Message: Trying to access array offset on value of type null
Line Number: 14
According to the new research report published by The Insight Partners, titled “Digital Banking Platform Market - Global Analysis and Forecast to 2027”, the global digital banking platform market was valued at US$ 3.17 Bn in 2018 and is expected to reach US$ 8.67 Bn by 2027 with a CAGR growth rate of 12.07% in the forecast period from 2019 to 2027.
In 2018, North America accounted for the largest market share, growing at a CAGR of 12.1%.Growing adoption of digital technologies by the North America population in all fields of their daily routines, especially in financial transactions, has also made it essential for banks to offer enhanced and efficient online services. The changing consumer demands and behavior is bringing digitalization in the current bank operations. Though digital banking is a comparatively new venture for banks in Mexico, they previously faced several challenges as well as heavy financial loses. In April 2018, the country’s financial systems lost more than 300 Mn pesos due to several kinds of cyber-attacks. The high occurrence of such cybercrimes has significantly weakened the trust of customers on the online banking system of Mexico.
In June 2019, Alkami Technology, a digital banking platform provider, secured US$ 55 Mn of funding, which is planned to be used for expanding operations as well as fuel operations at a Texas-based fintech, Plano. Also, in February 2019, California Coast Credit Union selected Kony DBX to transform Cal Coast’s existing digital banking offering. Further, in October 2018, Banco Bilbao Vizcaya Argentaria launched “Banking as a service” platform in the U.S. In September 2018, Temeno’s digital banking platform was selected by Varo Money Inc. to launch a new bank in the U.S.
Digital banking platform market is segmented on the basis of the deployment and end-user. On-premise is estimated to dominate the market in 2018. However, cloud deployment is growing at a high CAGR. The cloud deployment market is primarily driven by the growing adoption of cloud technology across the industry verticals and the increasing need for amended operations in the business. The growing trend of digital banking platforms is positively impacting the cloud market. The government of numerous countries is taking initiatives to promote digital banking platforms. Companies are offering cloud services to digital banking platform providers to provide smooth transactions. Cloud service provides fast & reliable transactions, secure payments, and responsive customer support.
Key findings of the study:
In 2018, the retail banking segment by type was expected to dominate the digital banking platform market. Various companies are focusing on providing retail banking solutions to their customers. For instance, Temenos Headquarters SA, a Switzerland based company, offers retail banking software solution, which is an integrated software for retail banks of all sizes across the world. The software addresses the banking technology, regulatory, and market challenges. The software reduces costs, increases operational efficiencies, and boost profitability.
China holds the largest share in the Asia Pacific digital banking platform market. The governments of several nations across the Asia Pacific region has taken initiatives to promote the adoption and implementation of digital banking in their respective countries. For instance, the Hong Kong Monetary Authority granted eight digital banking licenses in the region in 2019 under its smart banking initiatives. Also, in July 2019, the government of Taiwan issued the first three virtual bank licenses, which would enable the introduction of virtual banks by 2020. Similarly, the Singapore government also issued five licenses in June 2019. Moreover, the Reserve Bank of India recently shared draft regulations for a regulatory sandbox that intends to offer live testing on digital products as well as services.
Some of the key players operating in the global digital banking platform market that are profiled in this research study include Appway AG, CREALOGIX Holding AG, EdgeVerve Systems Limited, Fiserv, Inc., Oracle Corporation, SAP SE, Sopra Steria, Tata Consultancy Services Limited, Temenos Headquarters SA, and Worldline SA among others.
Contact Person: Sameer Joshi
Email Id: firstname.lastname@example.org