Polaris Software, a leading Financial Technology company, has won the âVendor to Watchâ award by Aite Group, a leading independent research and advisory firm focused on business, technology and regulatory issues. This award was announced in Aiteâs latest report (1) on global core banking systems titled âEvaluating the Vendors of Global Core Banking Systems: Seeking New Opportunities in EmergingCountriesâ.
The report summarises Polarisâ key strengths as âproven scalability with large bank core deploymentsâ, a âdepth of 360-degree customer view and availability of widgets for further analysisâ and a âstrengthening brandâ. The report also states that while three competitors lead the market with total number of core customers, Polaris and another service provider led the pack in sales velocity, defined as the total number of signed corecontracts divided by total core customers in a year. Polaris is therefore growing its core customer base at a faster rate factoring in its product suite, larger deal sizes, and some recent wins in North America.
Talking about IntellectTMCore Banking Solution, the report says, âPolarisâ core solution has seen fewer deployments than many of its competitors, due largely to the newness of its solution â its IntellectTMsuite of products has only been available in the market for about five years. Despite that, the company has proven scalability and is currently live at three institutions with more than US$500 billion in assets. Its largest core customer has approximately US$750 billion in assets.â
Christine Barry, Research Director, Aite Group, says, âPolaris customers seem very satisfied with the vendor and its products. Many choose the vendor for the breadth of its product portfolio, its modern architecture, and its ability to address the needs of retail, corporate, and investment banks and insurance companies on a single platform. Customers have also been satisfied with the vendorâs ability to deliver on promises and meet deadlines. In fact, 26% of Polarisâ software projects have been delivered ahead of schedule over the last year. Through its Accelerated Implementation Methodology, the vendor enables tier-two banks to go live the core solution in less than 12 months.â
Commenting on the win Manish Maakan, Global Head, IntellectTMSolutions, Polaris Software, said, âWe are very happy to win the âVendor to Watchâ award. In todayâs competitive marketplace, customer satisfaction is increasingly becoming a key element of business strategy. Recognition in the Aite Group report reaffirms our confidence in our highly secure and efficient IntellectTMCore Banking financial technology solution which has a proven track record of superior progressive modernization methodology.â
(1) Aite Group: âEvaluating the Vendors of Global Core Banking Systems: Seeking New Opportunities in Emerging Countriesâ by Christine Barry, October, 2010