Avaloq Group announced it has been positioned in the Visionaries quadrant by Gartner in the recently released Magic Quadrant for International Retail Core Banking 2011 report. From Avaloq’s perspective this recognises the company’s successful diversification from a pure-play wealth management solution to a leading provider of retail banking solutions.
For Avaloq being positioned in the Magic Quadrant is a confirmation of its success in the retail segment and its evolved strategy. “We are convinced that our international expansion and growth strategy, our vast community of banking and IT professionals, and our service-oriented architecture are the cornerstones of our success”, says Francisco Fernandez, CEO of Avaloq. Pascal Foehn, Head of Strategic Marketing at Avaloq, adds “we feel our position in the IRCB 2011 report reflects the ability of the Avaloq Banking System to not only meet the needs of private banks but also to prevail in the retail and universal banking sectors.”
In the report, Gartner positioned vendors based on two parameters: ability to execute and completeness of vision. To be included in the IRCB 2011 report vendors had to demonstrate market traction and momentum. Inclusion criteria consisted of market share, revenue, number of clients and types of products or services for retail banks. The evaluation began with 48 product candidates and resulted in a qualified group of 20 vendors and corresponding products representing the major movers in the retail core banking system market. Avaloq group came out as a visionary.
According to the report, “Vendors deploying component-based core solutions within other banking subsectors such as private banking, wealth management and corporate banking are able to expand market coverage by leveraging existing functionality and building out retail functional components.” Gartner expects this trend of hypercompetition to escalate as the vendor market moves to component-based core banking.