WASHINGTON, June 27, 2022 (GLOBE NEWSWIRE) -- In recent years, the demand for upgrading and digitalizing the banking and finance sector is a major concern of the major key players. The factor boosting the growth of the market is innovative techniques such as artificial intelligence in banking, digital banking, smartphone payment options, and others.
The Global Digital Banking Platform Market revenue is expected to reach a value USD 14.4 Billion in the year 2028.
The Global Market revenue stood at a value USD 7.8 Billion in the year 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 10.8% during the forecast period; states Vantage Market Research, in a report, titled “Digital Banking Platform Market Size, Share & Trends Analysis Report by Component (Platforms, Services), by Deployment Type (On-premises, Cloud), by Banking Type (Retail Banking, Corporate Banking, Investment Banking), by Banking Mode (Online Banking, Mobile Banking), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Driver:
Growing Demand Among Banks for Delivering Enhanced Customer Experience
Customer-centric solutions assist banks to increase consumer loyalty by delivering better services and responding quickly to customer inquiries. Banks are focusing on implementing client retention strategies and acquiring new consumers through effective communication. The omnichannel characteristics of a Digital Banking Platform Market assist banks in facilitating individualized dialogues across numerous channels, including voice, online, and mobile. It enables banks to engage clients at all points of contact. Tracking end-to-end consumer experience and monitoring all activities contribute to a comprehensive perspective of each consumer. For enterprises in the financial services industry, digital banking enables customization on a scale of 5 to 15% revenue increase. Consumers want quick transactions, which makes digital banking services more dependable and efficient.
Growth in Usage of Machine Learning and Artificial Intelligence in Digital Banking Platform Markets
Because of the introduction of disruptive technologies, digital banking has undergone a dramatic transformation over the centuries. Furthermore, the growing use of artificial intelligence and machine learning in Digital Banking Platform Markets is creating a profitable potential for the industry. Furthermore, many banks and financial institutions are using AI-based banking solutions to provide customers with faster and more efficient customer care.
Furthermore, to strengthen the security aspects of the banking platform, several banks are implementing machine learning to anticipate fraud even before it occurs. These technologies are continually being created, and they represent countless prospects for the industry. For example, AI in digital banking systems has the potential to significantly cut loan processing time and operating expenses. Furthermore, cognitive computing can evaluate massive volumes of data to provide chances for lenders in risk analysis and management. More advanced technology integration is projected to generate considerable prospects for the Digital Banking Platform Market industry in the future years.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Digital Banking Platform market is predicted to grow at a CAGR of roughly 10.8% during the forecast period.
- The Digital Banking Platform market was estimated to be worth roughly USD 7.8 Billion in 2021 and is expected to reach USD 14.4 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Digital Banking Platform market.
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Segmentation of the Global Digital Banking Platform Market:
- Component
- Platforms
- Services
- Deployment Type
- On-Premises
- Cloud
- Banking Type
- Retail Banking
- Corporate Banking
- Investment Banking
- Banking Mode
- Online Banking
- Mobile Banking
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Digital Banking Platform Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific Digital Banking Platform Market is estimated to have strong growth in the future. The Asia Pacific is one of the fastest-developing regions in the world. With the constant rise in technologies, there is a steady growth in the number of services in the region. Companies in APAC would profit from the region's flexible economic conditions, industrialization, government policies promoting globalization, and rising digitization.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Digital Banking Platform Market Size, Share & Trends Analysis Report by Component (Platforms, Services), by Deployment Type (On-premises, Cloud), by Banking Type (Retail Banking, Corporate Banking, Investment Banking), by Banking Mode (Online Banking, Mobile Banking), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
List of Prominent Players in Digital Banking Platform Market:
- Alkami (US)
- Apiture (US)
- Appway (Switzerland)
- Back base (Netherlands)
- BNY Mellon (US)
- CR2 (Ireland)
- Edge Verve (India)
- ebankIT (England)
- Finastra (UK)
- Fiserv (US)
- Intellect Design Arena (India)
- Mambu (Germany)
- MuleSoft (US)
- nCino (US)
- NCR (US)
- NETinfo (Cyprus)
- Oracle (US)
- SAP (Germany)
- Sopra Banking Software (France)
- TCS (India)
- Technisys (US)
- Temenos (Switzerland)
- TPS (Pakistan)
- Velmie (US)
- Worldline (France)
Recent Developments:
September 2021: TCS launched TCS BaNCS Cloud for Asset Servicing, which automates the servicing of all classes of assets across all markets, and is targeted at custodians, broker-dealers, asset managers, and investment and private banks.
August 2021: Finastra and Salt Edge collaborated to improve the speed of compliance with the Payments Service Directive 2 (PSD2) and other global Open Banking standards for banks and Electronic Money Institutions (EMI) worldwide.
July 2021: Temenos and UBL announced a partnership with each other to provide and implement a next-generation digital banking solution. Through this partnership, the digital transformation of UBL would be supported across all channels, products, and segments for its domestic and international markets.
April 2021: NCR and Google Cloud collaborated which would allow NCR to expand cloud availability of its digital banking software portfolio, which includes the NCR channels services for retail banking and payment processing platform.
July 2020: Finastra and Microsoft signed a partnership for a multiyear cloud to accelerate the digital transformation of financial services. Together, they would provide customers, businesses, and the community with solutions and services that would fit the needs and lives of customers.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Digital Banking Platform Market?
- How will the Digital Banking Platform Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Digital Banking Platform Market?
- What is the Digital Banking Platform market drivers and restrictions?
- What will be the CAGR and size of the Digital Banking Platform Market throughout the forecast period?
This market titled “Digital Banking Platform Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Component ° Platforms ° Services • Deployment Type ° On-Premises ° Cloud • Banking Type ° Retail Banking ° Corporate Banking ° Investment Banking • Banking Mode ° Online Banking ° Mobile Banking • Region ° North America ° Europe ° Asia Pacific ° Latin America ° Middle East & Africa |
| Region & Counties Covered | • North America ° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil ° Argentina ° Rest Of Latin America • Middle East & Africa ° GCC Countries ° South Africa ° Rest Of Middle East & Africa |
| Companies Covered | • Alkami (US) • Apiture (US) • Appway (Switzerland) • Backbase (Netherlands) • BNY Mellon (US) • CR2 (Ireland) • EdgeVerve (India) • ebankIT (England) • Finastra (UK) • Fiserv (US) • Intellect Design Arena (India) • Mambu (Germany) • MuleSoft (US) • nCino (US) • NCR (US) • NETinfo (Cyprus) • Oracle (US) • SAP (Germany) • Sopra Banking Software (France) • TCS (India) • Technisys (US) • Temenos (Switzerland) • TPS (Pakistan) • Velmie (US) • Worldline (France) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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