IMARC Group’s report titled “Digital Banking Platform Market Report by Component (Solutions, Services), Type (Retail Banking, Corporate Banking), Deployment Mode (On-premises, Cloud-based), Banking Mode (Online Banking, Mobile Banking), and Region 2024-2032”. offers a comprehensive analysis of the industry, which comprises insights on the global digital banking platform market trends. The global market size reached US$ 6.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 17.3 Billion by 2032, exhibiting a growth rate (CAGR) of 11.2% during 2024-2032.
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Factors Affecting the Growth of the Digital Banking Platform Industry:
- Enhanced Experience:
The growing adoption of digital banking platforms due to rising preferences for accessible and personalized banking experiences among people with busy lifestyles is offering a positive market outlook. Digital banking platforms cater to these needs by offering services that are available round-the-clock and tailored to individual financial behaviors and preferences. This includes features like mobile banking apps, instant notifications for transactions, and tools for financial management. The shift towards convenience, speed, and customization drives traditional banks to adopt these digital platforms to meet user expectations and improve their satisfaction and retention.
- Technological Advancements:
Artificial intelligence (AI) and machine learning (ML) enable sophisticated data analysis for personalized user services and risk management. Blockchain technology offers enhanced security and transparency for transactions. Moreover, cloud computing provides a scalable infrastructure that is crucial for managing the vast amount of data processed by banks daily. These technological advancements not only streamline operations but also enable banks to innovate and offer new services. Furthermore, advancements in cybersecurity, including encryption technologies, biometric data for authentication, and advanced threat detection systems, are crucial for protecting sensitive financial information and maintaining individual trust.
- Regulatory Support:
Governing agencies of various countries are recognizing the importance of digital transformation in banking. Various regulations encourage the adoption of open banking, which mandates banks to share financial data with third-party providers with individual consent. This is leading to increased competition and innovation, giving individuals more choices and better services. In line with this, regulatory support often comes with guidelines that ensure these digital transitions maintain high security and compliance standards, facilitating a safer and more robust digital banking environment.
Leading Companies Operating in the Global Digital Banking Platform Industry:
- Appway AG (FNZ (UK) Ltd.)
- Fidelity Information Services (FIS)
- Finastra Limited
- Fiserv Inc.
- Infosys Limited
- nCino
- NCR Corporation
- Oracle Corporation
- SAP SE
- Sopra Steria
- Tata Consultancy Services Limited
- Temenos AG
- The Bank of New York Mellon Corporation
- Worldline
Digital Banking Platform Market Report Segmentation:
By Component:
- Solutions
- Services
Solutions represent the largest segment on account of their flexible and customizable offerings to financial institutions.
By Type:
- Retail Banking
- Corporate Banking
Retail banking holds the biggest market share, driven by the rising demand for convenient and personalized banking services.
By Deployment Mode:
- On-premises
- Cloud-based
On-premises account for the largest market share due to their ability to cater to the specific needs and preferences of financial institutions that prioritize maintaining control and security over their infrastructure and data.
By Banking Mode:
- Online Banking
- Mobile Banking
Online banking exhibits a clear dominance in the market as it enables financial institutions to offer a wide range of services to individuals through digital channels.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys a leading position in the digital banking platform market, which can be attributed to the thriving banking sector.
Global Digital Banking Platform Market Trends:
The rise of fintech startups and neobanks has introduced a wave of innovation in the financial services industry, which is prompting traditional banks to accelerate their digital transformation. These newer entrants often focus exclusively on digital platforms, offering highly competitive products and services such as zero-fee accounts, instant loans, and superior experience to individuals.
In addition, digital banking platforms play a crucial role in improving financial inclusion by reaching underserved and unbanked populations, especially in emerging markets. Mobile banking allows access to banking services in remote areas where branch access is limited.
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