The digital banking platform market size is projected to reach US$ 8.67 billion by 2027 from US$ 3.17 billion in 2018; it is expected to witness healthy market growth of 12.1% CAGR during 2019–2027.
Customer-centric solutions help banks increase client loyalty by improving services and quickly responding to customer inquiries. Banks focus on implementing client retention policies and acquiring new consumers through effective communication. The omnichannel features of a digital banking platform assist banks in facilitating individualized dialogues across numerous channels, including voice, web, and mobile. It allows banks to engage clients at all points of contact. End-to-end customer journeys and activity tracking aid in creating a holistic image of each consumer. For financial services organizations, digital banking provides for customization at a scale of 5–15% revenue increase. Consumers want transactions to be completed quickly and efficiently, which makes digital banking services more reliable and efficient to use.
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The expansion of the digital banking platform market is being fueled by an increase in the number of internet users and a transition from traditional banking to online banking. Furthermore, the digital banking platform market's growth is fueled by an increase in the adoption of cloud-based platforms to achieve greater scalability. The expansion of the digital banking platform industry is hampered by security and compliance difficulties in digital lending platforms. Furthermore, the digital banking platform industry is likely to benefit from an increase in the use of machine learning and artificial intelligence in digital banking platforms, as well as an increase in innovative banking services and corporate investors.
Some of the companies
competing in the Digital Banking Platform Market are:
· Appway AG
· CREALOGIX Holding AG
· EdgeVerve Systems Limited
· Fiserv, Inc.
· Oracle Corporation
· SAP SE
· Sopra Steria
· Tata Consultancy Services Limited
· Temenos Headquarters SA
· Worldline SA
The digital banking platform market is likely to witness aggressive investments made by private and public capital holders in the development of sophisticated, advanced, and web-based enterprise banking applications, custom-built banking services, and mobile-friendly banking platforms over the forecast period. Digital banking platforms are also attracting the attention of venture capital firms around the world. For instance, Narmi, a financial technology firm that develops digital banking products, reported the completion of a US$ 20.4 million Series A investment round in February 2021. Picus Capital GmbH, Patriot Financial Partners, L.P., Firebolt Ventures, and Contour Venture Partners were among the investors in the round, led by New Enterprise Associates (NEA), a well-known venture capital firm. The fundraising round included executives from Brex Inc., Expanse Inc., Plaid Inc., and other notable startups. The company also plans to provide the most smooth, comprehensive, and open digital banking platform in the industry.
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Digital banking Platform Market Segments
The digital banking platform market is segmented on the basis of type and deployment. Based on type, the digital banking platform market is segmented into corporate banking and retail banking. On the basis of deployment, the digital banking platform market is segmented into cloud and on-premise. Retail banking contributed a substantial share in the global digital banking platform market. The digital revolution across the globe has changed the banking landscape as well as customer behavior and expectations. New ecosystem players such as FinTechs, open banking, payment services directive, and SWIFT standards are emerging in the global banking industry with innovative technology solutions. In 2018, on-premise was the leading segment by deployment type; however, cloud-based digital banking platforms are expected to grow at a higher CAGR during 2019–2027.
What questions does
the Digital Banking Platform Market report answer about the regional reach of
the industry
The report claims to split the regional scope of the Digital Banking Platform Market into North America, Europe, Asia-Pacific, South America & Middle East and Africa. Which among these regions has been touted to amass the largest market share over the anticipated duration
· How do the sales figures look at present How does the sales scenario look for the future
· Considering the present scenario, how much revenue will each region attain by the end of the forecast period
· How much is the market share that each of these regions has accumulated presently
· How much is the growth rate that each topography will depict over the predicted timeline
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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.
· Enhance the decision-making process by understanding the strategies that underpin commercial interest to components, type, and end-users.
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