Transformative Changes in Digital Banking Platform Market to Fuel Future Growth
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Global digital banking platform market, is growing at a high CAGR because of modernization,?digital client experience, a shorter replacement cycle, and enhanced security and reliability. The increased degree of public/private investment in mobile-friendly banking platforms, enterprise and web-based banking applications, and custom-built banking services promises great prospects in the near future.
A recent study conducted by the strategic consulting and market research firm,?BlueWeave Consulting, revealed that the Global?Digital Banking Platform Market , was worth USD 11.8 billion in the year 2021. The market is projected to grow at a CAGR of 14.5% from 2022-2028 (forecast period), earning revenues of around USD 28.70 billion by the end of 2028. The market, is booming because of modernization, digital client experience, a shorter replacement cycle, and improved security and reliability. Public/private investment in mobile-friendly banking systems, enterprise and web-based banking applications, and custom-built banking services has significant opportunities.
Growing need for financial institutions to provide a better service to their clients.
By prioritizing the needs of their customers, banks may increase customer loyalty through better support and faster problem-solving thanks to client-centric solutions. The primary objectives of today's banking institutions are the implementation of customer retention policies and the development of efficient methods of connecting with potential and existing customers. Because of the omnichannel features of a digital banking platform, banks can have more tailored dialogues with customers through the phone, the online, and mobile devices. As a result, financial institutions may interact with their clients in a unified manner across all channels. By keeping tabs on each step of the client's journey and recording any and all actions taken, a complete picture of each individual consumer may be crafted. The financial services industry can see revenue growth of between 5% and 15% thanks to the ability to scale personalization in digital banking. Customers now anticipate instantaneous processing, which is driving the development of more secure and convenient online banking services.
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Challenge
Increased fear for one's safety
The widespread adoption of online banking has increased firms' security worries over their customers' personal and financial information. As the Internet of Things (IoT) continues to grow, there is a greater need for stringent security and privacy measures within businesses to guard against data leaks. Threatening the progress made in digitalization is the issue of security. Every endpoint, gateway, sensor, and smartphone will be a possible target for hackers as the number of IoT-enabled equipment grows. This is because brute-force attacks, distributed attacks, and social phishing are just some of the security and privacy vulnerabilities that will arise.
To give just one example, in February 2021, Sequoia Capital notified its investors of a data breach that may have exposed some of their financial and personal information. The firm said it had fallen prey to a phishing scam. In addition, a ransomware assault in March 2021 caused disruption throughout CNA Financials’ operations for three days. Financial institutions can protect themselves from these kinds of threats and give their consumers a more streamlined banking experience thanks to digital banking platforms.
Segmental Coverage
Global Digital Banking Platform Market - By Banking Mode
On the basis of banking platform, the market is segmented into online banking and mobile banking. A major contributor to the expansion of the digital banking platform market is the rising popularity of mobile banking platforms around the world. This is particularly true in regions where traditional banking services are less widely available. A bank's or other financial institution's mobile banking service is what allows consumers to access their accounts and make transactions through a mobile device, like a smartphone or tablet, instead of physically going into a branch. Unlike online banking, this option utilizes specialized software—a mobile application—offered by the financial institution itself.
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Global Digital Banking Platform Market - Regional Insights
North America, Europe, Asia Pacific, Latin America, and Middle East and Africa are the regional segments that make up the total market value for the global digital banking platform. As a result of digitization, North American area dominates the digital banking platform industry, and the widespread use of digital payment methods among customers is driving the market forward. The Asia-Pacific region has the highest rate of growth in the digital banking platform market. This is largely attributable to the increasing sophistication and widespread adoption of digital technologies in emerging economies such as Singapore, Australia, and India, which in turn drive the expansion of the IT sector in the region as a result of government policies encouraging digitalization.
Impact of COVID-19 on Global Digital Banking Platform Market,
Many people who would be too hesitant to use traditional banking services owing to safety concerns have been drawn in by the convenience of online banking as a result of the COVID-19 pandemic. As a result of the recent coronavirus pandemic, 35% more people in North America are using online banking compared to before the outbreak. Still, digital-only customers have substantially lower satisfaction levels than their branch-dependent counterparts. More than 20% of Europe's banking sector is made up of small and medium-sized banks. The state exerts complete control over them. In the post-Covid age, financial regulators all around Asia and the Pacific have pushed for the industry-wide implementation of regulatory technology (regtech) and digital innovations.
Competitive Landscape
Market leaders include companies such as Appway AG, FIS, nCino, Fiserv Inc., Oracle, VSoft Corporation, Backbase, EdgeVerve Systems Limited, Temenos, Finastra, Tata Consultancy Services Limited, Tsarfin Computing Ltd, Worldline, SAP, The Bank of New York Mellon Corporation, and others. Companies in the digital banking platform sector are teaming up to improve their global earnings. To stay competitive, some companies are spending money on research and development to strengthen their digital platforms and cyber-proof their software thereby giving a boost in the global digital banking platform market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global digital banking platform market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global digital banking platform market, and industry insights to help decision-makers make sound strategic decisions. furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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