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Digital Banking Platform Market (Component - Solution, and Service; Deployment Model - On-premise, and Cloud; Type - Retail Banking, and Corporate Banking; Banking Mode - Online Banking, and Mobile Banking): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : July, 2020

  • Rep Id : ICT1445

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on digital banking platform market provides an in-depth analysis of segments and sub-segments in the global as well as regional digital banking platform market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional digital banking platform market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast , and dollar values of the global digital banking platform market. According to the report, the global digital banking platform market is projected to grow at a healthy CAGR over the forecast period of 2020-2026.

 

Market Insight

In the past few years, banks all across the globe have witnessed a substantial surge in the number of accounts being opened a year. In order to avoid any other human errors and to complete the task more professionally without an overwhelming lot of time, most of the banks have adopted a digital banking platform. Additionally, the current concern over the spread of coronavirus is expected to have a positive impact on the digital banking platform market. The physical banking distribution will be far less relevant in the wake of the COVID-19 outbreak; digital customer experience will be a prime area of differentiation and competition for financial institutions.

 

The COVID-19 epidemic is likely to spur a widespread and systematic refurbishing of high-impact digital journeys in the banking segment, such as customer onboarding and product origination, to provide a truly outstanding digital experience to their customers. Another key factor likely to accelerate is the transformation of digital banking from servicing to engagement. Once the COVID-19 outbreak halts, customers will have been familiar to spend considerably less time in branches. This means that banks will need to sell more products through digital channels to reimburse for the reduction in sales acquired through branches.

 

The increasing demand among banks to provide enhanced customer experience along with the growing adoption of cloud-based platforms to obtain higher scalability are some of the significant factors contributing to the growth of the digital banking platforms market. This platform removes long queues outside the banks. Furthermore, the rising adoption of smartphones and tablets as well as the cumulative demand for streamlining business processes are the factors boosting the growth of the digital banking platforms market. In addition, digitization in banking have helped enhance their services and upsurge their profit which is shifting financial institution attention toward the digital banking, hence, propelling the digital banking platform market growth.

 

Apart from these, banks are looking for an approach to condense the banking costs without compromising the quality of the service. Various vendors in order to cope up with the speed are developing smart and intelligent banking platforms. This is estimated to help the market grow exponentially. Moreover, the escalating adoption of artificial intelligence and machine learning in the digital banking platform is offering a lucrative opportunity for the market. On the other hand, a security and compliance concern in digital lending platform hinders the growth of the digital banking platform market.

 

Among the geographies, the North America region is expected to hold the largest share in the global digital banking platform market as countries such as the U.S. and Canada are the front-runners of the adoption of new technology in the banking sector. These nations have a major dominance, with sustainable and well-established economies, which empower them to intensely invest in R&D activities, thereby contributing to the development of innovative technologies in the digital banking platforms market. However, with the growing adoption of blockchain technology is improving security, especially in the BSFI sector; several organizations are adopting digital banking platforms. This factor is propelling the market’s growth in the Asia Pacific region.

 

Segment Covered

The report on the global digital banking platform market covers segments such as component, deployment model, type, and banking mode. On the basis of component, the sub-markets include solution, and service. On the basis of the deployment model, the sub-markets include on-premise, and cloud. On the basis of type, the sub-markets include retail banking, and corporate banking. On the basis of banking mode, the sub-markets include online banking, and mobile banking.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Appway, COR Financial Solution Ltd, Edgeverve, FIS Global, Fiserv, Inc, nCino, Oracle Corporation, SAP SE, Temenos, and Vsoft Corporation.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the digital banking platform market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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