Avaloq, the leading global provider of software as a service (SaaS) and business process as a service (BPaaS) solutions to banks and wealth managers, has been recognised as an industry Leader by Gartner in its June 2018 Magic Quadrant for Global Retail Core Banking report.
The annual Magic Quadrant report from IT research firm Gartner evaluates core banking vendors against a range of factors such as their ability to execute, viability and completeness of vision. Each vendor is asked to demonstrate market traction and momentum, as well as breadth of product capabilities in retail core banking.
According to Gartner, “Leaders in the global retail core banking market tend to possess a high-order market understanding. They make it their business to monitor market trends and funnel progressive innovation into their product roadmaps. Most of them possess software development quality certifications (such as Capability Maturity Model Integration [CMMI]) or are pursuing them. The Leaders are also, without exception, "thinking small" or targeting component-based architecture as a gateway to providing increased accessibility to the granular functionality that banks need to drive the basis for differentiation. Leaders have high viability and great customer feedback. They also focus on innovation – and the innovation trends that affect this particular market. They especially focus on trends with visionary capability in managing the ecosystem for open banking platforms by fostering open banking with their products and services and in a collaborative environment with partners.”
Juerg Hunziker, Avaloq’s Group CEO, said: “As a whole, Avaloq spends 1.5 million hours a year on innovation and making sure that we – and our customers – are at the forefront of the technological changes driving the financial services sector. We are proud to be named by Gartner as a Leader in the global retail core banking space. We believe placement in the Leaders quadrant validates Avaloq’s focus on providing our customers with the latest, most flexible solutions, particularly the significant benefits that automation delivers in terms of costs, efficiencies, compliance and operational excellence.”
The Avaloq Banking Suite and related Software as a Service and Business Process as a Service solutions span digital front-to-back technology, application management, IT infrastructure and operational solutions. Avaloq provides a centralized and agile operating model which brings significantly greater efficiencies and enhanced scalability to financial institutions and allows them to better accommodate and benefit from state-of-the-art processes and innovations.
More than 1,300 third-party developers have signed up to Avaloq’s co-innovation portal; in addition, over 90 fintech solutions now form part of the Avaloq Software Exchange platform, boosting Avaloq’s unique global ecosystem. In the second half of 2018, Avaloq is forecasting it will launch in excess of 150 API endpoints – an indication of the importance the firm places on developing the wider Avaloq ecosystem and its focus on innovation.
Juerg Hunziker, Avaloq’s Group CEO, added: “We believe that Avaloq is offering a truly market-leading product and service proposition for the banking industry by capitalizing on the powerful benefits and efficiencies that technology and digital processes offer, and we feel this assessment from Gartner is a tangible proof of what we have achieved and our ambition for the future. The on-going implementation of Avaloq at Deutsche Apotheker- und Ärztebank in Germany as well as our long-standing, highly successful relationship with the Swiss cantonal banks confirm our strong capabilities in retail and universal banking, and we will build on this momentum across 2018 and beyond as we continue to lead the sector.”
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