The global digital banking platforms market is determined to develop from US$ 4.52 billion in 2020 to arrive at US$ 7.57 billion in 2025, at an annual expansion rate of 11.2% from 2020 to 2025.
Most banks prefer digital banking platforms because of the various benefits offered, such as lower IT costs, speed to market, open banking, ready-to-use but configurable capabilities, omnichannel customer experience and microservices architecture, to name a few. For instance, in April 2020, Brattleboro Savings & Loan (BS&L) opted for NCR to offer its customers and businesses with an exception digital banking experience.
Recent Developments:
Due to the COVID-19 crisis, online banking activity is increasing, as is the increase in digital transactions and the decrease in trips to physical agencies. The current pandemic has forced individual consumers, as well as businesses that once resisted online banking, to adopt digital banking applications as the new defect. The pandemic could lead to greater convenience for consumers, which could increase demand in the long term. On the supplier side, most suppliers have focused on acquiring customers by providing on-demand services during difficult times.
Market growth and trends:
Growing adoption of cloud platforms to drive market growth in the coming days
Market Drivers and Restraints:
The global digital banking platforms market is expected to experience strong growth over the forecast period due to the increasing penetration of the Internet. The digital banking platform is a multi-channel or omnichannel solution for personal banking service. In recent years, banks around the world have experienced a significant increase in the number of accounts opened each year. To avoid further human error and complete the task more efficiently without wasting a lot of time, most banks have adopted the digital banking platform. Eliminate long lines outside banks. In addition to this, banks are looking for a way to reduce banking costs without compromising quality of service. Many suppliers to keep up with the pace are developing smart and intelligent banking platforms. This should help the market to grow exponentially.
Other significant factor driving the market is the growing demand for consumer electronic products, such as laptops, smartphones, and computers as they users to multitask. A user can carry out most banking activities through these devices, thus approving the market for digital banking platforms. The increasing penetration of the Internet in most places is promoting the growth of the market, as the Internet helps a user to connect to their banking platform. To offer a better experience to their clients, all the leading banks have adopted the digital banking platform, thus attracting more users. The digital banking platform market is known to be safe and reliable, further fueling demand. The increase in the level of investments of the holders of public and private capital behind the research and development activities should improve the service, thus increasing demand in the market. Market vendors are developing improved mobile banking platforms, personalized banking services, and business-oriented banking platforms.
Market Segmentation:
The global market for digital banking platforms is segmented according to components, implementation model, type, mode, and region.
Regional Analysis:
According to geography, the global digital banking platform market is divided into Europe, North America, the Middle East and Africa, Latin America and Asia-Pacific. Among these, North America should rank first in terms of revenue due to the presence of the main players and the rapid adoption of the latest technologies in the market. However, Asia-Pacific, on the other hand, should register strong growth due to the boom in IT infrastructure and massive investments by public and private actors in the region.
Key players in the market:
The main players presented in the analysis of the global digital banking platform market are Appway, COR Financial Solution Ltd., Edgeverve, FIS Global, Fiserv, Inc, nCino, Oracle Corporation, SAP SE, Temenos and Vsoft Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Digital Banking Platforms Market, By Component
6.1.1 Solution
6.1.2 Services
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Digital Banking Platforms Market, By Banking Type
6.2.1 Retail Banking
6.2.2 Corporate Banking
6.2.3 Market Size Estimations & Forecasts (2019-2024)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Digital Banking Platforms Market, By Banking Mode
6.3.1 Online Banking
6.3.2 Mobile Banking
6.3.3 Market Size Estimations & Forecasts (2019-2024)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
6.4 Digital Banking Platforms Market, By Deployment Type
6.4.1 On-Premises
6.4.2 Cloud
6.4.3 Market Size Estimations & Forecasts (2019-2024)
6.4.4 Y-o-Y Growth Rate Analysis
6.4.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Component
7.2.3 By Banking Type
7.2.4 By Banking Mode
7.2.5 By Deployment Type
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Component
7.3.3 By Banking Type
7.3.4 By Banking Mode
7.3.5 By Deployment Type
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Component
7.4.3 By Banking Type
7.4.4 By Banking Mode
7.4.5 By Deployment Type
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Component
7.5.3 By Banking Type
7.5.4 By Banking Mode
7.5.5 By Deployment Type
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Component
7.6.3 By Banking Type
7.6.4 By Banking Mode
7.6.5 By Deployment Type
8. Key Player Analysis
8.1 Appway
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 COR Financial Solution Ltd
8.3 Edgeverve
8.4 FIS Global
8.5 Fiserv Inc
8.6 Oracle Corporation
8.7 SAP SE
8.8 Temenos
8.9 Vsoft Corporation
8.10 nCino
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
