The current Forrester’s Global Banking Platform Deals Survey 2019 shows Sunline as the top 3 banking platforms vendors for both new and combined deals in Asia Pacific (APAC). This survey has shown the recognition for Sunline’s contributions as one of the top FinTech pioneers in the region.
Forrester believes banks need fast tracks to true digital banking more than ever before and will need to finalize digital transformation before 2025 or they will succumb to an analog-business death. Although the timeframe is seemingly short, banks will still need accurate insights into products’ functional breadth, depth and road map in order for them to find the right solutions. Rooting on helping banks navigate the solutions deluge, Forrester surveyed key banking platform vendors on their deals in 2018 to analyze which were able to enhance their market footprint and also which functional areas are the banks focusing on.
Based on the survey, there are a few key findings which aims to help banks’ technology teams gain more in-depth understanding of the current state of the banking platform market and make better decisions in their own banking solutions. Unlike in the past, banks are realizing that digital banking should no longer be limited to digital channels. Functional buying patterns in 2018 are showing increasing interest towards end-to-end digital banking instead. Forrester also believes banks should establish a level playing field when selecting their vendors and need to avoid an unbalanced foundation for their buying decisions. Banks has shown to sign less contracts with vendors without established relationships. The ongoing market consolidation trend which started a few years ago shown banks are being more careful in engaging reliable vendors to help them accelerate and shorten their digital transformation journey.
Successful vendors are those who continue to sell new capabilities to existing customers and keep creating value for them. While most vendors can deliver the most relevant business capabilities in their targeted subverticals to the banks; but offering more advanced capabilities to support greater customer experience and business agility, preparing banks to remain at the top of the competition in the long run is what sets good vendors apart. Forrester advices banks to scrutinize vendors’ constant ability to help them innovate.
As a leading financial IT vendor to more than 400 financial institutions worldwide, Sunline has continuously increased their efforts in R&D while actively joining the wave of the market change. To cater for the needs of banks in their digital transformation journey, Sunline is confident that their digital banking solution, which the company has been actively pitching to banks across the APAC region, will not only continue to facilitate banks to stay competitive in the digital era but also help reinvigorate the financial industry.