The digital banking platform market size is projected to reach US$ 8.67 billion by 2027 from US$ 3.17 billion in 2018; it is expected to witness healthy market growth of 12.1% CAGR during 2019–2027.

Customer-centric solutions help banks increase client loyalty by improving services and quickly responding to customer inquiries. Banks focus on implementing client retention policies and acquiring new consumers through effective communication. The omnichannel features of a digital banking platform assist banks in facilitating individualized dialogues across numerous channels, including voice, web, and mobile. It allows banks to engage clients at all points of contact. End-to-end customer journeys and activity tracking aid in creating a holistic image of each consumer. For financial services organizations, digital banking provides for customization at a scale of 5–15% revenue increase. Consumers want transactions to be completed quickly and efficiently, which makes digital banking services more reliable and efficient to use.

The expansion of the digital banking platform market is being fueled by an increase in the number of internet users and a transition from traditional banking to online banking. Furthermore, the digital banking platform market's growth is fueled by an increase in the adoption of cloud-based platforms to achieve greater scalability. The expansion of the digital banking platform industry is hampered by security and compliance difficulties in digital lending platforms. Furthermore, the digital banking platform industry is likely to benefit from an increase in the use of machine learning and artificial intelligence in digital banking platforms, as well as an increase in innovative banking services and corporate investors.

The digital banking platform market is likely to witness aggressive investments made by private and public capital holders in the development of sophisticated, advanced, and web-based enterprise banking applications, custom-built banking services, and mobile-friendly banking platforms over the forecast period. Digital banking platforms are also attracting the attention of venture capital firms around the world. For instance, Narmi, a financial technology firm that develops digital banking products, reported the completion of a US$ 20.4 million Series A investment round in February 2021. Picus Capital GmbH, Patriot Financial Partners, L.P., Firebolt Ventures, and Contour Venture Partners were among the investors in the round, led by New Enterprise Associates (NEA), a well-known venture capital firm. The fundraising round included executives from Brex Inc., Expanse Inc., Plaid Inc., and other notable startups. The company also plans to provide the most smooth, comprehensive, and open digital banking platform in the industry.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Get 10% FREE CUSTOMIZATION

Digital Banking Platform Market: Strategic Insights

Digital Banking Platform Market

• 
  CAGR (2018 - 2027)

  12.1%
• Market Size 2018
  US$ 3.17 Billion
• Market Size 2027
  US$ 8.67 Billion

Market Dynamics

GROWTH DRIVERS

• XXXXXXX
• XXXXXXX
• XXXXXXX

FUTURE TRENDS

• XXXXXXX
• XXXXXXX
• XXXXXXX

OPPORTUNITIES

• XXXXXXX
• XXXXXXX
• XXXXXXX

Key Players

• Appway AG
• CREALOGIX Holding AG
• EdgeVerve Systems Limited
• Fiserv, Inc.
• Oracle Corporation
• SAP SE
• Sopra Steria
• Tata Consultancy Services Limited
• Temenos Headquarters SA

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Deployment

• Cloud and On-Premises

Type

• Corporate Banking and Retail Banking

Download Free Sample

   Buy Now   

• Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Many of the world's largest banks are based in North America, which is a major driver pushing the market for digital banking platforms. To make the transition from legacy systems to digital, digital banking suppliers in the region are offering software as a service. Temenos, for instance, enables new digital banks in the US to go live in 90 days with the most functionally rich and technologically advanced front-to-back SaaS digital banking offering available. Many firms are using digital banking systems due to the increased acceptance of blockchain technology, which is strengthening security, particularly in the BSFI industry. This aspect is propelling the region’s digital banking platform market forward. Blockchain-based cloud digital banking platforms are being developed by a number of companies. ​            

Digital banking Platform Market Segments

The digital banking platform market is segmented on the basis of type and deployment. Based on type, the digital banking platform market is segmented into corporate banking and retail banking. On the basis of deployment, the digital banking platform market is segmented into cloud and on-premise. Retail banking contributed a substantial share in the global digital banking platform market. The digital revolution across the globe has changed the banking landscape as well as customer behavior and expectations. New ecosystem players such as FinTechs, open banking, payment services directive, and SWIFT standards are emerging in the global banking industry with innovative technology solutions. In 2018, on-premise was the leading segment by deployment type; however, cloud-based digital banking platforms are expected to grow at a higher CAGR during 2019–2027.

Deployment-Based Insights

The digital banking platforms market, by deployment, is segmented into cloud and on-premise. The companies that are planning to make significant investments in digital banking platforms are anticipated to shift toward the modern platform by adopting cloud-based solutions rapidly. Numerous small and medium enterprises in the region are adopting cloud-based digital banking platforms due to reliability and low cost; it also reduces IT requirements and physical storage, and provides significant savings. Various large enterprises adopt cloud-based solutions as the cloud makes operations flexible. Huge adoption of cloud is mainly driven by the presence of cloud providers, which are offering affordable and free subscription-based models with quick setup.

Some of the key players operating in the digital banking platform market are Appway AG; CREALOGIX Holding AG; EdgeVerve Systems Limited; Fiserv, Inc.; Oracle Corporation; SAP SE; Sopra Steria; Tata Consultancy Services Limited; Temenos Headquarters SA; and Worldline SA.

Digital Banking Platform Market Report Scope

Download Free Sample

   Buy Now   

• Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

The players operating in the digital banking platform market are mainly focused on the development of advanced and efficient products. The digital banking platform market companies are implementing various strategies to match the technological advancements in the market.

• In 2019, Al Ahli Bank of Kuwait partnered with EdgeVerve for robotic process automation. With the partnership, the company would be able to use AssistEdge robotic process automation.

• In 2019,  BADF launched a partnership with Sopra Banking Software. As a partner, Sopra would support the company’s product launch.