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Pulished Date August, 2020
ID: 10053
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Global Digital Banking Platforms Market – Segmented by Component (Solution and Services), Banking Type (Retail Banking and Corporate Banking), Banking Mode (Online Banking and Mobile Banking), Deployment Type (On-Premises and Cloud), and Region - Forecast to 2025

Pulished: August, 2020
ID: 10053
Pages: 150

Global Digital Banking Platforms Market Size & Growth (2020 – 2025)

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:

  • In March 2020, Apex Group Ltd., an established financial services provider, announced the launch of its digital bank and its incorporation platform through its subsidiary European Depositary Bank ("EDB"). As indicated by the company, the platform will be able to process and open bank accounts in Luxembourg in just five days, provided that the customer performs all of the KYC checks.
  • In July 2019, Appway announced the launch of Client Update, a solution to help financial institutions offer personalized, comprehensive and intelligent management of client updates and account management. This solution complements Appway's existing offering, which includes wealth integration, regulatory wealth reviews, digital mortgage and the digital banking platform.

Impact of Covid-19 on Digital Banking Platforms Market:

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

  • Cloud technology has dramatically changed the way businesses work in diverse end-user industries, through cost savings and economies of scale. The growing adoption of cloud services around the world is driving the growth of cloud traffic. According to Cisco Systems, global cloud traffic is expected to reach approximately 14,078 exabytes per year by 2021, up from 3,850 exabytes per year in 2016. In 2019, cloud traffic in North America was approximately 4,860 exabytes. per year, which for the most part
  • Many banks prefer to reduce the IT infrastructure costs required for on-site configuration by taking advantage of cloud-based services, which enable them to deploy new products and scale the infrastructure quickly, responding to a broader customer base with needs varied at a faster speed, to quickly increase real-time payments while ensuring compliance and security standards.
  • Since subscription fees are charged to a SaaS provider, system maintenance costs and problems with legacy technology are reduced. Instead of spending a small fortune on IT, SaaS offers banks the ability to reallocate budgets so they can focus on innovation, customer satisfaction, and business growth.
  • Using the cloud has also helped mobile banking platforms provide a responsive user interface (UI) and support the entire banking journey of bank customers, from integration to transactional bank requests, on their mobile devices. Banks are rapidly adopting mobile banking platforms, due to their changing preference for mobile banking.

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.

  • By component, it is divided into solution and service. In terms of deployment model, it forks locally and in the cloud. In terms of type, the market is divided into retail banking and corporate banking. Depending on the banking method, the market is segmented into online banking and mobile banking.

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                   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of Component, Banking Type, Banking Mode, Deployment Type along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market.
  1. Global Digital Banking Platforms Market By Region, From 2020-2025 ( USD Billion )
  2. Global Digital Banking Platforms Market By Component, From 2020-2025 ( USD Billion )
  3. Global Solution Market By Region, From 2020-2025 ( USD Billion )
  4. Global Services Market By Region, From 2020-2025 ( USD Billion )
  5. Global Digital Banking Platforms Market By Banking Type, From 2020-2025 ( USD Billion )
  6. Global Retail Banking Market By Region, From 2020-2025 ( USD Billion )
  7. Global Corporate Banking Market By Region, From 2020-2025 ( USD Billion )
  8. Global Digital Banking Platforms Market By Banking Mode, From 2020-2025 ( USD Billion )
  9. Global Online Banking Market By Region, From 2020-2025 ( USD Billion )
  10. Global Mobile Banking Market By Region, From 2020-2025 ( USD Billion )
  11. Global Digital Banking Platforms Market By Deployment Type, From 2020-2025 ( USD Billion )
  12. Global On-Premises Market By Region, From 2020-2025 ( USD Billion )
  13. Global Cloud Market By Region, From 2020-2025 ( USD Billion )

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