The list includes: additiv, elinvar, FINANTIX, investcloud, and privé. The research report follows with “conventional challengers” - vendors with good product coverage but not that much in market share in terms of revenue. However, as we discussed in the introduction, functionality is less important than in the past, while being small, insofar as it is normally a proxy for newly formed, is not usually a negative in that it implies there is little technology debt.” The report, which then places the niche players in the quadrants and discusses them in detail, is available from Aperture. “These players were considered niches because they lack functional breadth and because they are small in terms of revenues and customers. Aperture goes on to discuss what it terms conventional niche players, several of which have the sort of weird names which prove they are cutting edge tech players - Bambu, Bridgeweave, Hydrogen, Nucoro and Wealth Dynamix.
“However…we see it as much better equipped to support technological innovation.”Įri Bancaire remains an integrated system, Aperture says, and one that can help wealth managers, but within the constraints of their existing business model.Īs you can see, the consultancy sets a high bar for modern technology, flexibility and modularity. Where integration was once highly valued, in a digital age independence of modules is valued more, and Avaloq loses points for client channels tightly coupled with the core system. Temenos several years ago rewrote its system to separate front and back office, make use of microservices and provide a third system, Infinity, for channels - “which means that it has clear separation between interaction, orchestration and record-keeping.” Still, Aperture raises some concerns about multi-tenancy and the level of microservices in the Temenos wealth front office, but it concluded the company can support the innovation needs of wealth managers. These vendors, owing to when they started, had relatively monolithic applications that needed to be re-architected for open finance, and the progress on this second point is mixed.” “The challenge is that functionality is not as important as before, while technology is more important. Users can pick and choose best-of-breed to create their own functionality, and swap out modules that don’t deliver what they want for the latest modules that will. Of the three cited by Aperture: Avaloq, Temenos and Eri Bancaire, the reportt says “They are conventional leaders in that they are well-established, large vendors with functionally rich solutions.”īut the world has changed and software now can be more flexible. NET, has had plenty of time to become filled out with integrated functionality - what once was the Holy Grail.
More recently developed software running on Linux or. Legacy no longer is limited to mainframe, however. Plus, documentation was often the developers’ last concern, if it even made it that far.
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For many firms that legacy technology remains an anchor because they have written so much code around it, and it was written long ago by men (mostly) who have long since retired, or died. “So, I would say rather than a lot of companies getting downgraded, it indicates a changing of the guard as the importance of new technologies and business models come to the fore.”įinancial technology is to some extent a victim of its early innovation in using computers - it was first to make industry-wide use of mainframe computers and in the early days, before software packages were available, financial firms had to write their own code. “Compared to the traditional matrix, six vendors move up and seven vendors move down,” observed Robinson. ERI Bancaire dropped from the top right as a transformer into the lower left, as an enhancer, Avaloq dropped vertically from Transformers to Accelerators and Temenos slid to the left but still stayed in the upper right - The Magic Quadrant in Gartner’s trademarked term. You can see how this translates into the quadrants in its report. “Technology and business model advancement, or a combination of the two, are the more logical criteria for assessing system today.” “Routine innovation within the confines of the existing business model is insufficient,” says Aperture. The consultancy sees a need for change, and encourages wealth managers to look beyond the familiar.
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“Even though these vendor marketplaces tend not to take full end to end responsibility, the wealth manager can still place some reliance on the checks undertaken and the integration work done while, in the event of one supplier going bust, there should be alternatives.”
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