Thanks for the detailed writeup and insights. Takes a lot of effort to compile and share.
From whatever little I know, most of the so called range of features of Purple Fabric are the basic core features expected by banks when you deploy GenAI. I am not trying to belittle them, just trying to call out that it is not the latest and greatest earth shattering platform that some people think of it. Besides rapidly evolving technology will ensure continuous high investments have to be made in this area.
Updating a core banking system does not happen every year at a bank. Most of the banks have a spaghetti mix of different applications and technical architecture that has evolved over time due to business needs, regulatory pressure, available budgets, mergers and take overs etc. Whole hearted adoption of a platform like Purple Garden is really difficult for most banks in one shot (unless CEO is driving it). Most large banks have too many power centers and business heads call the shots, not IT.
Again, not trying to berate Purple Garden, some great work they have done to enable these things out of box for banks. However, real world works differently when it comes to purchase decisions of IT solutions and products. Many of the other points on Moat and lock-ins apply to most softwares in banking..no one wants to change unless things break.
What I would be interested in is what is the revenue model and profit model for Purple Garden platform. Does it give any meaningful step jump to top line and bottom line? That would be worth investigating.
Just my 2 cents. Thanks again for sharing a great writeup.