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Retail Core Banking Platform Market Size, Share, and COVID-19 Impact Analysis, By Enterprise Type (SMEs, Large Enterprises), By Deployment (Cloud, On-premise), By End-user (BFSI, IT & Telecom, Healthcare, Consulting, Manufacturing, E-Commerce, Others), and Regional Forecast, 2024-2032

Region : Global | Report ID: FBI107199 | Status : Ongoing

 

KEY MARKET INSIGHTS

Retail core banking platform functions as a back-end functioning software that enhances processing of financial transactions and contracts and delivers financial figures into bank statements and financial records. The platform features capabilities that process loans, credit, and deposit attributes with additional user-friendly interface and ledger systems, which aid in data streamlining.


Increasing demand and deployment of Artificial Intelligence (AI) and cloud-based adoption of emerging technologies is expected to drive the market in BFSI industries. The retail core banking platform market is primarily deployed by BFSI enterprises and other clientele industries, which include IT and telecom, healthcare, automotive, manufacturing, and consumer products. Deployment of chatbot aids in proving sophisticated consumer experience and reducing hassle. Furthermore, it enhances automation and web-based functionality of financial services to improve clientele day-today experience. For instance, according to IBM, deployment of chatbot into software platforms aids enterprises in saving 30% of customer support expenses and reducing query workload by responding immediately to 80% of typical queries.

Impact of COVID-19 on the Retail Core Banking Platform Market


The COVID-19 pandemic caused major disruptions in supply chains of numerous industries, which caused major impact in business growth and revenue share. New norms such as work from home, social distancing and travel restrictions created opportunities toward the deployment of retail core banking platforms due to increased mobile banking. Numerous banking enterprises deployed their internet banking platforms through web-based services and mobile applications to enhance capabilities and consumer experience.

According to Liftoff reports, there was a significant adoption and utilization of digital payments amid pandemic as almost every industry was shut down during the global pandemic. There was a decrease of 40% in ATM usage, while 70% growth was noticed in time spent on mobile banking platforms in Japan and South America. Similarly, Eftpos, an Australian BFSI provider, claimed 400% increase in the growth of its mobile banking platform business during the pandemic.

Key Insights


The report will cover the following key insights:


  • Micro & macroeconomic indicators

  • Drivers, restraints, trends, and opportunities

  • Business strategies adopted by the key players

  • Impact of COVID-19 on the global retail core banking platform market

  • Consolidated SWOT analysis of key players


Analysis by Enterprise Type


By enterprise type, the retail core banking platform market is sub-divided between SMEs and large enterprises, which contain multiple variations based on the size of user base. The SME suite offers extensive channel platforms, which include consumers, bank staff, third parties, and external partners via API.

Large enterprises segment utilizes retail core banking platform to standardize their financial management and streamline expenses. This deployment incorporates large number of employees and provides features such as Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP), among others.

Analysis by Deployment


Cloud-based or web-based deployment is the current emerging technology and is projected to grow at an elevated growth rate. Digitization and digital conversion are the major supporting factors for the increase in cloud adoption.

Retail core banking platform is deployed through on-premise servers to initialize scalability and maintain security. This is majorly implemented in large enterprises to streamline finances and maintain integrity.

Regional Analysis


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The global retail core banking platform market is divided into North America, South America, Europe, the Middle East & Africa, and Asia Pacific. As of 2022, Asia Pacific held the largest share in the market attributed to major cloud adoption and digitization services. Banking services have enabled financial sophistication, which resulted in rise in IT & telecom industries in Asia. Europe has also been growing at a significant rate for investments in the modular instruments market that assures the continuity of growth at a steady rate.


  • In March 2021, Hellenic Bank partnered with Backbase, which primarily provided engagement banking platform with additional digital banking services. This partnership resulted in the launch of a retail core banking platform, which increased its clientele by 16%.


The distribution of the global retail core banking platform market by region of origin is as follows:


  • North America – 25%

  • South America – 14%

  • Europe – 12%

  • Middle East and Africa – 14%

  • Asia Pacific – 35%


Key Players Covered


The key players in the market include EdgeVerve, Oracle, Tata Consultancy Services, Temonos, Fiserv, Mambu, FIS, BML Istisharat, SAP SE, Avaloq, and Finastra, among others.

Segmentation


















By Enterprise Type


By Deployment


By End-user


By Geography



  • SMEs

  • Large Enterprises




  • Cloud

  • On-premise




  • BFSI

  • IT & Telecom

  • Healthcare

  • Consulting

  • Manufacturing

  • E-Commerce

  • Others




  • 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



  • March 2022: AVZ launched a retail core banking platform, which featured quick bank accounts, affordable prices, and flexibility. The company also provided additional financial services, which resulted in quick adoption and growth in business.

  • September 2020: Tenemos was recognized as a leader in retail digital banking platforms by independent research firms due to the provision of enhanced consumer experience, banking capabilities, and cloud deployment.


  • Ongoing
  • 2023
  • 2019-2022

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