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The banking ERP software market size is significantly growing, and is expected to grow in the upcoming years. Enterprise resource planning (ERP) relates to tools and applications used to organize & control an organization's core operations, in terms of supply chain, logistics, distribution, financial, and others. Furthermore, the banking industry's ERP software focuses on key mechanisms such as monetary operations, protecting client’s confidential information, and connecting various divisions. It integrates information & enhances productivity processes, and assists in decision-making that involves tactical, operational, and organizational strategies. In addition, ERP software helps banking industry to utilize different tools for reducing time, minimizing costs, and to cooperate efficiently with their customers.
The banking sector has been hampered largely from the COVID-19 pandemic. With massive employees working from home, which has created alert for high security majors to secure customer data.
Moreover, this scenario has urged banks to operate technologically, primarily with an implementation of ERP software. Therefore, several businesses have focused on cloud-based ERP solutions to work remotely.
With increase in technologies and advance ERP software, banks have been integrating technologies to track account management, predicting accuracy in delivering solutions & services, and other such offerings. This, as a result has become one of the driving factors as such functions are effectively managed by software over manual processing and are highly cost effective for banking operations. Furthermore, change in consumer expectations and emerging regulations to integrate core banking solutions has encouraged banks to integrate ERP software. Therefore, these are some of the major factors that fuel the banking ERP software market growth. However, evolution in banking needs, owing to shifts in consumer demands, changing regulatory guidelines, growth in competition from Fintech firms, and higher maintenance costs are some of the factors that hinder the market growth.
Conversely, surge in technological advancements and rise in demand for product & service offerings in the banking sector are some of the factors expected to provide enormous opportunities for the market.
The global banking ERP software market trends are as follows:
For instance, in March 2020, ICICI Bank has launched its ICICI Stack platform, which functions as an API (Application Interface Program) and digital banking technology that links with bank’s ERP to offer different services. The ICICI Stack platform offers nearly 500 services such as instant lending approvals, credit cards, UPI (unified payment interface), insurance management, investments, payment claims, and others. It also offers greater security and faster digital account opening network to ensure remote banking for consumers. New system allows merchants, retailers, non-banking financial companies, e-commerce firms and corporations to perform banking operations without visiting the bank. Thereby, delivering greater service to customers.
With growth in customer preference toward digital banking and services, banking and financial institutions are under pressure to deliver enhanced consumer value from computerized platforms. Within this extremely controlled and aggressive market, banks & financial organizations need effective software systems to continuously improve customer experience to coordinate their expectations. Furthermore, ERP software also addresses core banking activities including cash accounting, payment processing, cash security, cash management solutions, and other such offerings via application. ERP systems also assist in reviewing bank’s financial situation, budget management, and annual report and statement preparation. The rapidly changing banking industry requires equally fast institutional response with a single database and a working ecosystem, which includes the core business processes of banks to collect useful data with corresponding streamlined processing and analysis. ERP systems are now addressing such issues in the banking sector.
Key benefits of the report:
Key Market Segments
Key Market Players