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The global core banking software market size is projected to reach USD 34.48 billion by 2028 owing to the increasing adoption of mobile banking solutions by customers, observes Fortune Business Insights™ in its report, titled “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), By End-user (Retail Banking, Treasury, Corporate Banking, and Wealth Management) and Regional Forecast, 2021-2028”. As per the report, the value of the market stood at USD 9.40 billion in 2020 and the market is estimated to register a CAGR of 18.0% from 2021 to 2028.
The arrival of the COVID-19 pandemic has accelerated the core banking software market growth. This principally due to the rapid adoption of digital solutions by large and small banks to ensure the continued provision of banking services to customers. The positive effects of the pandemic are attested to by the 15.1% growth displayed by the market in 2020 and the value of USD 10.84 billion attained by the market in 2021.
COK Co-operative Credit Union to Release Innovative Digital Banking Suite
In August 2020, Jamaica-based COK Co-operative Credit Union announced the launch of browser-based Universal Digital Core Banking Suite. Developed and provided by Canada-based Smart Solution, the new suite is equipped with an advanced interface that can be through mobile and desktops, allowing seamless navigation through the bank’s various solutions and services. Furthermore, the suite will also allow COK’s customers to manage the authentication process with a single username and password. The adoption of this unique core banking software by COK will enable Smart Solution to penetrate the burgeoning banking industry in Central America.
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Incorporation of AI in Banking Services to Boost the Market
Artificial intelligence (AI) has proliferated across industries over a short period of time. The banking industry, too, has been pulled into its fold, mainly because of the boundless potential of this technology. Core banking software systems have come to rely heavily on AI, with AI performing myriad functions, from chatting with customers to opening bank accounts. For example, Wells Fargo has developed an AI-driven Predictive Banking application that customers can access through their phones. It includes features such as alerting customers if their bills are higher than normal and reminding customers to transfer money into their savings account. Similarly, Bank of America launched its chatbot called Erica in 2017 that has also been designed to employ predictive analytics on customers’ spending habits, payment patterns, and other financial behavior. Thus, the integration of AI in banking is opening new dimensions of growth for this market.
Key Players to Invest in the Development of Cutting-Edge Core Banking Solutions
The improving access to digital technologies in many economies is creating widespread demand for efficient banking services. As a result, several well-established fintech companies, as well as startups, are actively investing in the development of next-generation core banking software systems to capitalize on these trends. Moreover, emerging economies, such as India and Nigeria, are speedily transitioning their economies into digital systems, which are expected to generate a plethora of innovation opportunities for companies in this market.
List of Key Players Covered in this Market Report
Further Report Findings
Table of Segmentation
Value (USD Billion)
Deployment; Banking Type; End-user and Region
By Banking Type