Digital Banking Platform Market is Expected to Dominate by Cloud Sector in Forecast Period
Vipin Prakash Mishra
Sr. SEO Specialist, Digital Marketing Consultant, SEO, SEM, SMO, Lead Generation
According to TechSci Research report, “Global Digital Banking Platform Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Digital Banking Platform is anticipated to project robust growth in the forecast period with a CAGR of ?13.82% through 2028, The majority of the banks prefer digital banking platforms due to the various benefits offered, such as reduced IT cost, fast time to market, open banking, out-of-the box yet configurable capabilities, omnichannel customer experience, and microservice architecture, to name a few. For example, in December 2022, Deloitte announced a collaboration with AWS to address a chronic difficulty in banking: the transition to digital-first systems that span the client interface to back office operations.
Though neo-banks are still a niche market, they are witnessing a higher growth rate in terms of market share and serving customers at around one-third of the cost of traditional banks. Fintechs are targeting lucrative niches in the value chain. The big tech players, with their large customer bases, pose a real threat, and a few incumbents are investing heavily in innovation, putting laggards in the shade.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on " Global Digital Banking Platform Market"
Based on deployment, Cloud segment is expected to dominate the market during the forecast period. In January 2023, the digital bank in the Philippines, GoTyme Bank, collaborated with the worldwide cloud banking platform Mambu to create an innovative digital banking solution that seeks to increase Filipinos' access to high-quality financial services.
Many banks prefer cutting the IT infrastructure cost needed for on-premise setup by leveraging cloud-based services, which enable them to deploy new products and scale infrastructure quickly, cater to a broader customer base with varied needs at a faster speed, and manage rapidly increasing real-time payments while ensuring compliance and security standards. As a subscription fee is paid to a SaaS provider, system maintenance costs and legacy technology issues are reduced. Rather than spending a small fortune on IT, SaaS provides banks with the ability to reallocate budgets so they can focus on innovation, customer satisfaction, and business growth.
The use of the cloud has also helped mobile banking platforms offer a responsive user interface (UI) and support the bank customers’ entire banking journey, right from onboarding to transactional banking requests, on their mobile devices. Banks are rapidly adopting mobile banking platforms, owing to their changing preference toward mobile banking.
Moreover, increased adoption of third-party applications for real-time payments, such as Whatsapp Pay and PhonePay, has led to increased demand for reliable infrastructure by the banks to carry out UPI transactions smoothly. For instance, Visa recently completed a USD 5.3 billion acquisition of Plaid, a fintech startup that allows applications to connect with customers’ bank accounts easily and instantly. Technological shifts such as these have led to increased demand for cloud infrastructure in the digital banking industry.
Based on Region, North America plays a significant role in the global Digital Banking Platform market, Many of the biggest banks are in North America, which is a big reason why the market for digital banking platforms is growing. Digital banking companies in the region offer software as a service so that legacy systems can be turned into digital ones. For instance, Temenos helps new U.S. digital banks go live in 90 days with the most functionally rich and technologically advanced front-to-back SaaS digital banking offering.
Digital banking platforms are becoming more popular as blockchain technology, which makes security better, is used more and more, especially in the BSFI sector. This factor is fueling the market’s growth in the country. Many companies are developing blockchain-based cloud digital banking platforms.
North America is also one of the most innovative and first places to use the cloud. Cloud infrastructure providers have a strong foothold in the region, which helps the market grow even more.
The steady rise in the use of digital banking platforms follows a similar rise in the use of fintech apps, which are notable for being one of the fastest-growing types of apps in the US. Due to the global coronavirus (COVID-19) pandemic, people in the United States stayed at home more and used their phones more. This led to more digital banking across the region.
Key market players in the Global ?Digital Banking Platform Market are following:-
领英推荐
“The global digital banking platform market is driven by increasing consumer demand for convenient digital services, fueled by smartphone adoption. Mobile-first approaches, open banking initiatives, and APIs enhance user experiences and foster innovation. Enhanced security measures, regulatory changes, and fintech disruption promote trust and growth. Data analytics, personalization, and partnerships drive customer engagement and product expansion. The COVID-19 pandemic accelerated digital adoption, further propelling the market's growth. These drivers collectively push financial institutions and platform providers to invest in digital infrastructure, ensuring they meet evolving customer needs in an increasingly digital world.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based ?global management consulting firm.
Download Free Sample Report
Customers can also request for 10% free customization on this report.
Digital Banking Platform Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by deployment (cloud, on-premises), type (corporate banking, retail banking), By Region, Competition 2018-2028 has evaluated the future growth potential of Global ?Digital Banking Platform Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global ?Digital Banking Platform Market.
Contact
Mr. Ken Mathews
TechSci Research LLC
420 Lexington Avenue, Suite 300,
New York, United States- 10170
Tel: +1-332-258-6602
Email:?[email protected]
Website:?www.techsciresearch.com