hard-copy or electronic reprints, please contact Client Support at
+1 866-367-7378, +1 617-613-5730, or clientsupport@forrester.com. We offer quantity
discounts and special pricing for academic and nonprofit institutions.

Forrester Research (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We work with
business and technology leaders to develop customer-obsessed strategies that drive growth. Through proprietary
research, data, custom consulting, exclusive executive peer groups, and events, the Forrester experience is about a
singular and powerful purpose: to challenge the thinking of our clients to help them lead change in their organizations.
For more information, visit forrester.com. 137373