GFT Technologies: Everest Group recognizes GFT as a “Major Contender” for digital applications and services in the banking sector

Stuttgart, October 13, 2021 – Banks around the world are under pressure: The low interest and high cost of legacy technologies combine to threaten their margins. A new generation of consumers feel they are irrelevant. Regulators demand that they be open to integration with external services and technologies in the context of Open Banking. And the newly created digital banks add to the pressure on incumbents because they are not burdened by legacy technologies and processes.

Fortunately, the latest generation of answers to basic cloud-native banking systems all of the above challenges. They make it easier than ever to transform a bank or build a new one. At costs much lower than those associated with traditional technology. GFT is a leading specialist in the implementation of this new generation of digital banking technology. The company has partnered with leading providers of cloud-native core banking systems – Thought Machine, Vodeno, and Mambu.

Research firm Everest Group has recognized GFT as a “Major Contender” for digital applications and services in the banking sector in its recent publication “Application and Digital Services in Banking PEAK Matrix® evaluation 2021: Global and Europe Focus”. GFT is one of the world’s leading specialists in digital banking applications and services. Everest Group considers that GFT’s positioning on the European market is particularly strong.

Digital banks are easy to build and deploy with BankLiteX

Together with Thought Machine, GFT launched BankLiteX, the modular end-to-end solution that enables rapid creation and deployment of a cloud-based digital banking entity. With BankLiteX, time to market new banking functions or even a complete bank is reduced to a fraction of the time required by conventional systems. It means that

  • banks can be much more responsive, customer-centric and innovative.

  • the solution eliminates the risk to move to a completely different new technological base.

  • total exploitation the cost can be up to 70 percent lower than with the old systems.

Of course, BankLiteX is designed to cooperate with other systems and technologies for transparent open banking experiences. Some of GFT’s recent digital banking successes include the creation of the all-digital Mox bank in Hong Kong based on Vault, Thought Machine’s next-generation cloud-native core banking engine.

Marika Lulay, CEO of GFT, said: “We understand the pressures banks are under to stay competitive. This is why, with Thought Machine, we have developed BankLiteX. Our customers can now be among the first to benefit from the latest technologies. The Everest Group report clearly confirms our expertise in this area. ”

PEAK Matrix® reports analyze the performance of different providers by evaluating them on two key criteria: their vision and ability to deliver services successfully and their impact on the market. This report marks the first time Everest Group has assessed the capabilities of businesses for digital applications and services in banking, including a PEAK Matrix chart with a European focus in addition to the global focus.

Everest Group’s PEAK Matrix® reports provide a unique insight into the major players in a market segment. The analysis and information they provide make it easier for companies to decide which global service providers best meet their needs. Based on the rigorous PEAK Matrix® methodology, the reports follow Everest Group’s annual processes for each category, which include an analysis of the information provided in the Request for Information Questionnaires (RFIs), interactions with service providers and complete verification of customer references provided.

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