According to the latest report by IMARC Group, titled “Digital Banking Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global digital banking platform market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The size reached US$ 5.07 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 10.76 Billion by 2027 exhibiting a CAGR of 12.71% during 2022-2027.
Digital banking platforms entail the financial services provided by banks solely via online mode. They rely on application programming interfaces (APIs), web-based services, and process automation to serve customers through online channels. Digital banking platforms involve the digitization of all traditional banking products and services, such as funds transfer, cash withdrawal, bill payments, opening deposit accounts, loan management, etc. They also provide several features, including real-time transaction notifications, scheduling expenditures, obtaining bank statements, promoting cardless payments and account-to-account (A2A) payments, remotely monitoring personal finance management (PFM), etc. Digital banking platform services can be conveniently availed through mobile phones, laptops, and desktops and enable users to control everyday financial operations without hassle.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Digital Banking Platform Trends and Drivers:
The escalating shift from traditional to online banking solutions is primarily driving the digital banking platform market. Additionally, the expanding penetration of smartphones and internet coverage and the elevating requirement for enhanced transparency and flexibility in banking operations are acting as significant growth-inducing factors.
Besides this, the increasing utilization of Artificial Intelligence (AI) and machine learning (ML) by online banking platforms for detecting and preventing payment frauds, assessing risks, improving processes for anti-money laundering (AML) operations, and performing know-your-customer (KYC) regulatory checks is further augmenting the market growth.
Moreover, the growing demand for improved customer experiences and convenience and the widespread adoption of cloud-based solutions by banks and financial institutions for obtaining higher scalability are expected to propel the digital banking platform market over the forecasted period.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Component:
- Solutions
- Services
Breakup by Type:
- Retail Banking
- Corporate Banking
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Banking Mode:
- Online Banking
- Mobile Banking
By Geography:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
List of Major Key Players:
The major players in the market are
- 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.
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