Everest Group Identifies Digital Banking Leaders with New APEX Matrix™

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Bank of America, Citibank and Wells Fargo lead US Market in Digital Effectiveness; Barclays, HSBC, Lloyds Bank, and Santander UK lead UK Market

APEX Matrix | Retail Banking

APEX Matrix | Retail Banking

The APEX Matrix enables us to assess the extent to which the investments in digital functionality by enterprises are yielding business results.

Everest Group announced today that it has released two reports featuring the firm’s new Ability | Performance | Experience (APEX) Matrix. The APEX Matrix provides an enterprise-centric assessment of companies’ customer-facing digital functionalities and their resultant business impact.

“The APEX Matrix enables us to assess the extent to which the investments in digital functionality by enterprises are yielding business results,” said Jimit Arora, vice president at Everest Group. “This assessment is particularly vital to the retail banking industry today, as competitors in a mature industry seek to differentiate themselves among the consumer base by leveraging digital technology. The APEX Matrix reveals what the leading banks are doing from a digital perspective, and what’s paying off.”

“Increasing competition in retail banking means that established banks have to become more agile and innovative,” added Sarah Burnett, vice president at Everest Group. “They have to start thinking and acting like startups to come up with new solutions to appeal to digital natives. Laggards will simply be left behind.”

Everest Group’s proprietary APEX Matrix methodology is unveiled in two recently released Everest Group reports about the leading revenue-earning retail banks: one highlights the top 14 banks in the United States, and the other features the nine leading banks in the United Kingdom.

These reports also capture the attributes of best-in-class banks on each of the digital themes that were evaluated.

The APEX Matrix is a first of its kind “open-source” evaluation of the digital effectiveness of the largest retail banking operations. The research methodology for the APEX Matrix—designed to spotlight consumer engagement and experience—relies solely on publicly available information and takes into account only those aspects of digital functionality that a customer could evaluate.

The X-axis of the APEX Matrix measures digital functionality across mobility, social, online and branch/ATMs from the vantage point of a consumer. The Y-axis measures the business impact of these investments and assesses adoption levels, customer experience scores, brand perception and financial impact. Across the two axes, Everest Group evaluates more than 70 parameters to identify the leaders, innovators, optimizers and the aspirants for digital banking capabilities.

Subsequent APEX reports will focus on additional industry segments beyond financial services.

“Like our well-known PEAK Matrix™, the APEX Matrix is a fact-based assessment of players in the technology market, but the APEX tool evaluates enterprises rather than service providers and focuses very specifically on the digital business strategies and digital ROI of those companies,” explained Arora. “We believe the service provider community will be very interested in the APEX Matrix reports as well, because this insight into their customers and potential customers will help them adjust their business models to the new digital environment.”

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About Everest Group
Everest Group is a consulting and research firm focused on strategic IT, business services, and sourcing. We are trusted advisors to senior executives of leading enterprises, providers, and investors. Our firm helps clients improve operational and financial performance through a hands-on process that supports them in making well-informed decisions that deliver high-impact results and achieve sustained value. Our insight and guidance empowers clients to improve organizational efficiency, effectiveness, agility and responsiveness. What sets Everest Group apart is the integration of deep sourcing knowledge, problem-solving skills and original research. Details and in-depth content are available at research.everestgrp.com.

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Andrea M. Riffle

Robert Cathey
Cathey Communications
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