The Fintech Mag

According to Research by SNS Insider, Legacy Banks Collaborate with Fintech Companies to Improve Their Digital Platforms and Technology Infrastructure to Aid Digital Banking Platform Market Growth

Pune, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Digital Banking Platform Market Size Analysis:

“The global Digital Banking Platform Market, valued at USD 30.3 Billion in 2023, is projected to reach USD 164.7 Billion by 2032, growing at a compound annual growth rate (CAGR) of 20.7% during the forecast period.”

The banking industry is rapidly going through digitalization, and smart mobile tools and digital banking services are required by consumers. These are the main drivers in the market. Thus, banks are mainly inclined towards digital banking platforms due to such benefits as lower IT cost, quick time-to-market, open banking, out-of-the-box yet an opportunity to configure solutions, omnichannel customer experience, and microservice architecture. For instance, it was recently announced that on December 12, 2022, Deloitte had teamed up with Amazon Web services to address a perennial issue: the transition to digital-first offerings that span the gamut of banking from customer-facing activities to the back office. Regarding the fact that the processors used by neo-banks are still shallow, they still represent a small market, but they grow faster in terms of increasing market share. Even though they serve their customers at about a third of the cost of a standard bank, the interest of venture backers in them appears to be waning. In the meantime, fintechs are focused on the most attractive niches in the value chain. The big techs and large user communities pose the greatest danger. Incumbents are spending a fortune on innovation, with only a few laggards fading away.

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Major Players Analysis Listed in this Report are:

• Fiserv, Inc.
• Crealogix AG
• Temenos
• Urban FT Group, Inc.
• Appway AG
• Alkami Technology Inc.
• Finastra
• Urban FT Group, Inc.
• Q2 Software, Inc.
• Sopra Banking Software
• Tata Consultancy Service

Digital Banking Platform Market Report Scope:

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Segmentation Dynamics

The on-premise segment was the market leader, holding a revenue share of 73.2% in 2023. The on-premise model installed at the user’s site is a common choice for many users of these systems, as it is perceived by many as more secure than cloud software. If the software is hosted on the customer’s premises, their IT and security teams have direct access and therefore full control over its installation, configuration, management, and security. In various countries with strict regulations on the storage of financial data, large and well-established banks often opt for on-premise solutions because they have the capacity available. The cloud segment held the second-largest market share and there is potential for this segment to grow the fastest in terms of CAGR in the forecast period. The success of inclusive banking in the future will depend on the adoption of cloud and SaaS solutions. Although cloud and SaaS solutions provide basic financial services to the populations considered by inclusive banking, there are challenges in the inclusive banking environment.

Digital Banking Platform Market Segmentation:

By Deployment

• On-Premise
• Cloud

By Mode

• Online Banking
• Mobile Banking

By Type

• Retail Banking
• Corporate Banking
• Investment Banking

By Component

• Platforms
• Services
  • Professional Services
  • Managed Services

Regional Insights

Asia Pacific was the leading market in 2023, which held a share of 33.5%, and is expected to also exhibit the highest CAGR of 24.2% during the forecast period. The advent of new digital companies is expanding Asia’s digital banking industry; a new generation of digital institutions is completely changing the older norms and offering both individuals and companies tightly digitalized banking services. Due to the growing need for mobile and online banking solutions, there is huge potential for existing players as well as new entrants, owing to the increasing proportion of permits and a new set of banking regulations. North America was the second biggest market, holding a share of 27.2%, and is anticipated to grow at a CAGR of 19.9% during the forecast period. Cloud solutions are being adopted right into many sectors worldwide such as banking and finance. The increasing adoption of cloud solutions is resulting in banks deploying cloud-based digital banking platforms, which will continue due to their low initial cost and rapid update capabilities.

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Recent Developments

• In April 2024, nCino provide individuals with an improved and better omnichannel consumer banking solution for grades and banks. After the introspection, this will ensure that bankers can now find out which of their customer’s preferences and needs in the financial services sector.
• In September 2023, Temenos proved to be the most striking and useful risk-free and secure solution to banks. This invention incorporates generative Artificial Intelligence automation delivery to classify the banking transaction of any customer.

Key Takeaways:

• The on-premise segment held the leading revenue share in 2023 due to the surging adaption of the segment among the large banks with strict storage and data security guidelines.
• The Asia Pacific region dominated the market with 33.5% of the revenue share in 2023 and will see the highest CAGR of 24.2% throughout the forecast period, driven by the establishment of new digital companies and the regulatory backing of digital banking enlargement.

Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

6. Competitive Landscape

7. Digital Banking Platform Market Segmentation, by Deployment

8. Digital Banking Platform Market Segmentation, by Mode

9. Digital Banking Platform Market Segmentation, by Component

10. Digital Banking Platform Market Segmentation, by Type

11. Regional Analysis

12. Company Profiles

13. Use Cases and Best Practices

14. Conclusion

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