- September 29, 2021
- Posted by: Mainframe Consulting
- Category: Business Wire
DUBLIN–(BUSINESS WIRE)–The “Digital Banking Platforms Market by Component (Platforms and Services), Banking Type (Retail Banking, Corporate Banking, and Investment Banking), Banking Mode (Online Banking and Mobile Banking), Deployment Type, and Region – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global Digital Banking Platforms market size is expected to grow USD 8.2 billion in 2021 to USD 13.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period.
The digital banking platforms market is gaining traction due to Increasing adoption of cloud-based solutions by financial institutions and proliferation of smartphones are expected to drive the overall growth of digital banking platforms market.
By Deployment type, the cloud segment to grow at the higher CAGR during the forecast period
The cloud deployment type has become a cost-effective and efficient way to handle all operational processes of insurers, along with data management and governance issues. Cloud-based digital banking platform-tools offer several benefits, such as the rapid implementation of tools, reduced setup and operational costs, less maintenance costs, 24/7 data accessibility, security, and ease of use. Digital banking platforms and capital markets and increasingly inheriting cloud for storing data and accessing advanced applications through the internet.
By Banking Type, the Retail Banking segment to hold the larger market size during the forecast period
Retail banking has emerged as an essential enabler in the digital banking platforms market to translate banking models across the globe. The digital revolution has disrupted the marketplace with changing customer behavior and expectations, emerging competitors, and innovative technologies. With the increasing number of channels, financial institutions are changing their operating processes to provide customers with premium services and improve their account management. Several organizations are offering an integrated digital banking solution that includes platforms for internet banking and mobile banking. These platforms are enriched by solutions for deposit and loan origination, analytics, and banking services.
By region, Asia Pacific to grow at the highest CAGR during the forecast period
The APAC countries have seen a rise in the number of FinTech startups, which has led to the disruption in the digital banking platforms ecosystem. However, to keep up with this rapid pace of advancements, traditional banking firms are undertaking digital transformation projects. There is a huge untapped market for the banking industry in India, China, Bangladesh, and several other countries of APAC; this has proven to be a driver for the growth of banking firms in the region. Hence, this motivates bankers to adopt strategies for the digitalization of their services. With the rise in the number of mobile device users, there is also an increasing use of digital banking technologies and online commerce. These factors together are expected to fuel the growth of the digital banking platforms market in the region.
- Growing Demand Among Banks for Delivering Enhanced Customer Experience
- Increasing Adoption of Cloud-Based Solutions by Financial Institutions
- Rising Adoption of Smartphones
- Growing Need to Meet the Compliance Requirements of New Data Laws and Regulations
- COVID-19 Accelerating the Adoption of Digital Banking
- Lack of Digital Literacy in Emerging Countries
- Increased Cross-Selling and Upselling Activities
- Emergence of the Banking as a Service (Baas)Model
- Gradual Adoption of Open-Banking Apis
- Rising Security Concerns
- Difficulty in Integrating Digital Banking Platforms with Legacy Systems
- Technical Issues Leading to Losses
- Bny Mellon
- Intellect Design Arena
- Sopra Banking Software
For more information about this report visit https://www.researchandmarkets.com/r/w3dwbo
Published at Wed, 29 Sep 2021 08:55:00 +0000