Major players in the market are Appway AG, Crealogix Holding AG, EdgeVerve Systems Limited, Fiserv Inc, Oracle Corporation, SAP SE, Sopra Steria, Temenos, Worldline SA, Cor Financial Solution Ltd. , FIS Inc, Vsoft Corporation, Apiture, BNY Mellon, and CR2.
New York, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Digital Banking Platform Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06368518/?utm_source=GNW
The global digital banking platform market is expected to grow from $5.39 billion in 2021 to $6.15 billion in 2022 at a compound annual growth rate (CAGR) of 14.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The digital banking platform market is expected to grow to $10.33 billion in 2026 at a CAGR of 13.9%.
The digital banking platform market consists of sales of digital banking platform services by entities (organizations, sole traders, and partnerships) that are used by the banks to adapt and optimise enhanced technologically advanced services delivered via mobile phones, laptops, smart TVs, desktop computers, and other devices. A digital banking platform refers to financial services that enable a bank to begin the transformational process of becoming a truly digital bank that is ecosystem-centric.
The main types of digital banking platforms are corporate and retail banking.Corporate banking refers to the aspect of banking that deals with corporate customers.
The various components include platforms and services. The various banking modes include online banking and mobile banking that are deployed through the cloud and on-premise.
North America was the largest region in the digital banking platforms market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this digital banking platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The shift in trend from traditional banking to online banking is expected to propel the growth of the digital banking platform market going forward.Online banking refers to an electronic payment system that enables customers to conduct a range of financial transactions through a website or payment app.
Online banking helps improve services and increase profits, causing financial institutions to shift their focus to digital banking, resulting in the growth of the digital banking platform market. For instance, according to India Brand Equity Foundation, an Indian government export promotion agency, by 2025, India’s fintech market is expected to reach Rs. 6.2 trillion (US$83.42 billion). Fintech financial services are responsible for transforming the banking system into various digital channels such as online channels and social channels. Therefore, the shift in trend from traditional banking to online banking is driving the growth of the digital banking platform market.
Technological advancements are a key trend gaining popularity in the digital banking platform market.Major companies operating in the digital banking platform market are developing new technologies to reduce operating costs and enable faster and safer transactions.
For instance, in June 2020, Fiserv, a US-based payment and financial services technology provider, unveiled Virtual Banking Assistant 2020, an interactive tool that uses AI-based natural language processing to assist banks and credit unions in managing virtual customer transactions more efficiently. With Fiserv’s Virtual Banking Assistant, which incorporates Clinc’s conversational AI technology, banks and credit unions can have more fruitful and effective online conversations with their customers as a complement to in-person interactions and an essential part of a comprehensive customer experience.
In July 2019, FIS, a US-based provider of financial software, services, and business solutions to its customers, acquired Worldpay, Inc. for an undisclosed amount. The acquisition accelerated FIS’s growth and advanced the way people pay, bank, and invest around the world. Worldpay is a US-based provider of payment processors and advanced technology solutions operating in digital banking.
The countries covered in the digital banking platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The digital banking platforms market research report is one of a series of new reports that provides digital banking platforms market statistics, including digital banking platforms industry global market size, regional shares, competitors with a digital banking platforms market share, detailed digital banking platforms market segments, market trends and opportunities, and any further data you may need to thrive in the digital banking platforms industry. This digital banking platforms market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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