AMSTERDAM, Oct. 25 /PRNewswire/ -- SAP AG (NYSE: SAP) announced today that industry analyst firm Gartner, Inc. has positioned SAP as a "Leader" in its recent report "Magic Quadrant for International Retail Core Banking."(1) SAP is recognized for both its "ability to execute" and its "completeness of vision." The announcement was made at Sibos 2010, the world's premier financial services event, being held in Amsterdam, The Netherlands, October 25–29.
Gartner defines the Leaders quadrant as follows: "This quadrant is occupied by vendors that demonstrate strong development methodologies, and all of these vendors have a measurable strategy for disaggregating core banking software functionality into component-based constructs. Many vendors possess methodologies for quality assurance or are executing on a strategic road map to attain certification. Most vendors maintain a strong banking market understanding through methodical processes and have extensive marketing delivery and sales channels. Although there are many well-balanced vendors/products in this quadrant, some are in transition and possess evolving products, process maturity, or both."
"We believe being placed in the Leaders quadrant in 2010 is recognition our years of expertise and dedication to developing leading applications that truly enable innovation and transformation within the banking sector," said Don Trotta, senior vice president and global head of Financial Services at SAP AG. "We feel it substantiates and reinforces our strategy for banking and our solid market position. You'll continue to see evidence of this at the Sibos event, where we anticipate making some significant customer announcements."
As pointed out in the report, "IT cost optimization dominated bank investment agendas again during the past year, but most banks considering core banking replacement are not postponing these strategic programs." Simply put, such investments are far too important to postpone.
As a result of the intensely competitive environment and exacting requirements of the banking industry, SAP views a modern, forward-looking IT system as a necessity. It is also the reason why banks rightly demand a timely and significant return on such IT investments. As banks set out on their return-to-growth strategies, many find themselves forced to reassess their current IT capabilities. This is particularly important as the back-office technology used by banks is increasingly becoming a determining factor in establishing a competitive advantage while also limiting risk and maintaining good governance. It is for this reason that SAP continues to strive to offer innovation to the banking industry and also works hard to maintain its position as a visionary in core banking IT.
Download "Magic Quadrant for International Retail Core Banking" here [PDF].
(1) Gartner "Magic Quadrant for International Retail Core Banking" by Don Fee, September 13, 2010.
Sibos 2010, Amsterdam, The Netherlands, October 25–29
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About the Magic Quadrant
The Magic Quadrant is copyrighted 2010 by Gartner, Inc. and is reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the Magic Quadrant, and does not advise technology users to select only those vendors placed in the "Leaders" quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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