The latest report by IMARC, titled “Digital Banking Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the global digital banking platform Market size reached US$ 5.07 Billion in 2021. Digital banking platform (DBP) refers to the online financial services provided by banks. It allows the automated delivery of new and traditional banking products and services through interactive communication channels. Some of the services provided by digital banking platforms include conventional banking services and products, such as bill payments, funds transfer, loan management, cash withdrawals and opening deposit accounts. It also offers features such as real-time transaction notifications, scheduling expenditures, promoting cardless payments, obtaining bank statements, and remotely monitoring personal finance management (PFM) and account-to-account (A2A) payments. In recent years, DBP has gained momentum as it is convenient, easy, and quick to use, and allows users to handle day-to-day financial operations through mobiles, laptops, and desktops.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of the associated industries. These observations will be integrated into the report.
Global Digital Banking Platform Market Trends:
One of the primary factors driving the market is the rising penetration of smartphones, internet connectivity, computers, IoT devices, and artificial intelligence (AI). Additionally, the significant growth in cloud computing and storage has led to an increase in the demand for such technologies, thus creating a positive market outlook. In line with this, the sudden outbreak of coronavirus disease (COVID-19) has resulted in a significant rise in online banking activities, which is creating a positive market outlook. Besides this, DBP provides immediate transactions with improved security to the customer. Other than this, the employment of machine learning (ML) in DBPs helps detect and prevent payment frauds, enhances procedures for anti-money laundering (AML), and performs know-your-customer (KYC) regulatory checks, which is strengthening the market growth. Moreover, extensive research and development (R&D) activities, along with the implementation of numerous government initiatives to promote a cashless economy, is anticipated to drive the market growth. Looking forward, IMARC Group expects the market value to reach US$ 10.76 Billion by 2027, expanding at a CAGR of 12.71% during the forecast period (2022-2027).
- Based on the component, the market has been bifurcated into solutions and services.
- On the basis of the type, the market has been segmented into retail and corporate banking.
- Based on the deployment mode, the market has been divided into on-premises and cloud-based.
- Based on the banking mode, the market has been segregated into online and mobile banking.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being 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.
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