Hexaware Positioned as a Visionary in the 2026 Gartner® Magic Quadrant™ for Custom Software Development Services
Hexaware Positioned as a Visionary in the 2026 Gartner® Magic Quadrant™ for Custom Software Development Services
Gartner, Magic Quadrant for Custom Software Development Services, By Jaideep Thyagarajan, Ryan McKinney, Nathan Davie, 7 October 2026. Gartner and Magic Quadrant are trademarks of Gartner, Inc. and/or its affiliates. Gartner does not endorse any company, vendor, product or service depicted in its publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner publications consist of the opinions of Gartner’s business and technology insights organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this publication, including any warranties of merchantability or fitness for a particular purpose. This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from Hexaware.
Banking as a platform is a modern approach that transforms traditional banking services into an integrated digital ecosystem. In the banking as a platform (BaaP) model, technology and services companies supply banks with software and tools to deliver tailored financial services. This allows banks to quickly innovate and introduce new digital products without creating their own infrastructure.
This model enables banks to act as central hubs where diverse financial technologies and third-party solutions converge to offer seamless, innovative services. The banking as a platform (Baap) strategy underpins a shift towards openness and collaboration. Here, a banking platform isn’t just a static service; it is a dynamic environment where software, data, and partnerships converge to create tailored customer experiences.
One of the key benefits of the BaaP model is cost efficiency. By leveraging existing digital infrastructure and collaborating with fintech innovators, banks reduce overhead while rapidly launching new services. The model’s inherent flexibility complements these economies of scale, enabling institutions to adapt quickly to market changes. Notably, this approach plays a significant role in enhancing customer experience. For instance, by integrating many services under one roof, a banking platform provides customers with a unified experience that simplifies financial management and meets evolving needs.
Moreover, the collaborative nature of the system means that banks can select the best tools from among numerous banking as a platform providers. This strategy drives service innovation and allows banks to continuously improve by integrating valuable insights from partner services. The seamless blend of traditional banking with new-age technologies exemplifies how banks are reinventing themselves to offer personalized, comprehensive financial ecosystems.
While often used interchangeably, banking as a platform and banking as a service represent distinct strategies. The former typically denotes a comprehensive ecosystem that enables multiple entities to collaborate within a unified network of APIs and digital services. In contrast, banking as a service is more narrowly focused on providing specific financial functionalities that non-banking organizations can embed within their own offerings. With banking as a service, companies delegate core banking tasks to specialized financial institutions, turning them into partners rather than service providers.
EKYC (electronic know your customer): Banks can transform their traditional onboarding processes by embracing partnerships with specialized eKYC providers. Instead of handling identity verification in-house, a bank can leverage eKYC services through APIs from trusted third-party vendors. This integration forms an essential component of the digital ecosystem, ensuring that customer identity checks are seamless, automated, and compliant with regulatory standards.
Unified digital marketplaces: Consider a digital marketplace where a traditional bank not only provides its own banking products but also offers a curated selection of financial services from leading industry players. In this model, the bank becomes a central facilitator that aggregates various tools—such as personal finance management software, specialized lending options, and investment platforms—through partnerships with recognized banking as a platform providers.
Overall, Banking as a platform embodies a comprehensive, innovative strategy that capitalizes on integration, agility, and collaboration. Through strategic partnerships and technological advancements, this model is revolutionizing how we experience finance.