The Global Digital Banking Platform Market is expected to reach $9 billion by 2026, rising at a market growth of 16% CAGR during the forecast period.
The factors driving the growth of the global digital banking platform market are the increased importance of digital customer experience, a shorter replacement cycle, and increased security and reliability.
The rising level of investment by public / private capital holders in the development of advanced and sophisticated mobile-friendly banking platforms, enterprise and web-based banking applications and custom-built banking services is promising tremendous opportunities for the global digital banking industry to expand in the near future.
Digital banking platform is a robust omnichannel framework that allows banks and financial institutions to streamline and control all their digital customer experiences.
Digital banking platforms serve as the basis for a digital bank and allow banks to offer customers innovative digital products and services.
The introduction of these systems results in enhanced customer service and decreased costs, thus allowing banks to meet regulatory requirements.
The emerging trend of digital transformation in the global banking industry is increasing the market for digital banking platforms.
Digital transformation or digitalization of businesses refers to the integration of digital technology into various business processes, organizational activities and business models.
Optimization of the end-to-end business process, increased operating efficiency, improved customer experience and reduced costs are just some of the factors driving the digital transformation of the banking industry.
Banks are embracing technology to reduce operating costs and remain competitive on the market. It prevents banks from investing in expensive legacy hardware and software to keep these systems up to date.
It helps banks retain their customers by offering better customer experience and lower-cost personalized services. It also gives banks a 360 view of their customers.
The growing threat of cyber-attacks is hindering the adoption of digital banking. Fighting cyber-attacks is one of the biggest challenges facing banks across the globe, considering the delicate nature of the consumer details they have. As cyber criminals conduct more sophisticated and regular attacks, the number of major data breaches is expected to increase over the period.
Based on Component, the market is segmented into Solution and Services. Based on Deployment Type, the market is segmented into On-premise and Cloud.
Based on Type, the market is segmented into Retail Banking and Corporate Banking. Based on Banking Mode, the market is segmented into Online Banking and Mobile Banking.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The major strategies followed by the market participants are Partnerships and Product Launches.
Based on the Analysis presented in the Cardinal matrix; Oracle Corporation, The Bank of New York Mellon Corporation, and SAP SE are the forerunners in the Digital Banking Platform Market.
Companies such as Temenos AG, Fiserv, Inc., Fidelity Information Services (FIS), Inc., Appway AG, VSoft Corporation, and Infosys Limited are some of the key innovators in the market.
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Infosys Limited (EdgeVerve Systems), Fidelity Information Services (FIS), Inc., Fiserv, Inc., Oracle Corporation, SAP SE, Temenos AG, The Bank of New York Mellon Corporation, Appway AG, COR Financial Solutions Ltd., and VSoft Corporation.
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