BWI: Polaris Recognized As a Leader in Magic Quadrant for International Retail Core Banking

Press release from Business Wire India
Source: Polaris Software Lab Limited
Tuesday, October 12, 2010 01:55 PM IST (08:25 AM GMT)
Editors: General: Consumer interest, People; Business: Advertising, PR & marketing, Banking & financial services, Business services, Information technology; Technology
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Polaris Recognized As a Leader in Magic Quadrant for International Retail Core Banking


Chennai, Tamil Nadu, India, Tuesday, October 12, 2010 -- (Business Wire India) -- Polaris Software, a leading Financial Technology company, today announced that Gartner, Inc. has positioned Polaris' IntellectTM GUB in the Leaders Quadrant of the recently released 'Magic Quadrant for International Retail Core Banking (IRCB)' report1.

According to the report, "Evaluation began with 40 candidates for the Magic Quadrant for International Retail Core Banking for 2010, and resulted in a qualified group of 18 combinations of vendors and products that represent the major movers in the retail core banking system market. This final group submitted information ranging from long-term strategies to product road maps. Additionally, Gartner conducted interviews with reference banks to resolve the placement of group finalists on the Magic Quadrant."

Don Free, Principal Research Analyst, Gartner comments in the report, "As the banking industry strives to dig out from the past year's economic storm, the consensus strategy among many banks is a return to growth. The impact to banks across geographies has been uneven, leaving banks in emerging markets relatively unscathed while others are secured with government backing. The drivers of change may be unaffected banks trying to gain traction in a down market, revival of postponed projects, or IT consolidation and standardization, but there isn't a perfect time to upgrade back-office technology that is critical and core to bank operations. Banks are increasingly dependent on IT to drive business growth, and the corresponding uptick in demand for core banking revitalization is undeniable."

Speaking on the occasion Mr. Arun Jain, Founder, Chairman & CEO, Polaris Software, said, "We believe our placement is a testimony to our long term vision and commitment of delivering the most efficient core banking solutions to retail banks globally. This inclusion reaffirms our confidence and confirms Intellect's flexibility, scalability and efficiency in the global financial technology marketplace."

As per Gartner, Leaders are "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."

1 Gartner, Inc.: "Magic Quadrant for International Retail Core Banking" by Don Free, 13 September, 2010

About the Magic Quadrant

The Magic Quadrant is copyrighted 13 September 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.

About Polaris Software Lab

Polaris Software Lab (POLS.BO) is a leading Financial Technology company, with its comprehensive portfolio of products, services and consulting. Polaris has a talent strength of over 9,000 solution architects, domain and technology experts. The company owns the largest set of Intellectual Properties in the form of a comprehensive product suite, IntellectTM Global Universal Banking (GUB) 10.0. IntellectTM is the first pure play SOA based application suite for Retail, Corporate, Investment banking and Insurance.

Polaris is headquartered in Chennai and has offices in all global financial hubs including Tokyo, Sydney, Hong Kong, Singapore, India, Dubai, Bahrain, Riyadh, London, Belfast, Zurich, Frankfurt, Toronto, New York, Chicago, Fremont, Pittsburgh and Chile. For more information, please visit http://www.polarisFT.com/



CONTACT DETAILS
Dwaipayan Deb, Polaris Software Lab Limited, +91 9962536442, dwaipayan.d@polaris.co.in

KEYWORDS
CONSUMER, PEOPLE, MARKETING, BANKING, BUSINESS SERVICES, IT, TECHNOLOGY

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