In this first Cool Vendor for Banking report, five°degrees is named as one of four Cool Vendors. Gartner's Cool Vendors in banking apply a broad range of emerging technologies to provide innovative products and services, and support new business models. Bank CIOs can use this research to keep pace with market-moving technologies that provide real-world benefits.
The Cool Vendors evaluated in this research address many of the most important drivers of technology adoption in the banking industry today, including the need for business and operational agility, cost savings, and regulatory compliance. This makes it possible for banks to make the badly needed shift away from monolithic legacy systems that are difficult and expensive to maintain, and to free the personnel who maintain them to perform more important tasks.
We believe this report signals a (growing) need in the banking landscape for parties that can help banks renovate their legacy core systems with smart, modern solutions leveraging new technologies. This enables banks to deliver the services their clients expect in 2018 and beyond.
five°degrees helps shaping the future of traditional banks
We believe this recognition serves as proof that as a fintech engineer, five°degrees helps shaping the future of traditional banks by modernizing them,” states Hohmann. “We combine state-of-the-art technology and sound banking knowledge to create a future proof digital banking platform for tomorrow’s bank”.
five°degrees uses an open ecosystem which enables banks to attract new customers. Use of open API’s provides access to their own services and offers opportunities for other parties to create a network of partners and services. In such an interconnected ecosystem, banks and fintechs provide access to products and services from other providers as well as their own, which is crucial when moving towards ‘marketplace banking’ or ‘open API banking’.
The information provided in the report is of huge value to all bank CIO’s who are seeking new ways to digitally transform their banks.
The full Gartner report can be downloaded via this link.
Gartner, Cool Vendors in Banking, Don Free, Stessa Cohen, Ali Merji, Nicole Sturgill, 18 September 2018. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.