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2021
Retail Core Banking Solution Market

Retail Core Banking Solution Market By Component (Software and Service), Deployment Model (On-Premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises (SMEs)), and Application (Regulatory Compliance, Risk Management, Digital Banking, Data Storage, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027

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COVID-19

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Retail Core Banking Solution Market Outlook – 2027 

The global retail core banking solution market is experiencing substantial growth and is expected to expand in future owing to the rapid adoption advanced technological in the banking system. Core banking system is a network between different bank branches that helps clients to monitor their finances and access range of financial services from anywhere around the world. 

Furthermore, banks and FinTech industries are adopting application of information technology (IT) to improve its sustainability and development of the organization and the banking industry. Core banking technology provides solutions to meet rapidly evolving business demands, improve bank transaction performance, provides remote access and customer satisfaction. In addition, technology lets banks standardize procedures, reduce delays, enhance compliance and reporting, and provide easy access to their customers.

The global retail core banking solution market is segmented on the basis of component, deployment model, enterprise size, application, and region. Based on component, the retail core banking solution market is bifurcated into software and service. In terms of deployment model, the market is categorized into on-premise and cloud. 

On the basis of enterprise size, the retail core banking solution market is divided into large enterprises and small & medium enterprises (SMEs). In terms of application, the market is segregated into regulatory compliance, risk management, digital banking, data storage, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global retail core banking solution industry include Oracle Corporation, Temenos AG, Fiserv Inc., Finastra, TATA Consultancy Services Limited, Fidelity National Information Services Inc., Jack Henry & Associates Inc., SAP SE, Asseco Poland SA, and Silverlake Axis Ltd. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global retail core banking solution market. 

Top Impacting Factors

Increase in need to provide enhance banking service to the retail industry and rise in need to integrate core banking system in retail industry drives the growth the market. In addition, growing need to connect traditional banking systems to a centralized server or data center fuels the growth of the market. 

However, lack of awareness and infrastructure among the emerging countries hamper the growth of the market. Furthermore, growing adoption of machine learning and internet of things in retail core banking solution among the emerging countries is projected to generate tremendous growth opportunities.

As major tech firms continue to concentrate on state-of-the-art technology, the banking and other financial sectors are showing signs of optimism and acceptance towards AI. In addition, various banks are increasingly attempting to use AI to simplify risk control procedures, including the fraud prevention and regulatory compliance.

Furthermore, chatbots and conversational interfaces appear to be trends that continue to encourage curiosity and anticipation in the banking industry. Many banks including Bank of America started to implement chatbots in its banking premises. JPMorgan Chase also invested in technologies and launched a Contract Intelligence (COiN) chatbot programmed to review legal contracts and retrieve relevant data points and agreements.

Banks have also begun to use predictive banking analytics to analyze customer use and behavior in order to evaluate creditworthiness and to promote various banking products that meet their needs. Wells Fargo reports Predictive Banking will provide mobile application consumers with different alerts in diverse circumstances.

Rapid Surge in Mobile Banking

When more and more aspects of the lives of customers move to mobile apps, it is no wonder that banks and their competitors have come up along the phenomenon. Developed nations were leading in every sector, but perhaps the lack of infrastructure in developing countries has actually contributed to massive expansion in banking and digital inclusion, in particular mobile banking. 

Within the last few years, Monzo, Starling Bank, and Revolut, Atom and Tandem have developed new, mobile-only banking platforms that quickly fascinated younger generation with growing adoption. Reserve Bank of India stated that mobile banking usage has rose by 92% during 2017–2018 period in India. With increase in use around the globe, several major banks such as Bank of America, Citi Bank, and Wells Fargo have facilitated much of their banking operations to their customers through mobile apps.

Key Benefits of the Report

  • This study presents the analytical depiction of the global retail core banking solution market forecast along with the current trends and future estimations to determine the imminent investment pockets.    
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global retail core banking solution market share.     
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global retail core banking solution market growth scenario.         
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
  • The report provides a detailed retail core banking solution market analysis based on the present and future competitive intensity of the market. 

Market Scope and Structure Analysis

Report Metric

Details

Market Size Available For Years

2019-2027

Base Year Considered

2019

Forecast Period

2020-2027

Forecast Units

Value ($)

Segments Covered

Component, Deployment Model, Enterprise Size, Application, and Region

Regions Covered

North America (U.S.  and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia Pacific (China, Japan, India, and the Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM) and The Middle East and Africa

Companies Covered

Oracle Corporation, Temenos AG, Fiserv Inc., Finastra, TATA Consultancy Services Limited, Fidelity National Information Services Inc., Jack Henry & Associates Inc., SAP SE, Asseco Poland SA, and Silverlake Axis Ltd.


COVID-19 Scenario Analysis

  • The pandemic has had a huge impact on the banking and financial services industry. As a result of the lockdown, all businesses and enterprises were forced to operate from home. 
  • Under this case, the use of digital technology is seen as never before. Standard Chartered Bank reported that there is a rise in business interests in digital banking. 
  • Banks are now focusing on their clients to realize the major cost and time benefits of digital banking.

Retail Core Banking Solution Market Key Segments

Segments

Sub-Segments

Component

  • Software
  • Service

Deployment Model

  • On-Premise
  • Cloud

Enterprise Size

  • Large Enterprises
  • Small & Medium Enterprises (SMEs)

Application

  • Regulatory Compliance
  • Risk Management
  • Digital Banking
  • Data Storage
  • Others

 

Questions Answered in Retail Core Banking Solution Market Research Report    

  • Who are the leading market players active in the retail core banking solution market?
  • What would be the detailed impact of COVID-19 on the retail core banking solution market size?
  • How current retail core banking solution market trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the retail core banking solution market?
  • What are the projections for the future that would help in taking further strategic steps?
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

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We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

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Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

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Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

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