The global digital banking platform market was valued at US$ 3.17 Bn in 2018 and is expected to reach US$ 8.67 Bn by 2027 with a CAGR of 12.07% in the forecast period from 2019 to 2027.
Digital Banking Platform Market as a comprehensive omnichannel platform that helps banks and financial institutions in streamlining and managing all of their digital customer interactions. Digital banking platforms serve as a foundation for a digital bank and enable banks to offer innovative digital products and services to customers. The implementation of these platforms results in improved customer experience and reduced costs while allowing banks to meet compliance requirements. The current trend of digital transformation in the global banking industry is fueling the demand for digital banking platforms. Digital transformation or digitization of businesses refers to the integration of digital technology in various business processes, organizational activities, and business models. End-to-end business process optimization, increased operational efficiency, improved customer experience, and reduced costs are few of the factors driving the digital transformation in the banking industry.
• To provide detailed information regarding the major factors (drivers, restraints, opportunities, challenges, and trends) influencing the growth of the global Digital Banking Platform Market
• To forecast the size of the market segments with respect to four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World (Latin America and the Middle East & Africa)
The increasing digital transformation revolution in banking industry presents a massive opportunity for digital banking platform providers as they enable banks to launch digital services faster and enhance the customer experience. In addition to this, the proliferation of smart devices, easy availability of internet, the advancement of IoT, and in Artificial Intelligence have been increasing exponentially, which is further leading to the increasing need of mobile/digital-first strategy among banks.
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- Appway AG
- CREALOGIX Holding AG
- EdgeVerve Systems Limited
- Fiserv, Inc.
- Oracle Corporation
- SAP SE
- Sopra Steria
- Tata Consultancy Services
- Temenos Headquarters SA
- Worldline SA
The paradigm shift of banks from traditional channels to digital and automated channels results in multiple benefits ranging from improved efficiency to reduced cost and increased revenue opportunities. In addition to this, the rising technological advancements in cloud computing and storage technology, the power of cloud-based digital banking platforms has increased multi-fold during the past few years. This has further created opportunities for digital banking platforms. In the global digital banking platform market, Asia Pacific is expected to grow with the highest CAGR of 14.4% during the forecast period of 2019 to 2027.
The key players profiled in the digital banking platform market report include Appway AG, CREALOGIX Holding AG, EdgeVerve Systems Limited, Fiserv, Inc., Oracle Corporation, SAP SE, Sopra Steria, Tata Consultancy Services Limited, Temenos Headquarters SA, and Worldline SA. Some other notable market players include Backbase, ieDigital, ebanklT, ETRONIKA, Fidor Solutions AG, Finastra, Intellect Design Arena Ltd, Kony, Inc., NETinfo Plc, NF Innova, TAGIT PTE LTD, and Technisys, which are not profiled in the report but the can be included based on request.
The demand for smartphones and other consumer devices is witnessing immense growth in both developed and developing countries majorly due to technology advancements and digital services that are offered by various industries. In the current scenario, consumer devices are being widely used by consumers for availing multiple digital services. Consumer devices such as smartphones, tablets, PCs, etc. have become an integral part of today’s consumers’ lives. The rising disposable income level and increasing demand for better services from customers are some of the factors that are driving the adoption of smart devices.
With changing customer preferences, today’s banks are shifting fast towards digital channels. Various banking services are now commonly available through convenient digital channels. However, to deliver exceptional customer experiences and survive in the highly competitive banking industry, banks need to move towards a much broader digital shift. To meet expectations of both digital and non-digital consumers, banks are now adopting omnichannel banking, which helps in maintaining traditional service channels and optimizing them to meet the customer needs.
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The preference of customers while availing banking services is changing fast towards mobile and online banking. A significant number of users are now accessing their bank accounts either by mobile apps or mobile browsers. Therefore, banks need to make sure that they adapt to the changing banking channels to cater, cross-sell, and up-sell to mobile consumers. Digital banking platforms allow the bank to transition into the digital ecosystem through easily deployable and customized solutions. Interactive mobile banking apps and websites result in enhanced customer experience and turn increase customer loyalty. The increasing demand for smartphones will drive the number of digital banking customers in the near future, which in turn boost the demand of digital banking platform solution among banks.
To achieve this, traditional banks have started partnering and sharing data with new ecosystems, which include FinTechs, open banking, payment services directive, and SWIFT standards. In the global banking industry, digital disruption is gaining pace due to the entry of online-only banks and challenger banks. The collaboration between retail banks and emerging ecosystems help retail banks in better understanding changing consumer needs. The switching behavior among bank customers is extremely aggressive nowadays, and banks are forced to deliver better services and value to today’s empowered consumers. These new trends of collaborating and sharing information among banking ecosystem players to gain customer trust and improve customer’s digital experience are expected to boost the digital banking platform market during the forecast period of 2019 to 2027.
Global Digital Banking Platform Market- Deployment Segment Insights
Based on deployment type, the market is bifurcated into cloud and on-premise. On-premise segment held the largest market share of the global digital banking platform market in 2018 and it is expected to continue its dominance during the forecast period with a CAGR of 11.1%.
Most of the market initiatives were observed in Asia Pacific, North America, and Europe regions. Few of the recent merger and acquisition activities in the global digital banking platform market are listed below:
- 2019: BADF launched a partnership with Sopra Banking Software. As a partner, Sopra would support the product launch of the company.
- 2019: Worldline signed a strategic partnership with Nordic Finance Innovation (NFI) to strengthen the position of Nordics countries within the global ecosystem.
- 2019: Rambus Inc. and Worldline announced the expansion of their collaboration to deliver innovation into UK rail. With the Rambus remote ticket download (RTD) software Worldline would be able to deliver ITSO-based smart tickets to customer smartcards.
GLOBAL DIGITAL BANKING PLATFORM MARKET SEGMENTATION
Global Digital Banking Platform Market – By Type
- Corporate Banking
- Retail Banking
Global Digital Banking Platform Market – By Deployment
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- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
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