Digital Banking Platform Market

Report Scope & Overview:

The Digital Banking Platform Market was valued at USD 5.39 billion in 2022 and is predicted to increase at a CAGR of 12.8% from 2023 to 2030, to reach USD 14.18 billion.

Through active messaging services, the digital banking platform enables for the automated distribution of traditional and novel banking goods and services to end consumers. Furthermore, several banks and other financial institutions are offering digital banking platforms in order to expand their customer base globally and provide ease to their clients.

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The expansion of the industry is being fueled by an increase in the number of internet users and a transition from traditional banking to online banking. Furthermore, the market's growth is fueled by a rise in the usage 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 industry is likely to benefit from an increase in the use of machine learning and artificial intelligence in online banking platforms, as well as a rise in creative banking services and corporate entities.

Due to increased demand for digital banking platforms among people and increased investment by SMEs throughout the country in digital banking platforms, the retail banking category is predicted to expand at the fastest rate and hold the largest market share over the projection period.

MARKET DYNAMICS:

KEY DRIVERS:

• Customer-centric solutions help banks increase client loyalty by improving services and offering quick responses to customer inquiries.

• Banks are concentrating their efforts on implementing client retention strategies and acquiring new consumers through effective communication.

• End-to-end customer journeys and activity tracking aid in the creation of a holistic image of each consumer.

RESTRAINTS:

• Many emerging nations still lack digital literacy, which makes it difficult to accept online and mobile payments on a large scale.

• Because most African countries have poor levels of digital literacy, citizens are unable to fully benefit from digital technology.

• Due to the limited volume of digital transactions, technology companies are likewise unwilling to invest.

OPPORTUNITIES:

• In the digital banking business, the Banking as a Service (BaaS) concept has seen tremendous growth.

• Through APIs, BaaS allows digital banking applications to connect directly to bank systems.

• FinTech firms are embracing BaaS as a growing technology trend for developing cutting-edge financial services and custom digital strategies.

CHALLENGES:

• The widespread use of digital banking has raised worries among businesses about the security of client and financial data.

• As the Internet of Things (IoT) becomes more widespread, businesses will need more comprehensive security and privacy protection to avoid data breaches.

•  The issue of security jeopardizes digitization's progress.

IMPACT OF COVID-19:

Many banks and financial institutions are delivering new digital tools and strategies to their consumers in the COVID-18 epidemic, where companies are dealing with operational issues, among which digital banking platforms have seen substantial development. Furthermore, increased online and mobile banking among end users in a pandemic condition provides development opportunity for the digital banking platform industry. Furthermore, many banks and Fintech companies have offered a variety of appealing banking tactics to assist SMEs and consumers in adopting digital banking platforms, resulting in a plethora of market prospects.

MARKET ESTIMATION:

Component, deployment model, type, are all used to segment the worldwide digital banking platform market. It is divided into two categories based on the components: solution and service. It is divided into two deployment models: on-premise and cloud. The market is separated into two types: retail banking and business banking. The market is divided into two categories based on banking mode: internet banking and mobile banking. North America, Europe, Asia-Pacific, and LAMEA are the regions studied.

KEY MARKET SEGMENTS:

By Component:

• Platforms

• Services

  • Professional Services

  • Managed Services

By Deployment type :

• On-premises

• Cloud

By Banking type:

• Retail Banking

• Corporate Banking

• Investment Banking

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REGIONAL ANALYSIS:

North America led the digital banking platform market in 2021 and is likely to continue to do so during the forecast period. The presence of significant companies and the quick adoption of cutting-edge technologies are two main factors driving the market's expansion in this area. However, due to rising IT infrastructure and large expenditures from private and governmental actors in the area, Asia-Pacific is predicted to develop at a high rate throughout the projection period.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • South Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

Key Market Players: 

The key players include Appway, COR Financial Solution Ltd, Edgeverve, FIS Global, Fiserv Inc, nCino, Oracle Corporation, SAP SE, Temenos, Vsoft Corporation & Other Players

Edgeverve - Company Financial Analysis