According to new
market research report "Digital Banking Platforms Market by Component
(Platforms and Services), Banking Type (Retail Banking, Corporate Banking, and
Investment Banking), Banking Mode (Online Banking and Mobile Banking),
Deployment Type, and Region - Global Forecast to 2026 published
by MarketsandMarkets™, the Digital
Banking Platforms Market size expected to grow USD 8.2 billion in 2021 to USD
13.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.3% during
the forecast period.
The Digital Banking
Platforms Market is gaining traction due to the increasing adoption of
smartphones is contributing to the growth of the Digital Banking Platforms
Market. Countries such as India, Indonesia, South Africa, and China have seen
high growth in smartphone sales in the last few years. According to the GSM
Association (GSMA) Mobile Economy 2020 report, there will be 7.1 billion
smartphone connections by 2025 from 5.2 billion in 2019. The adoption rate
would increase from 65% to 80% by 2025.
Browse in-depth TOC on "Digital Banking Platforms Market”
219- Tables
48- Figures
199- Pages
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Corporate Banking
segment to grow at the highest CAGR during the forecast period
Among the Banking
Type segment, Corporate Banking is expected to grow at the highest CAGR during
the forecast period. Corporate banking solutions provide banks and corporates with
a seamless, connected corporate banking experience and a 360° view of the
business. This results in integrating payments, treasury, lending, trade, and
supply chain finance, benefiting both customers and corporates. Several
organizations are incorporating corporate suites that provide superior features
to corporate banks.
Mobile Banking
segment is expected to grow at a higher CAGR during the forecast period
Mobile banking
platforms offer an intuitive and secure mobile banking experience to retail and
corporate banks. The platforms offer a responsive User Interface (UI) and
support the bank customers’ entire banking journey, from onboarding to
transactional banking requests, on their mobile devices. Banks are increasingly
adopting the mobile banking platform due to the changing customer preference
toward mobile banking across all segments. This helps drive the business growth
of the mobile banking segment. This is substantiated by the 2018 Mobile Banking
Study from Citi Bank. The study revealed that 46% of US consumers have
increased their use of mobile banking in the past year. Furthermore, 91%
preferred using apps over going to a branch, whereas 68% of millennials said
they could see their smartphones replacing their physical wallets.
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Asia Pacific (APAC)
region to record the highest growing region in the Digital Banking Platforms
Market
The APAC countries
have seen a rise in the number of FinTech startups, which has led to the
disruption in the Digital Banking Platforms ecosystem. However, to keep up with
this rapid pace of advancements, traditional banking firms are undertaking
digital transformation projects. There is a huge untapped market for the
banking industry in India, China, Bangladesh, and several other countries of
APAC; this has proven to be a driver for the growth of banking firms in the
region. Hence, this motivates bankers to adopt strategies for the
digitalization of their services. With the rise in the number of mobile device
users, there is also an increasing use of digital banking technologies and
online commerce. These factors together are expected to fuel the growth of the
Digital Banking Platforms Market in the region.
Key and innovative
vendors in Digital Banking Platforms
Market are 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), and Worldline (France).
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Content
Source: https://www.marketsandmarkets.com/PressReleases/digital-banking-platforms.asp
Report: https://www.marketsandmarkets.com/Market-Reports/digital-banking-platforms-market-90744083.html
