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The Gartner Magic Quadrant IRCB report “assesses the suitability of core banking system providers and their product offerings to address the impact of these and other trends in the IRCB market.” Moreover, the report “has uncovered the leading strategies of these vendors/products, revealed their underlying product/service capabilities and affirmed their relevance to the changing conditions of the banking industry.”
As per Gartner, “Leaders are vendors that possess a strong banking market understanding, have a measurable strategy for disaggregating core banking software functionality into component-based constructs, exhibit highly developed and certified development and delivery of quality methodologies or are executing on a strategic road map to attain certification, and most have extensive marketing delivery and sales channels. Some higher-rated vendors share conspicuous operational organization approaches that are relevant to the business and show a clear willingness to own and be accountable for a successful customer experience.”
Haragopal M, Business Head - Finacle, Infosys Technologies, said, “We believe Finacle’s position in the Leaders quadrant in the Gartner Magic Quadrant and its position as the solution of choice for leading banks across the world are a validation of its market leadership. Finacle’s transformational approach, state-of-the-art solution and comprehensive execution capabilities have set new global standards and we believe this report by Gartner further demonstrates our differentiating strengths.”
Magic Quadrants depict markets using a two dimensional matrix that evaluates vendors based on their completeness of vision and ability to execute. The Magic Quadrant has 15 weighted criteria that plot vendors based on their relative strengths in the market. The evaluation began with 32 candidates for the IRCB Magic Quadrant for 2008 and resulted in a qualified group of 22 combinations of vendors and products that represent the major movers in retail core banking systems.
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