IMARC Group’s report titled “Digital Banking Platform Market Report by Component (Solutions, Services), Type (Retail Banking, Corporate Banking), Deployment Mode (On-premises, Cloud-based), Banking Mode (Online Banking, Mobile Banking), and Region 2024-2032”. The global digital banking platform market size reached US$ 6.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 17.3 Billion by 2032, exhibiting a growth rate (CAGR) of 11.2% during 2024-2032.
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Factors Affecting the Growth of the Digital Banking Platform Industry:
- Increasing Digital Engagement:
The rise of the internet and mobile devices is leading to people expecting to access services instantly and conveniently, including their financial services. As people grow more accustomed to managing life through digital channels, banks need to meet this demand to stay relevant and competitive. This shift in user behavior drives banks to invest in digital platforms that can deliver a seamless, intuitive experience. Digital engagement demands banking services that are available around the clock, not restricted by the traditional banking hours. People expect to perform transactions, check accounts, apply for loans, and receive customer service instantly and from anywhere.
- Technological Advancements:
AI and ML are revolutionizing how banks interact with clients. They enable personalized banking experiences, predictive analytics for financial advice, and automated customer service through chatbots. AI can also streamline back-office operations, improving efficiency and reducing costs. Known for its role in cryptocurrencies, blockchain offers significant benefits in security and transparency for traditional banking transactions. It can provide immutable record-keeping and reduce fraud, making it ideal for transactions and identity verification processes.
- Cost Efficiency:
Digital platforms reduce the need for extensive physical branch networks, which are expensive to maintain. By shifting more services online, banks can operate with fewer branches, lower real estate costs, and fewer staff, leading to substantial savings. Digital banking platforms integrate advanced automation technologies, such as robotic process automation (RPA) and artificial intelligence (AI), to handle routine tasks like data entry, account maintenance, and basic customer inquiries. This automation reduces the workload on human employees and lowers the costs associated with staffing.
Leading Companies Operating in the Global Digital Banking Platform Industry:
- 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
Digital Banking Platform Market Report Segmentation:
By Component:
- Solutions
- Services
Solutions represent the largest segment. Solutions, such as core banking, payment gateways, and customer management systems are fundamental to digital banking platforms, driving demand as banks seek integrated, turn-key offerings to upgrade their digital capabilities efficiently.
By Type:
- Retail Banking
- Corporate Banking
Retail banking accounts for the majority of the market share as retail banking directly impacts a large user base, necessitating robust digital platforms to manage everyday banking needs, enhance customer experiences, and meet the higher volume of transactions and interactions typical of retail customers.
By Deployment Mode:
- On-premises
- Cloud-based
On-premises exhibit a clear dominance in the market due to their greater control over security and data management, which is crucial for meeting regulatory compliance and handling sensitive financial information, leading to their continued dominance despite the rise of cloud solutions.
By Banking Mode:
- Online Banking
- Mobile Banking
Online Banking holds the biggest market share owing to its consideration as the most established form of digital banking, favored for its accessibility and convenience, allowing users to conduct financial transactions and manage their accounts from any web-enabled device.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys the leading position in the digital banking platform market on account of its highly developed financial services sector with a strong focus on innovations and technology adoption, coupled with a regulatory environment that supports digital banking growth and a consumer base that quickly adopts new technologies.
Global Digital Banking Platform Market Trends:
The use of big data and advanced analytics is becoming more prevalent as banks seek to leverage the vast amounts of data they collect. These technologies enable better customer insights, improved risk management, and more targeted marketing strategies.
As digital banking is growing, the risk of cyber threats is increasing. Banks are investing heavily in sophisticated cybersecurity measures to protect sensitive data and maintain customer trust. This includes multi-factor authentication, encryption, and continuous monitoring of transactions for fraud.
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