Sandstone Technology Positioned as the Leader in the 2022 SPARK Matrix™ for Digital Banking Platforms by Quadrant Knowledge Solutions
The Quadrant Knowledge Solutions’ SPARK Matrix™ includes a detailed analysis of the global market dynamics, major trends, vendor landscape, and competitive positioning. The study provides competitive analysis and ranking of the leading technology vendors in the form of its SPARK Matrix™. The study offers strategic information for users to evaluate different provider capabilities, competitive differentiation, and market position.
According to Megha Rungta, Analyst, Quadrant Knowledge Solutions, “Sandstone’s enterprise-class, predictive-powered digital banking platform titled BXP platform is equipped with robust digital banking capabilities that enable users to gain comprehensive customer insights, deliver personalized customer experience and achieve open banking compliance. The company continues to deliver value to its customers through its key technology differentiators, including best-of-breed native mobile applications, support for the digital experience platform, the ability for banks to develop their own functionality and widgets, increased scalability with Kubernetes support, and integration with the company’s native DIVA solution.” Megha added: “With its ability to cater to diverse use cases, robust product strategy and roadmap, and strong industry expertise, Sandstone Technology 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 Platforms, 2022.”
Abhish Saha, Executive General Manager, Digital Banking, Sandstone Technology commented, “Banking digital transformation is a must now more than ever with the rapid pace of change in the current financial landscape. For financial institutions to set themselves apart from competitors ultimately means innovating at speed and constantly finding ways to enhance and futureproof their financial eco-system.
Saha further added, “It’s about adopting a holistic view to identify where the complex can be made simple. Placing customer experience at the heart of businesses objectives helps to create a digital banking offering that aligns with customer expectations, while empowering customers and bank employees to have better experiences.”
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 touchpoints. The platform serves as a framework for financial institutions to gain full control over their digital strategy and allow them to modify and optimize 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.