Dublin, 28 August 2001 – Leading international analyst house Datamonitor has flagged Eontec, a provider of global multi-channel banking software solutions, as one of the vendors best positioned to capture a significant share of the European eBanking market, worth approximately $5 billion by 2005.
The report, eBanking Technology in Europe 2001, predicts that technology expenditure over the next four years will almost double, with the number of customers using internet banking services expected to reach over 75 million by 2005. The report also states that multi-channel integration and development of a unified delivery platform will take top priority for many financial services organisations.
Jim Callan, CEO, Eontec, says: “In this increasingly competitive marketplace, retail banks are faced with the strategic challenge of how to use technology in order to reach mass markets and drive cross-selling opportunities based upon a single view of the customer. Having an open architecture using Enterprise JavaBean™ (EJB™) technology enables banks to seamlessly integrate multiple communication channels and reuse common banking processes across different customer touch points. Tailoring products and services on a personal level not only adds real value to their customers, but delivers higher return on investment with reduced overheads to the bank.”
Siân Jones, eFinancial services analyst at Datamonitor, comments: “The key challenge for banks in this eBanking age is customer retention. To this end, true integration of all channels, whether the internet, idTV or mobile devices, that allows for a single, consolidated view of the customer, is going to be the fundamental driving force behind eBanking strategy.”
In terms of allocating eBanking technology spend over the next four years, the report predicts that the UK will maintain its early-adopter lead to reach $1.2 billion in 2005, followed closely by Germany. Markets such as France, Benelux and Italy that have made relatively small investment to date, will become the fastest growing markets over this period.
Callan continues: “Datamonitor’s positioning of Eontec and BankFrame™ in the report reflects both the extensive functionality and scalability of our solution offerings, and our commitment to remaining at the forefront of cutting-edge eBanking technologies on a European scale.”
BankFrame is the next generation global e-Banking platform. Based on EJB technology, BankFrame is composed of the world’s largest repository of reusable banking processes, a multi-channel architecture, and a unique and powerful automated toolset. This enables future-proof banking solutions to be easily assembled and deployed across all service delivery channels.
Eontec is recognised as the global leader in the development and delivery of Enterprise Java Banking solutions and is the only vendor providing an e-Banking platform that combines business content, architecture and tools in one offering.
BankFrame™ from Eontec is the next generation global e-Banking platform enabling banks to achieve a consolidated view of any customer across all service delivery channels. Based on Enterprise JavaBean™ (EJB™) technology, BankFrame™ is composed of a multi-channel architecture, the world’s largest repository of reusable banking processes and a unique and powerful automated toolset. This enables future-proof banking solutions to be easily assembled and deployed across all delivery channels, including wireless devices, the internet, call centres and traditional branches.
Eontec pioneered EJB™ technology for the financial services industry and today is still building on its significant first mover advantages. Eontec was the first company to offer multi-channel EJB™ based banking software and the first to offer a fully automated end-to-end design, assembly and delivery toolset for rolling out secure, scalable banking products and delivery channels.
BankFrame™ is delivered through ‘JavaBanking.com’ the world’s first web portal for banking developers, and deployed by a worldwide partner network. Partners include IBM, Hewlett Packard, Sun Microsystems, BEA, and Perot Systems.
Founded in 1994 by banking and IT specialists, Eontec is based in Dublin and currently employs 300 people worldwide with offices and development centres in Ireland, United States, Canada, Germany, The Netherlands, UK and India.
For further information visit the website: http://www.eontec.com
For further information:
Karin Clark/Sara Toal
Tel: + 44 (0) 207 959 5400
E: Karin@write-image.co.uk / Sara@write-image.co.uk
Lisa Kelly/John O’Gorman
Tel: + 353 1 500 9200
E: Lisa.Kelly@eontec.com / John.OGorman@eontec.com
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