Introduction
10x Banking, the cloud-native core banking platform, has been recognized as a ‘Luminary’ in Celent’s latest Next-Gen Core Banking Platforms report for mid-large banks. This accolade places 10x in the top right quadrant of Celent’s evaluation matrix, signifying excellence across technology, functionality, and client experience. The report assessed 13 next-gen core banking providers, highlighting 10x’s advanced capabilities and strong performance in supporting large financial institutions.
Why Is This News Relevant?
In an era where digital transformation is crucial for banks, core banking modernization has become a top priority. Banks with legacy systems often struggle with slow innovation cycles, security vulnerabilities, and costly maintenance. 10x Banking’s recognition as a ‘Luminary’ underscores its ability to help mid-large banks overcome these hurdles with its cutting-edge ‘meta core’ technology. By enabling rapid product development, scalable operations, and seamless digital banking experiences, 10x is at the forefront of transforming traditional banking.
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With institutions like Chase UK, Westpac, and Old Mutual leveraging 10x’s platform, this recognition reinforces its credibility and impact in the financial sector. Furthermore, Celent’s evaluation confirms that 10x is not just a promising player but a leader in driving innovation for modern banking solutions.
Industry Comments
Daniel Mayo, a Celent analyst, praised the platform’s capabilities, stating:
“The 10x Banking platform is a secure, reliable, scalable, and microservices-based cloud-native core banking platform that provides a flexible product design and processing fabric to support the complex needs of the largest banks.”
Lewis Ide, Vice President at 10x Banking, emphasized the company’s mission and future goals, saying:
“10x Banking’s mission is to create technology that helps banks deliver better experiences for their customers. This focus has been recognized by Celent, naming 10x a Luminary for mid-large banks. 2024 was a pivotal year for us with the launch of the ‘meta core,’ paving the way for deeper collaboration with our customers. The year ahead will focus on supporting banks as they modernize their core systems, ensuring they can meet customer needs at scale and speed.”
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FAQs
1. What does it mean to be a ‘Luminary’ in Celent’s evaluation?
Being named a ‘Luminary’ means that 10x Banking has excelled across all evaluated criteria, demonstrating superior technical capabilities, product functionality, and client experience. It is the highest recognition given in Celent’s assessment.
2. What is 10x Banking’s ‘meta core’?
The ‘meta core’ is a next-gen core banking system designed to address migration challenges, legacy system constraints, and slow digital adoption. It allows banks to launch new products, enhance security, and scale services faster than traditional core banking platforms.
3. What types of banks benefit from 10x’s platform?
Celent classifies mid-large banks as tier 1-4 institutions with over $20 billion in assets. These banks often have complex legacy architectures and require a high level of customization and scalability, which 10x’s platform provides.
4. Why is cloud-native core banking important?
Cloud-native core banking enables banks to be more agile, cost-effective, and innovative. It allows seamless integrations, faster product rollouts, and improved security, ensuring banks can meet customer expectations in a digital-first world.
Conclusion
10x Banking’s recognition as a ‘Luminary’ by Celent solidifies its position as a leading force in next-gen core banking. By delivering scalable, secure, and innovative solutions, 10x empowers mid-large banks to modernize their operations and enhance customer experiences. As the banking industry continues to evolve, platforms like 10x’s ‘meta core’ will play a crucial role in shaping the future of digital banking. This accolade reaffirms 10x’s commitment to driving financial transformation and supporting banks in their journey toward modernization.
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