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From an anticipated USD 8.22 billion in 2023, the global digital banking platforms market is expected to rise at a CAGR of 12.3% during the forecast period, reaching USD 13.19 billion by 2030. Demand from banks to improve the client experience they provide is driving growth in the digital banking platforms market, as is the adoption of cloud-based solutions by banks and other financial institutions.
As a result of the COVID-19 pandemic, more people are using online banking services, and many businesses that were resistant to the idea of going paperless have begun offering internet banking to their consumers. Aside from this, technological developments and consumer tastes in both established and emerging nations are mostly to blame for the soaring demand for consumer electronics devices like laptops, cell phones, and PCs. In the modern world, customers routinely use smartphones to access a wide variety of digital services. Many people today use banking applications or mobile browsers to manage their finances on the go.
With readily available and modifiable solutions to digital banking platforms, banks can make the transition to digital ecosystems. Customer loyalty can be increased through the use of interactive mobile banking websites and applications. Growing smartphone adoption rates will drive up demand for banking platforms designed specifically for digital transactions.
The primary factors driving the growth of the market are the increasing number of internet users and the trend toward switching from traditional banking to online banking. Market expansion is further encouraged by the rising popularity of cloud-based platforms due to their increased scalability. However, the expansion of the digital banking platform market is hampered by security and regulatory difficulties in digital lending platforms. Opportunities in the market are anticipated to be lucrative due to factors such as the expanding use of machine learning and artificial intelligence in digital banking platforms, the expanding availability of novel banking services, and the growing number of corporate investors.
By prioritizing the needs of their clientele, customer-centric solutions help banks increase customer retention rates through better support and quicker problem solving. In order to retain existing customers and acquire new ones, financial institutions are emphasizing clear and consistent communication. The ability to have one discussion across voice, web, and mobile is one of the many benefits of an omnichannel digital banking platform. It makes it possible for financial institutions to interact with their clients on every channel. A complete picture of each customer may be gleaned by tracking and monitoring their whole customer experience. Companies in the financial services industry can increase their profits by between 5 and 15 percent with personalized digital banking. Customers now anticipate instantaneous processing, which is driving the development of safer and more convenient online banking services.
The widespread adoption of online and mobile payments is hampered by the fact that many developing countries still have low levels of digital literacy. The development of online banking platforms is hindered as a result. The capacity to read and understand technical information is just one example of the many abilities that make up digital literacy, which in turn enables people to effectively use digital technologies. As a result, people in most African countries are unable to fully realize the benefits that digital technologies offer. Due to the low volume of digital transactions, technology providers are likewise cautious to make investments. Therefore, low levels of digital literacy in developing nations are anticipated to restrain the expansion of the digital banking platforms market.
The BaaS model, or banking as a service, has become increasingly popular in the online banking sector. It's a business model in which licensed banks' digital banking services are embedded into the offerings of third-party companies. This opens the door for companies that aren't banks to offer their consumers traditional banking services including checking accounts, debit cards, loans, and payment processing. With BaaS, digital banking services can establish secure API connections to the underlying banking infrastructure. In order to create cutting-edge financial services and individualized digital strategies, FinTech firms are increasingly embracing BaaS as an emerging technology trend.
Based on factors such as component, deployment methodology, type, mode, and geography, the worldwide digital banking platform market is broken down into manageable chunks. The parts are separated into solution and service categories. The deployment models can be classified as either "on-premise" or "cloud." The banking industry can be broken down into two broad categories: retail and corporate. The global market for financial services is divided into two major categories: mobile banking and online banking. North America, Europe, Asia-Pacific, and the Least Developed Countries and Emerging Economies are all examined.
Report Coverage
Global Digital Banking Platform research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Digital Banking Platform report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Digital Banking Platform competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Digital Banking Platform market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Digital Banking Platform market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Digital Banking Platform market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Alkami (US), Apiture (US), Appway (Switzerland), Backbase (Netherlands), BNY Mellon (US), CR2 (Ireland), EdgeVerve (India), ebankIT (England), Finastra (UK), Fiserv (US), Intellect Design Arena (India), Mambu (Germany), MuleSoft (US), nCino (US), NCR (US), NETinfo (Cyprus), Oracle (US), SAP (Germany), Sopra Banking Software (France), TCS (India), Technisys (US), Temenos (Switzerland), TPS (Pakistan), Velmie (US), and Worldline (France).
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Digital Banking Platform market based on the below-mentioned segments:
Global Digital Banking Platform Market, By Type
Retail Banking
Corporate Banking
Global Digital Banking Platform market, By Component
SOLUTION
SERVICE
Global Digital Banking Platform Market, By MODE
Online Banking
Mobile Banking
Global Digital Banking Platform market, Regional Analysis
As a result of the COVID-19 pandemic, more people are using online banking services, and many businesses that were resistant to the idea of going paperless have begun offering internet banking to their consumers. Aside from this, technological developments and consumer tastes in both established and emerging nations are mostly to blame for the soaring demand for consumer electronics devices like laptops, cell phones, and PCs. In the modern world, customers routinely use smartphones to access a wide variety of digital services. Many people today use banking applications or mobile browsers to manage their finances on the go.
