SAP SE (NYSE: SAP) announced that it has been positioned by Gartner Inc. as a leader in the Magic Quadrant for Global Retail Core Banking report* for the 10th consecutive time. SAP received industry leader recognition for its “ability to execute” and its “completeness of vision.”
“As the market continues to expand, we’re seeing banks move away from legacy systems and adopt new functionalities and enhancements,” said Falk Rieker, global head of Banking at SAP. “To stay ahead of the curve, we’ve invested heavily in innovations such as SAP Leonardo and SAP HANA to ensure we provide customers with a rich and diversified product suite. These technologies can combine blockchain, analytics, Big Data, the Internet of Things (IoT) and machine learning in a single platform that simplifies banking IT while enhancing the customer experience. We believe it’s this commitment to innovation that’s allowed SAP to remain a Magic Quadrant leader for the past decade.”
According to the Gartner report, “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 (e.g., 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.”
The SAP for Banking solution portfolio streamlines core processes with a comprehensive collection of integrated technologies applicable to multichannel management, transactional banking, payments, finance and risk management, customer engagement, human resources and procurement. It is the direct result of the company’s more than 40 years of industry knowledge and a spirit of co-creation with banks in pushing cutting-edge technologies to the forefront of financial services. More than 14,100 banks, both large and small, in 150 countries rely on SAP for Banking solutions to help them become more customer-centric, reduce complexity and manage regulatory and risk compliance more easily.