Digital banking platform market on a global scenario was valued at US$ 3.17 Bn in 2018 and is expected to reach US$ 8.67 Bn by 2027 with a CAGR growth rate of 12.07% in the forecast period from 2019 to 2027.
Nowadays, digitization is a huge opportunity for all industries to serve their customer in a better way. These days banks are also making the most of digitization to take customer service to the next level. Digitization enables banks to help customers to understand their financial affairs better and make smarter decisions. A digital bank provides customers seamless experiences that change the customer journey. Digital banking provides efficient solutions at any anytime, anyplace at any mode of the channel such as mobile, laptop, etc. whether they are retail bank customers or corporate bank customers. Digital banking solutions also provide better banking. The platform uses customers’ data to become a virtual advisor and help customers to make better commercial and financial decisions. Due to the demand for digitization, which helps in avoiding human errors and ease the banking process, several countries are adopting digital banking platforms. Several banks across the world have started trusting on robotics technology to get things done at their operations departments. Robotics technology help banks to cut the cost of operation. Numerous advanced technology, such as Chatbots and virtual assistants, are also being employed for customer service. Chatbots and virtual assistants in banking help assign a banker to every customer. Such advanced technology can benefit retail clients as well as corporate clients.
The digital banking platform market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America. The Asia Pacific is projected to be the fastest-growing region in the global digital banking platform market. Whereas, North America, followed by Europe, holds the highest market share in the digital banking platform market in 2018. Digital banking platform market is expected to experience significant growth in the coming years owing to increasing demand for digital banking services coupled with rising internet and smartphone penetration worldwide.
Asia-Pacific is expected to with high year-on-year growth during the forecast period. In the Asia Pacific region, more than half of the digital banking platform revenue is coming from three major countries, including China, India, and Japan. The major factor behind this growth is attributed to the increasing penetration of smartphones, coupled with growing internet penetration in this region. India and China are anticipated to be among the fastest-growing digital banking platform markets in this region. The economic growth in developing countries such as China and India is quite impressive, and these countries are expected to offer ample growth opportunities for the digital banking platform market players during the forecast period of 2019 to 2027.
In developing countries, the government and regulatory bodies are focusing on creating policies that support the digital transformation of various industries, including banking. China’s commitment to promoting digital services is visible from their recent strategic initiatives such “Made in China 2025 Initiative”, “the Guidelines for the “Internet Plus” Action,” and the National 13th Five-Year Planning for Science and Technology Innovation. Government of India has taken several initiatives such as “Digital India” to promote digital transformation across industries. Rest of the developing regions such as South America and Middle East & Africa are also expected to grow significantly throughout the forecast period.
Some of the notable players in the global digital banking platform market EdgeVerve Systems Limited, Oracle Corporation, Sopra Steria, Tata Consultancy Services Limited , Temenos Headquarters SA, Appway AG, Backbase, CREALOGIX Holding AG, Finastra, Fiserv, Inc., Intellect Design Arena Ltd., Kony, Inc., SAP SE, and Worldline SA among many others.
Digital Banking Platform Market Geographic Breakdown, 2018
The report segments the global digital banking platform market as follows:
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