With readily available and modifiable solutions to digital banking platforms, banks can make the transition to digital ecosystems. Customer loyalty can be increased through the use of interactive mobile banking websites and applications. Growing smartphone adoption rates will drive up demand for banking platforms designed specifically for digital transactions.
The primary factors driving the growth of the market are the increasing number of internet users and the trend toward switching from traditional banking to online banking. Market expansion is further encouraged by the rising popularity of cloud-based platforms due to their increased scalability. However, the expansion of the digital banking platform market is hampered by security and regulatory difficulties in digital lending platforms. Opportunities in the market are anticipated to be lucrative due to factors such as the expanding use of machine learning and artificial intelligence in digital banking platforms, the expanding availability of novel banking services, and the growing number of corporate investors.
By prioritizing the needs of their clientele, customer-centric solutions help banks increase customer retention rates through better support and quicker problem solving. In order to retain existing customers and acquire new ones, financial institutions are emphasizing clear and consistent communication. The ability to have one discussion across voice, web, and mobile is one of the many benefits of an omnichannel digital banking platform. It makes it possible for financial institutions to interact with their clients on every channel. A complete picture of each customer may be gleaned by tracking and monitoring their whole customer experience. Companies in the financial services industry can increase their profits by between 5 and 15 percent with personalized digital banking. Customers now anticipate instantaneous processing, which is driving the development of safer and more convenient online banking services.
The widespread adoption of online and mobile payments is hampered by the fact that many developing countries still have low levels of digital literacy. The development of online banking platforms is hindered as a result. The capacity to read and understand technical information is just one example of the many abilities that make up digital literacy, which in turn enables people to effectively use digital technologies. As a result, people in most African countries are unable to fully realize the benefits that digital technologies offer. Due to the low volume of digital transactions, technology providers are likewise cautious to make investments. Therefore, low levels of digital literacy in developing nations are anticipated to restrain the expansion of the digital banking platforms market.
The BaaS model, or banking as a service, has become increasingly popular in the online banking sector. It's a business model in which licensed banks' digital banking services are embedded into the offerings of third-party companies. This opens the door for companies that aren't banks to offer their consumers traditional banking services including checking accounts, debit cards, loans, and payment processing. With BaaS, digital banking services can establish secure API connections to the underlying banking infrastructure. In order to create cutting-edge financial services and individualized digital strategies, FinTech firms are increasingly embracing BaaS as an emerging technology trend.
Based on factors such as component, deployment methodology, type, mode, and geography, the worldwide digital banking platform market is broken down into manageable chunks. The parts are separated into solution and service categories. The deployment models can be classified as either "on-premise" or "cloud." The banking industry can be broken down into two broad categories: retail and corporate. The global market for financial services is divided into two major categories: mobile banking and online banking. North America, Europe, Asia-Pacific, and the Least Developed Countries and Emerging Economies are all examined.
Report Coverage
Global Digital Banking Platform research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Digital Banking Platform report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Digital Banking Platform competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Digital Banking Platform market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Alkami (US), Apiture (US), Appway (Switzerland), Backbase (Netherlands), BNY Mellon (US), CR2 (Ireland), EdgeVerve (India), ebankIT (England), Finastra (UK), Fiserv (US), Intellect Design Arena (India), Mambu (Germany), MuleSoft (US), nCino (US), NCR (US), NETinfo (Cyprus), Oracle (US), SAP (Germany), Sopra Banking Software (France), TCS (India), Technisys (US), Temenos (Switzerland), TPS (Pakistan), Velmie (US), and Worldline (France). |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Digital Banking Platform Market from 2021 to 2030.
- Market Forecast for Digital Banking Platform Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Digital Banking Platform competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Digital Banking Platform
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Digital Banking Platform market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Digital Banking Platform market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Alkami (US), Apiture (US), Appway (Switzerland), Backbase (Netherlands), BNY Mellon (US), CR2 (Ireland), EdgeVerve (India), ebankIT (England), Finastra (UK), Fiserv (US), Intellect Design Arena (India), Mambu (Germany), MuleSoft (US), nCino (US), NCR (US), NETinfo (Cyprus), Oracle (US), SAP (Germany), Sopra Banking Software (France), TCS (India), Technisys (US), Temenos (Switzerland), TPS (Pakistan), Velmie (US), and Worldline (France).
Primary Target Market
- Market Players of Digital Banking Platform
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Digital Banking Platform market based on the below-mentioned segments:
Global Digital Banking Platform Market, By Type
Retail Banking
Corporate Banking
Global Digital Banking Platform market, By Component
SOLUTION
SERVICE
Global Digital Banking Platform Market, By MODE
Online Banking
Mobile Banking
Global Digital Banking Platform market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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