Quadrant Knowledge Names CR2 Technology Leader in the Digital Banking Platform Market 2022

Quadrant Knowledge Solutions has named CR2 as a 2022 technology leader in the SPARK Matrix analysis of the global digital banking platform market.

The Quadrant Knowledge Solutions SPARK Matrix includes a detailed analysis of global digital banking platform market dynamics, major trends, vendor landscape, and competitive positioning.

The study provides competitive analysis and ranking of the leading digital banking platform vendors in the form of its SPARK Matrix™, providing strategic information for users to evaluate different vendor capabilities, competitive differentiation, and market position.

A digital banking platform enables banks to drive their digital transformation initiatives and provide customers with a seamless and cohesive banking experience across all digital touch-points. The platform serves as a framework for financial institutions to gain full control over their digital strategy and allow them to modify and optimise aspects of their operations across every device and channel.

The digital banking platform’s key value propositions such as capturing omnichannel customer feedback/experience data, assessing customer feedback, closing the loop and continuously monitoring internal and external data points to improve products and services, reducing churn, enhancing customer lifetime value, and increasing customer acquisition and retention, are driving the technology’s market growth across geographies and industry segments. Owing to the rising competition and exponential growth opportunities, several new vendors are emerging with innovative technology offerings.

Leading digital banking platform vendors are making significant investments in improving AI and machine learning capabilities of their products to support a wide range of marketing and CX use cases and are leveraging automation and advanced analytics to improve the overall campaign performance and effectiveness.

CR2  is a provider of digital, self-service, and payments solutions and is positioned amongst the leading digital banking platform vendors in the SPARK Matrix: Digital Banking Platform, 2022.

The company offers a digital banking platform titled BankWorld that enables banks to optimise end-to-end digital customer journeys across digital wallets, mobile, internet, self-service, and payments in a cost-effective manner.

The platform integrates digital banking and wallets, with card issuing, payments, ATM and switching and omnichannel innovation modules.

CR2’s BankWorld platform offers comprehensive capabilities, including servicing multiple lines of business, onboarding and account origination, off-the-shelf banking services, channel technology, single view of customers, digital sales and marketing, digital tooling framework, entitlement and segmentation, convergence of physical and digital channels, and integration and API framework.

According to Megha Rungta, Analyst, Quadrant Knowledge Solutions, “CR2’s BankWorld platform helps banks in digitising their end-to-end banking operations and delivering an omnichannel digital experience through its digital tooling capabilities.

The platform also facilitates integration with any banking environment and provides the ability to merge digital and physical banking channels.

“The company continues to deliver value to its customers by focusing on service innovation to support zero-touch/cardless ATMs across various countries and plans to provide greater deployment flexibility through cloud enablement and containerisation.”

Megha added: “With its ability to cater to diverse use cases, robust product strategy and roadmap, and strong industry expertise, CR2 has received a strong rating across the parameters of technology excellence and customer impact and has been positioned amongst the leader in the SPARK Matrix: Digital Banking Platform, 2022.”

On the announcement, Fintan Byrne, CEO, CR2, said: “CR2 is delighted to be recognised as a technology leader in the digital banking platform market. This ranking reflects our continuous investment in innovative solutions and the outcomes we see banks achieving with our BankWorld solution.

“As the world continues to digitise rapidly, and in particular, with the emerging dominance of the digital wallet, CR2 is perfectly placed to assist banks with their digital transformation strategies.”