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Germany Core Banking Software Market Size, Share & COVID-19 Impact Analysis, By Deployment (SaaS/Hosted, Licensed), By Banking Type (Large Banks, Midsize Banks, Small Banks, Community Banks, and Credit Unions), and By End-user (Retail Banking, Treasury, Corporate Banking, and Wealth Management), 2023-2030

Last Updated: July 08, 2024 | Format: PDF | Report ID: FBI107484

 

KEY MARKET INSIGHTS

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The Germany core banking software market size is projected to grow at a CAGR of 19.0% during the forecast period.


Core Banking Software (CBS) is a back-end tool utilized by banks for managing their financial operations, such as transactions, payments, account updates, and record maintenance. These offer real time, centralized online banking services to consumers. The expansion of the CBS market in Germany is fueled by increasing financial institutions across the country, growing demand for centralized account management, and regional growth driven by prior technical advancements and implementations.


LATEST TRENDS


Implementation of Analytical Tools to Enhance User Experience and Market Growth


Banks offer comprehensive support to their clients for their regular financial management through a variety of add-ons to core banking software and platforms. These solutions include Personal Finance Management (PFM) tools, various investment options, risk profiles, automated investment advice, and portfolio management. For instance, in May 2022, Yapily, an open banking platform provider, collaborated with SCHUFA Holdings to acquire finAPI. The finAPI provides core banking software, which encased API architecture, scalability, customizable platform, and automated reconciliation, among others. The acquisition enhanced the company’s consumer base and created expansion opportunities in other geographical regions.


These factors add on to the interface and enhance consumer experience, resulting in surplus deployments.


DRIVING FACTORS


Growing Need for Cost Efficiency in BFSI Industry to Fuel Industry Expansion


Banks face increasing pressure to reduce operational costs and improve their operational efficiency. The adoption of core banking platform aids them to achieve overall cost efficiency. The implementation of CBS aids in the automation of manual processes, improved data management, streamlined operations, increased operational scalability, and better risk management. These factors increase the demand for core banking solutions and propel the Germany core banking software market growth.


RESTRAINING FACTORS


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Higher Implementation Costs and Integration Challenges to Hamper Market Growth


Core banking software solutions can be expensive to implement as they require significant upfront investments in technology and personnel. This acts as a significant barrier to entry for small and midsize banks with limited budgets. Additionally, integrating a core banking software is complex and time-consuming, requiring significant technical expertise and resources.


Total FinTech Funding Raised by Startups in the Germany, 2019 - 2020 (USD Billion)


According to a report by the Federal Association of German Startups in 2021, the fintech sector continued to grow in 2020, with a record amount of venture capital invested in the sector. Fintech startups raised USD 3.32 billion in venture capital funding in 2020, up from USD 2.61 billion in 2019.


KEY INDUSTRY PLAYERS


Emphasis of Key Players on Developing Advanced Banking Solutions to Strengthen their Industry Positions


SAP SE., Wirecard AG, FinTech Group AG, and FIS are some of the major players in the German fintech industry. These players are developing core banking solutions with advanced technologies such as dotnet computing, database management, Big Data, and block chain to increase the market share and geographical expansion.


List of Key Companies Profiled:



  • GFT Technologies SE (Germany)

  • SAP SE (Germany)      

  • FinTech Group AG (Germany)

  • FinLeap GmbH (Germany)

  • Sopra Banking Software (Germany)

  • Infosys Finacle (India)

  • Fiducia and GAD IT AG (Germany)

  • Temenos AG (Switzerland)

  • Mambu GmbH (Germany)

  • Wirecard AG (Germany)


KEY INDUSTRY DEVELOPMENTS



  • November 2022 – Deloitte collaborated with AWS to deploy advanced engineering solutions and launch digital banking services to modernize core banking systems. It resulted in the integration of CoveragePROSPERITY solutions into AWS cloud services for additional cloud capabilities.

  • September 2021 – Modular Bank launched corporate brand identity Tuum, which provided core banking platforms and solutions. It enabled non-fintech companies to offer financial services and offered customization capabilities as per consumer demands.

  • August 2021 – ObjectWay, a wealth-tech provider, acquired Die Software to enhance its financial services. The company enhanced its asset and wealth management offering by reducing delivery times, scaling IT models, and releasing new features.

  • May 2021 – Tink acquired Germany-based CBS provider FinTecSystems (FTS), which fueled their regional expansion in Europe. FTS provided core banking software to more than 150 banks located in Germany, Austria, and Switzerland.

  • May 2021 – Hamburg Commercial Bank (HCOB) partnered with nCino to integrate core banking software into its business model. The bank enhanced its consumers’ banking experience and accelerated digital transformation initiatives.


REPORT COVERAGE


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This market research report offers an extensive market examination, emphasizing crucial elements such as major firms and major product applications. Additionally, it emphasizes key industry advancements and gives an understanding of the major market trends. The report further includes various growth-contributing factors from recent years.


REPORT SCOPE & SEGMENTATION
















































  ATTRIBUTE



  DETAILS



Study Period



2019 – 2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023 – 2030



Historical Period



2019 – 2021



Growth Rate  



CAGR of 19% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Deployment



  • Saas/Hosted

  • Licensed



Banking Type



  • Large Banks (Greater than USD 30 billion in Assets)

  • Midsize Banks (USD 10 billion to USD 30 billion in Assets)

  • Small Banks (USD 5 billion to USD 10 billion in Assets)

  • Community Banks (Less than USD 5 billion in Assets)

  • Credit Unions



End-user



  • Retail Banking

  • Treasury

  • Corporate Banking

  • Wealth Management






Frequently Asked Questions

Growing at a CAGR of 19.0%, the market will exhibit steady growth in the forecast period of 2023-2030.

Growing need for cost efficiency in the BFSI sector to fuel the market growth.

FinTech Group AG, Temenos AG, GFT Technologies SE, FinLeap GmbH, SAP SE and FSopra Banking Software, are the major market players in the German market.

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