The size of the global digital banking platform market showed significant strength in 2021 and is projected to achieve rapid revenue growth during the forecast period. The increasing popularity of digitization and the shifting preferences of consumers towards digital banking systems are key factors driving the growth of market revenue.
Digital banking platforms offer a range of online services and traditional banking services, distinguishing them from online banking. These platforms leverage technologies such as Application Programming Interfaces (APIs), automation, and web-based services to create digital banking experiences. By connecting banking services with other financial services, digital banking platforms enable cross-institutional services, providing customers with a seamless, efficient, and comprehensive digital banking experience. Customers can manage various financial services such as digital wallets, virtual cards, remote deposits, and deposit insurance using tablets, smartphones, and other online channels. However, concerns regarding high security risks and breaches of privacy by the banking sector in terms of data storage and record-keeping are additional factors driving revenue growth in the market during the forecast period.
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Increasing adoption of cloud-based platform, growing use of Artificial Intelligence (AI), and machine learning in the banking sector are some other factors expected to drive market revenue growth. Rising popularity of digitization are leading to technological advancements and development of innovative banking platforms and services for increasing customer satisfaction regarding banking and finance sectors. Demand for digital banking platforms is increasing rapidly as it provides customer focused solutions by enhancing customer loyalty and providing faster, reliable, seamless, and efficient resolutions to customer queries. In addition, digital banking systems are used extensively for monitoring end-to-end customer journeys and keeping a track of customer banking activities for maintenance of clearer records and references. These are some other factors expected to drive revenue growth of the global digital banking platform market over the forecast period.
Competitive Landscape:
- Appway
- COR Financial Solution Ltd.
- Edgeverve
- FIS Global, Fiserv, Inc.,
- nCino
- Oracle Corporation
- SAP SE
- Temenos
- Vsoft Corporation
- Finastra
- NF Innova
- Worldline
- TCS
- ETRONIKA
- NETinfo
- CREALOGIX
- Temenos
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The global market is further segmented into type and application:
Deployment Model Outlook (Revenue, USD Billion; 2019-2030)
- On-Premises
- Cloud
Type Outlook (Revenue, USD Billion; 2019-2030)
- Retail Banking
- Corporate Banking
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Takeaways of the Competitive Overview Section:
- Overview of the company profiles of each market player
- Industrial chain analysis of each player
- Revenue share contribution
- Sales network and distribution channels and net profits and losses of each company
- Key business growth strategies are undertaken by these players
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