Report : Retail Core Banking Systems Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Offering (Solutions and Services) and Deployment Type (Cloud and On-Premise)
According to our latest market study on “Retail Core Banking Systems Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Offering (Solutions and Services) and Deployment Type (Cloud and On-Premise),” the market was valued at US$ 6,529.83 million in 2021 and is projected to reach US$ 11,410.83 million by 2027; it is expected to grow at a CAGR of 9.5% from 2020 to 2027.
Several banks in various regions aim to seek precision in their operating models that would help them make data-driven decisions. The retail banking institutions transform their business by implementing retail core banking systems to offer better services to their customers and reduce operational costs. In Europe, cloud- and AI-enabled digital transformation enables banks to provide core banking solutions. APAC is likely to register the highest CAGR in the retail core banking system market during the forecast period. The rising adoption of advanced technologies in the BFSI industry in countries such as China, India, Japan, South Korea, and Australia accelerates the adoption rate of retail core banking systems. Companies are highly investing in mobile and cloud technologies to streamline their business operations. The Big Data analytics is gaining huge popularity in the market as it delivers a wide-range analysis and useful insights about the customers. This technology performs predictive analysis that helps the banks to assess different strategies and tactics, thereby offering them better decision-making abilities; this benefits the banks through the ability to offer better customer service, accompanied with enhanced profitability, increased performance, and reduced costs. The retail core banking system market in other developing regions, such as the MEA and SAM is also projected to grow at a rapid pace due to the increasing government support toward the digitalization of economies in the respective countries.
The players present in the retail core banking systems market mainly focus on the collaboration strategy to expand their business and maintain their brand name globally. For instance, in November 2020, LEVERIS, a digital banking and lending platform provider, chose Amazon Web Services (AWS) as a cloud-computing service provider. The company’s platform is deployed on the cloud, and it functions independent of the legacy core banking technology. Further, it helps clients to offer advanced and secure banking and lending solutions to customers at minimum cost.
Several developed countries in the world represent a major market for retail core banking systems due to the high adoption of cloud and mobile technologies in their BFSI sectors. The US and developed countries in Europe have also witnessed a growth in the number of fintech. Major countries have increased their contactless limits; thus, the demand for digital banking services has doubled in various countries. The COVID-19 pandemic has boosted the digitization of the banking sector due to drastic changes in customer expectations. Digitalization would support banks stay competitive during the challenging operating conditions that have been introduced by the pandemic.
Source; The Insight Partners Analysis
The global retail core banking systems market has been segmented as follows:
Retail Core Banking Systems Market – by Offering
Retail Core Banking Systems Market – by Region