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Digital Banking Platforms Market Size, Share & Industry Analysis By Component (Solution, Services), By Banking Type (Corporate Banking, Investment Banking, Retail Banking), By Deployment Mode (On-Premise, Cloud), By Banking Mode (Online Banking, Mobile Banking)And Regional Forecast 2022-2029

Region : Global | Report ID: FBI106509 | Status : Ongoing

 

KEY MARKET INSIGHTS

Digital banking platforms is a tool that digitize and automates bank operations, allowing banks to offer digital financial products, and facilitating digital customer interactions. Adoption of digital banking platform helps to accelerate banking services. Through this platform, individual can check their accounts balance, easily make transactions, and transfer money just with a single click of a button from their digital device. Adoption of digital banking platform is significantly high in working class and elderly people as it saves travel time and offer convenience to carry out their bank work from the comfort of their homes. Additionally, the market is fragmented owing to presence of large number of players across market and intense competition among them fuels the market growth. Owing to these advantages, demand for digital banking platforms is growing among individuals which is expected to propel the growth of the market.


Digital banking platforms usually rely on web-based services. It helps banks in saving on the costs for keeping the systems up to date and minimize purchasing expensive hardware and software. Furthermore, the retail banking sector is expected to grow at significant rate, owing to rise in investment by SMEs in digital banking platform and increase in demand for platform among the individuals. In addition, use of digital banking platform is environmental friendly as it does not require paper work and keeping track of the account history through all paper statements unlike traditional banking system. Also, filing income tax returns has become easy by using digital banking platform, as it does not require tedious tax returns filling work like traditional endless paperwork. As a result of these factors, demand for digital banking platforms is significantly increasing among individuals across the globe.


IMPACT OF COVID-19 ON DIGITAL BANKING PLATFORMS MARKET


The COVID-19 had unprecedented impact on the enterprises, healthcare, manufacturing, and retail sector. Due to pandemic, many organizations faced several challenges, such as ensuring optimal business operations and managing the health of the workforce. The pandemic had positive impact on digital banking platforms market. Digital banking platforms helped banking sector across the globe by providing faster as well as convenient mobile and online banking solutions. During the pandemic period, many financial institutes around the globe were temporarily closed. The use of mobile and online banking platform allows customers to access their accounts 24/7 and perform banking tasks. Thus, it is analyzed that post COVID-19 demand for digital banking platforms has significantly increased among end-users across the globe and it is expected to drive the market during forecast period.


KEY INSIGHTS


The report will cover following key insights:



  • Micro Macro Economic Indicators

  • Drivers, Restraints, Trends and Opportunities

  • Business Strategies Adopted by the Players

  • Impact of COVID-19 on Digital Banking Platforms Market

  • Consolidated SWOT Analysis of Key Players


REGIONAL ANALYSIS


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North America is expected hold the largest market share in the global market. Demand for digital banking platform is significantly increasing across the region to deliver the fast and secured banking services. According to Forbes in 2020, 76% of Americans have used their primary bank’s mobile app for everyday banking activity such as viewing account balances or depositing checks. Additionally, presence of major market players such as Alkami, Apiture, MuleSoft, Fiserv, and BNY Mellon among others in the region intensify the competition among them and helps in generating revenue in the region.


Asia Pacific is anticipated to have significant growth during forecast period. Over the past few years, there is constant rise in technologies, which results in a steady growth in the amount of services in the region. Growing adoption of digital technologies in banking platforms in emerging economies such as Singapore, China, India, Australia, South Korea and others is expected to drive the market growth rapidly. In addition, presence of adequate number of market vendors is propelling demand for digital banking platforms in the region.


KEY PLAYERS COVERED


The report will include the profiles of key players such as Alkami, Appway, Apiture, BNY Mellon, Backbase, CR2, Fiserv, Finastra, Intellect Design Arena, MuleSoft, NCR Corporation, Oracle Corporation, Sopra Banking Software, SAP SE, and others.


Key players in the market like Finastra, Fiserv, Intellect Design Arena, NCR Corporation, and MuleSoft etc. are entering into strategic partnerships and collaborations to expand the business. Market players are focused on partnership, new product launch and product enhancement in existing product to accelerate market growth.


SEGMENTATION






























  ATTRIBUTE


  DETAILS

By Component




  • Solution

  • Services

    • Professional Services

    • Managed Services





By Banking Type




  • Corporate Banking

  • Investment Banking

  • Retail Banking



By Deployment Mode




  • On-Premise

  • Cloud



By Banking Mode




  • Online Banking

  • Mobile Banking



By Geography




  • North America (U.S., Canada, and Mexico)

  • Europe (U.K., Germany, France, Italy, Spain, Russia, Benelux, Nordics and Rest of Europe)

  • Asia Pacific (China, India, Japan, South Korea, ASEAN, Oceania and Rest of Asia Pacific)

  • Middle East & Africa (Turkey, Israel, GCC, North Africa, South Africa and Rest of MEA)

  • South America (Brazil, Argentina and Rest of South America)



KEY INDUSTRY DEVELOPMENTS



  • August 2021 - Finastra collaborated with Salt Edge Limited, a financial technology company. Through this collaboration Finastra aims to enhance the speed of agreement with the payments service directive 2 and other banking standards for Electronic Money Institutions (EMIs) and banks across the globe.

  • August 2021 – NCR Corporation partnered with Christian Financial Credit Union. NCR Corporation provides modern and comprehensive digital banking platform that offers card controls and alerts, money management solutions, and credit monitoring tools for its members.


  • Ongoing
  • 2021
  • 2018-2020

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