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Digital Banking Platforms Market by Component, Banking Type, Banking Mode, Deployment Type and Region - Global Forecast to 2026

·6 min read

Dublin, Sept. 28, 2021 (GLOBE NEWSWIRE) -- The "Digital Banking Platforms Market by Component (Platforms and Services), Banking Type (Retail Banking, Corporate Banking, and Investment Banking), Banking Mode (Online Banking and Mobile Banking), Deployment Type, and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global Digital Banking Platforms market size is expected to grow USD 8.2 billion in 2021 to USD 13.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period.

The digital banking platforms market is gaining traction due to Increasing adoption of cloud-based solutions by financial institutions and proliferation of smartphones are expected to drive the overall growth of digital banking platforms market.

By Deployment type, the cloud segment to grow at the higher CAGR during the forecast period

The cloud deployment type has become a cost-effective and efficient way to handle all operational processes of insurers, along with data management and governance issues. Cloud-based digital banking platform-tools offer several benefits, such as the rapid implementation of tools, reduced setup and operational costs, less maintenance costs, 24/7 data accessibility, security, and ease of use. Digital banking platforms and capital markets and increasingly inheriting cloud for storing data and accessing advanced applications through the internet.

By Banking Type, the Retail Banking segment to hold the larger market size during the forecast period

Retail banking has emerged as an essential enabler in the digital banking platforms market to translate banking models across the globe. The digital revolution has disrupted the marketplace with changing customer behavior and expectations, emerging competitors, and innovative technologies. With the increasing number of channels, financial institutions are changing their operating processes to provide customers with premium services and improve their account management. Several organizations are offering an integrated digital banking solution that includes platforms for internet banking and mobile banking. These platforms are enriched by solutions for deposit and loan origination, analytics, and banking services.

By region, Asia Pacific to grow at the highest CAGR during the forecast period

The APAC countries have seen a rise in the number of FinTech startups, which has led to the disruption in the digital banking platforms ecosystem. However, to keep up with this rapid pace of advancements, traditional banking firms are undertaking digital transformation projects. There is a huge untapped market for the banking industry in India, China, Bangladesh, and several other countries of APAC; this has proven to be a driver for the growth of banking firms in the region. Hence, this motivates bankers to adopt strategies for the digitalization of their services. With the rise in the number of mobile device users, there is also an increasing use of digital banking technologies and online commerce. These factors together are expected to fuel the growth of the digital banking platforms market in the region.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Digital Banking Platforms Market
4.2 Market, by Component
4.3 Market, by Service
4.4 Market, by Professional Services
4.5 Market, by Banking Type
4.6 Market, by Banking Mode
4.7 Digital Banking Platforms Market, by Deployment Type
4.8 Market, by Region
4.9 Market, by Country

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers Growing Demand Among Banks for Delivering Enhanced Customer Experience Increasing Adoption of Cloud-Based Solutions by Financial Institutions Rising Adoption of Smartphones Growing Need to Meet the Compliance Requirements of New Data Laws and Regulations COVID-19 Accelerating the Adoption of Digital Banking
5.2.2 Restraints Lack of Digital Literacy in Emerging Countries
5.2.3 Opportunities Increased Cross-Selling and Upselling Activities Emergence of the Banking as a Service (Baas)Model Gradual Adoption of Open-Banking Apis
5.2.4 Challenges Rising Security Concerns Difficulty in Integrating Digital Banking Platforms with Legacy Systems Technical Issues Leading to Losses
5.3 COVID-19 Market Outlook for Digital Banking Platforms Market
5.3.1 Cumulative Growth Analysis
5.4 Use Cases
5.4.1 Use Case 1: Backbase
5.4.2 Use Case 2: Appway
5.4.3 Use Case 3: Finastra
5.4.4 Use Case 4: Temenos
5.4.5 Use Case 5: Oracle
5.5 Pricing Analysis

6 Digital Banking Platforms Market, by Component
6.1 Introduction
6.1.1 Components: Market Drivers
6.1.2 Components: COVID-19 Impact
6.2 Platforms
6.2.1 Rising Need to Replace Legacy Banking Platform Drive the Demand for Digital Banking Platforms
6.3 Services
6.3.1 Rising Deployment of Digital Banking Platforms and Complexities in Integration with Back-End Systems to Fuel the Demand for Services
6.3.2 Professional Services Consulting Implementation Support and Maintenance
6.3.3 Managed Services

7 Digital Banking Platforms Market, by Banking Type
7.1 Introduction
7.1.1 Banking Types: Market Drivers
7.1.2 Banking Types: COVID-19 Impact
7.2 Retail Banking
7.2.1 Increased Demand for Offering Enhanced Customer Services to Retail Consumers to Boost the Growth of the Retail Banking Type
7.3 Corporate Banking
7.3.1 Increased Need for a Digital Banking Platform to Boost the Growth of the Corporate Banking Type
7.4 Investment Banking
7.4.1 Rising Competition from Fintech and Regtech Vendors to Boost the Adoption of Digital Banking Platforms in the Investment Banking Segment

8 Digital Banking Platforms Market, by Banking Mode
8.1 Introduction
8.1.1 Banking Modes: Market Drivers
8.1.2 Banking Modes: COVID-19 Impact
8.2 Online Banking
8.2.1 Increased Usage of the Internet Via the Web-Based Mode to Boost the Growth of Online Banking
8.3 Mobile Banking
8.3.1 Increasing Usage of Mobile Devices to Access Banking Services to Boost the Growth of Mobile Banking

9 Digital Banking Platforms Market, by Deployment Type
9.1 Introduction
9.1.1 Deployment Types: Market Drivers
9.1.2 Deployment Types: COVID-19 Impact
9.2 On-Premises
9.2.1 Growing Security Concerns to B0Ost the Demand for On-Premises Deployment of Digital Banking Platforms
9.3 Cloud
9.3.1 Cost-Effectiveness of the Cloud-Based Deployment Type to Boost the Growth of Digital Banking Platforms

10 Digital Banking Platforms Market, by Region

11 Competitive Landscape
11.1 Overview
11.2 Top Vendors in the Market
11.3 Competitive Scenario
11.3.1 Product Launches
11.3.2 Deals
11.3.3 Others

12 Company Profiles
12.1 Major Players
12.1.1 Oracle
12.1.2 Temenos
12.1.3 Edgeverve
12.1.4 Finastra
12.1.5 Tcs
12.1.6 Fiserv
12.1.7 Worldline
12.1.8 Bny Mellon
12.1.9 Sap
12.1.10 Ncr
12.1.11 Sopra Banking Software
12.1.12 Ncino
12.1.13 Intellect Design Arena
12.1.14 Mulesoft
12.2 Startup/Sme Players
12.2.1 Introduction
12.2.2 Backbase
12.2.3 Appway
12.2.4 Technisys
12.2.5 Tps
12.2.6 Mambu
12.2.7 Cr2
12.2.8 Ebankit
12.2.9 Netinfo
12.2.10 Apiture
12.2.11 Velmie
12.2.12 Alkami

13 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/gq4go7

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