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According to the latest report by IMARC Group, titled “Third-Party Banking Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global third-party banking software market reached a value of US$ 24.4 Billion in 2021. The third-party banking software serves as a multi-channel banking, core banking, private wealth management, and business intelligence software solution. It is a highly customized and integrated software that performs and provides end-to-end omnichannel management of several banking operations. Commercial, retail, and trading banks primarily utilize it to improve their currency exchange network and optimize their operations. Apart from this, the software aids in reducing operational costs, minimizing losses due to human intervention, enhancing operational flexibility by understanding evolving customer demands, and providing banks with a strategic advantage over other financial institutions.
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.
Global Third-Party Banking Software Market Trends:
The widespread adoption of customer-centric core strategies, along with the rising need to improve productivity and operational efficiency in the banking sector is majorly driving the third-party banking software market growth. Additionally, the increasing utilization of digital payment solutions and the incorporation of big data analytics into third-party banking software to process large amounts of data for making accurate business decisions and identify market trends are catalyzing the market growth. In line with this, the surging partnerships between regulated financial institutions and alternative financial companies are acting as another growth-inducing factor. Due to the proliferation of smartphones, consumers are increasing shifting toward computerized accounting for bookkeeping and monetary transactions. This, in turn, is facilitating the demand for sophisticated, risk-free, compliant, and data-driven software, like third-party banking software, which is creating a positive outlook for the market. Looking forward, the market is expected to grow at a CAGR of 8.4% during 2022-2027.
Market Summary:
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