IMARC Group has recently released a new research study “Digital Banking Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the Digital Banking Platform Industry?
The global digital banking platform market size reached US$ 5.07 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 10.63 Billion by 2027, exhibiting a growth rate (CAGR) of 12.71% during 2022-2027.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
What is a Digital Banking Platform Market?
A digital banking platform (DBP) provides digital financial services to customers using web-based services, process automation, and application programming interfaces (APIs). It allows users to handle and control financial operations using laptops, desktops, and mobile phones. It is convenient, easy, and quick to use and involves digitizing all traditional banking services, such as bill payments, loan management, cash withdrawals, opening deposit accounts, and funds transfers. In addition, it provides bank statements and real-time transaction notifications, schedules expenditures, and encourages cardless payments. As a result, DBPs are widely utilized for online and mobile banking operations across the globe.
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What are the major market drivers in the Digital Banking Platform Market?
The market is primarily driven by the rising internet penetration of the internet and smartphones resulting in improved flexibility and transparency in banking operations. In addition, the widespread adoption of cloud-based solutions by financial institutions to acquire high scalability is contributing to market growth. Moreover, the integration of artificial intelligence (AI), and machine learning (ML) to prevent payment fraud, assess risks, perform know-your-customer (KYC) regulatory checks, and enhance processes for anti-money laundering (AML), represents another major growth-inducing factor.
Besides this, the increasing use of third-party applications for real-time payments, such as Google Pay, Whatsapp pay, PhonePe, and Paytm has accelerated the demand for reliable unified payments interface (UPI) transactions. Furthermore, the implementation of several government initiatives to encourage a cashless economy and extensive research and development (R&D) activities conducted by key players are also creating a favorable market outlook across the globe.
- Appway AG (FNZ (UK) Ltd.)
- Fidelity Information Services (FIS)
- Finastra Limited, Fiserv Inc.
- Infosys Limited, nCino
- NCR Corporation
- Oracle Corporation
- SAP SE, Sopra Steria
- Tata Consultancy Services Limited
- Temenos AG, The Bank of New York Mellon Corporation
- and Worldline.
The report has segmented the market on the basis of Component, Type, Banking Mode & Region.
Breakup by Component:
Breakup by Type:
- Retail Banking
- Corporate Banking
Breakup by Deployment Mode:
Breakup by Banking Mode:
- Online Banking
- Mobile Banking
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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