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.
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.
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.
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.
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.