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2020
Digital Banking Platform Market

Digital Banking Platform Market by Component (Solution and Service), Deployment Model (On-Premise and Cloud), Type (Retail Banking and Corporate Banking), and Banking Mode (Online Banking and Mobile Banking): Global Opportunity Analysis and Industry Forecast, 2020–2027
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A05174
Pages: 227
Jun 2020 | 14284 Views
Author(s) : Pramod Borasi, Shadaab Khan and Vineet Kumar
Tables: 141
Charts: 60
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COVID-19

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Digital Banking Platform Market Outlook - 2027

The global digital banking platform market size was valued at $3.95 billion in 2019 and is projected to reach $10.87 billion by 2027, growing at a CAGR of 13.6% from 2020 to 2027. Digital banking platform allows automated delivery of traditional and new banking products and services directly to the end users through interactive communication channels. In addition, many banks and financial institutions are providing digital banking platform for increasing their customers across the globe and providing convenience to their customers.

Surge in number of internet users and growth in shift from traditional banking to online banking are the major factors driving the growth of the market. In addition, increase in adoption of cloud-based platform to obtain higher scalability fuels the growth of the market. However, security and compliance issues in digital lending platform hampers the growth of the digital banking platform market. Furthermore, growth in usage of machine learning and artificial intelligence in digital banking platform and increase in innovative banking services and rise in corporate investors are expected to provide lucrative opportunities for the market. 

The retail banking segment is expected to grow at the highest rate and will also have a significant market share during the forecast period, owing to surge in demand for digital banking platform among the individuals and rise in investment by SMEs nation in digital banking platform. 

Digital-Banking-Platform-Market-2020-2027

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Region wise, the digital banking platform market was dominated by North America in 2019 and is expected to retain its position during the forecast period. The major factors that drive the growth of the market in this region include presence of major players and rapid adoption of latest technology in the market. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to booming IT infrastructure and hefty investments from the private and public players in the region.

Digital Banking Platform Market
By Component

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Solution is projected as one of the most lucrative segments.

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The report focuses on the growth prospects, restraints, and trends of the global digital banking platform market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the global digital banking platform market.

Digital Banking Platform Market
By Deployment Model

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On-Premise is projected as one of the most lucrative segments.

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Segment review

The global digital banking platform market is segmented on the basis of component, deployment model, type, mode and region. By component, it is bifurcated into solution and service. In terms of deployment model, it is bifurcated into on-premise and cloud. In terms of type, the market is divided into retail banking and corporate banking. As per banking mode, the market is segmented into online banking and mobile banking. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Digital Banking Platform Market
By Type

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Retail Banking is projected as one of the most lucrative segments.

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The key players profiled in the digital banking platform market analysis are Appway, COR Financial Solution Ltd., Edgeverve, FIS Global, Fiserv, Inc, nCino, Oracle Corporation, SAP SE, Temenos, and Vsoft Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry. 

Digital Banking Platform Market
By Banking Mode

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Online Banking is projected as one of the most lucrative segments.

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COVID-19 impact analysis

In COVID-19 pandemic where businesses are coping with operational challenges, many banks & financial institutions are providing their customers with new digital tools and techniques among which digital banking platform have witnessed significant growth. In addition, rising online and mobile banking in the pandemic situation among the end users is providing growth potential for the digital banking platform market. Furthermore, many banks and Fintech industries have introduced various attractive banking strategies for supporting the SMEs and the consumers to adopt digital banking platform, which is creating numerous opportunities for the market.

Top impacting factors

Growth in usage of machine learning and artificial intelligence in digital banking platform

The digital banking has experienced a drastic change over centuries, owing to the emergence of disruptive technologies. In addition, rising adoption of artificial intelligence and machine learning in digital banking platform is providing a lucrative opportunity for the market. Furthermore, many banks and financial institutions are adopting artificial intelligence-based banking solutions to provide customer with faster and more efficient customer services. In addition, to improve the security features in the banking platform, many banks are adopting machine learning to predict fraud even before it happens. These innovations are constantly being developed and account for numerous opportunities for the sector. For instance, AI in digital banking solutions possesses extreme capabilities to reduce loan processing time, and operational costs. In addition, cognitive computing possesses capabilities to analyze huge amounts of data to create opportunities for lenders in risk analysis and management. More number of advanced technologies integration in the upcoming years is expected to create significant opportunities for the digital banking platform market.

Digital Banking Platform Market
By Region

2027
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 15.4% during 2020-2027.

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Growth in shift from traditional banking to digital banking

With the growing penetration of the smart phones and internet users across the globe; online banking has seen a significant growth in the recent years. Digital banking is considered as one of the convenient and widely used option for the customers as it provides instant affordability for the applications. A large number of businesses and individuals have started filling applications online for taking loans in the recent years rather than getting into the time-consuming lending process. According to Federal Reserve, about 24% small businesses in the U.S. applied for loans online in 2018, which was significantly high than 21% in 2017.  Furthermore, digitization in banking have helped improved their services and increase their profit which is shifting financial institution attention toward the digital banking, thus, driving the digital banking platform market growth.

Key Benefits for Stakeholders 

  • The study provides an in-depth analysis of the global digital banking platform market forecast along with the current & future trends to elucidate the imminent investment pockets.

  • Information about key drivers, restraints, and opportunities and their impact analysis on the global digital banking platform market size is provided in the report.

  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.

  • The quantitative analysis of the market from 2019 to 2027 is provided to determine the market potential.

Key Market Segments

Segments Sub-segments
By Component
  • SOLUTION
  • SERVICE

By Deployment Model
  • ON-PREMISE
  • CLOUD

By Type
  • Retail Banking
  • Corporate Banking

BY MODE
  • Online Banking
  • Mobile Banking

By Region
  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Netherlands
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • Singapore
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Market Players

  • Appway AG
  • Cor Financial Solution Ltd.
  • Edgeverve (Subsidiary of Infosys)
  • FIS
  • NCino
  • Fiserv, Inc.
  • Oracle Corporation
  • SAP SE
  • Temenos
  • Vsoft Corporation
 

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The adoption of digital banking platform has increased over time due to rising adoption of smart phones and ease of transactions as compared to traditional banks. The ability of software to protect the confidentiality of digital data stored on mobile devices or transmitted over the internet is increasing its popularity among the end users. Furthermore, technological advancements and increasing awareness amongst consumers can lead to a rapid growth during the forecast period.

According to CXOs of leading companies, increase in economic strength of developing nations such as China and India, is expected to provide lucrative opportunities for the market growth. North America is expected to dominate the market during the forecast period. Moreover, emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities during the forecast period. The global players are focusing toward product development and increasing their geographical presence, owing to growth in competition among local vendors, in terms of features, quality, and price. 

The digital banking platform providers are adopting various business strategies to enhance their product offerings and strengthen their foothold in the market. For instance, in January 2020, Temenos partnered with Virgin Money Australia to provide cloud-based digital banking platform to Virgin’s customers. The technology will help customers improve their financial fitness, as well as bring innovative banking products to market faster, such as savings accounts, and loyalty programs.

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