The global digital banking platform market size reached US$ 5.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 12.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.5% during 2023-2028.
What is a Digital Banking Platform?
A digital banking platform (DBP) provides digital financial services to customers using web-based services, process automation, and application programming interfaces (APIs). It allows users to handle and control financial operations using laptops, desktops, and mobile phones. It is convenient, easy, and quick to use and involves digitizing all traditional banking services, such as bill payments, loan management, cash withdrawals, opening deposit accounts, and funds transfers. In addition, it provides bank statements and real-time transaction notifications, schedules expenditures, and encourages cardless payments. As a result, DBPs are widely utilized for online and mobile banking operations across the globe.
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What Are The Key Factors Driving The Global Digital Banking Platform Market?
The market is primarily driven by the rising internet penetration of the internet and smartphones resulting in improved flexibility and transparency in banking operations. In addition, the widespread adoption of cloud-based solutions by financial institutions to acquire high scalability is contributing to market growth. Moreover, the integration of artificial intelligence (AI), and machine learning (ML) to prevent payment fraud, assess risks, perform know-your-customer (KYC) regulatory checks, and enhance processes for anti-money laundering (AML), represents another major growth-inducing factor.
Besides this, the increasing use of third-party applications for real-time payments, such as Google Pay, Whatsapp pay, PhonePe, and Paytm has accelerated the demand for reliable unified payments interface (UPI) transactions. Furthermore, the implementation of several government initiatives to encourage a cashless economy and extensive research and development (R&D) activities conducted by key players are also creating a favorable market outlook across the globe.
Who Are The Key Players/Companies In The Global Digital Banking Platform Market?
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 and Worldline.
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)
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