What we believe you will learn
To keep pace with the evolving client expectations and technological advancements, Gartner advises Banking CIOs to prioritize autonomy in innovation by adopting a DBP.
The primary driver for DBP adoption, according to Gartner, is creating omnichannel digital capabilities and enhancing customer experience as well as engagement.
Gartner recommends transitioning to digital banking platforms which provide adaptive, intelligent, and enhanced experiences through modular architectures.
Recognizing the distinct roles of IT in developing application components and digital banking teams in crafting user experiences is crucial, as noted by Gartner.
The success of financial institutions, as Gartner highlights, depends on the democratized collaboration between technology teams and businesses for continuous improvement.
Gartner reports that leading banks are using DBPs to create new revenue models and access basic banking capabilities through APIs, driving growth through digital ecosystems.
Download Gartner Market Guide 2024
Gartner says
A successful end-to-end digital banking platform enables banks to leverage a broader set of transaction types, new products and engagement models. It can create new revenue opportunities, reduce operating costs and enable banking transformation.
Financial institutions must modernize
Gartner emphasizes that "the market will see an acceleration of modernization initiatives within banks because legacy solutions no longer meet customer needs or provide the adaptability to respond to changes in customer behaviors. Sustained net interest margin compression and uncertainty will drive organizations to deliver new value propositions and ecosystem participation."
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