25% of Retail Banks to Replace Legacy Online Banking Systems by 2019: A Gartner Report

FREMONT, CA: According to a report by Gartner, 25 percent of retail banks will use startup providers to replace legacy online and mobile banking systems by the end of 2019.

Banks are facing tremendous pressure to increase efficiencies and reduce costs while delivering digital services to customers but according to the Gartner report titled "Market Guide for Open Unified Digital Banking Platforms,” incumbent application vendors have reacted irresponsibly and slow to this.

New vendors are emerging to provide channel integration and customer experiences to meet the needs of customers and banks, making it easier for customers to realize banking on devices they choose to use. It is these vendors that pose a challenge to the incumbent vendors of legacy online and mobile banking systems.

These new vendors have emerged with digital banking capabilities that allow bank