The "Global Digital Banking Platforms Market" research by Emergen Research is a thorough compilation of analytical data regarding the Digital Banking Platforms sector. The research contains a market segmentation for Digital Banking Platforms as well as a thorough evaluation of the market's size (both in terms of volume and value). The study analyzes the present Digital Banking Platforms Market and provides a detailed prediction for the years 2022–2032.
The global digital banking platforms market size was USD 9.14 Billion in 2022 and is expected to register a revenue CAGR of 11.5% during the forecast period, according to the latest analysis by Emergen Research. Increasing penetration of advanced technologies, especially in communication and the Internet, is one of the major factors driving market revenue growth. Clients benefit from the flexibility, accessibility, and control that digital banks provide, but mostly, they are always available. Digital bank accounts provide Federal Deposit Insurance Corporation (FDIC) protection, provide free verification, and are extremely versatile. The growing number of mergers and acquisitions is another factor contributing to the revenue growth of the market. On June 13, 2023, U.S. banking and paytech giant FIS acquired Banking-as-a-Service (BaaS) start-up Bond for an undisclosed sum.
Digital banks provide better services than conventional banks since they employ technology and automation; thus, everything is done online or through a mobile app in most circumstances rather than having to deal with human interaction. Conventional banks have restricted hours of operation and can be closed on some holidays unless they are located in malls that are open until late at night, but digital banks never close. Online banks also provide customer service by phone and online chat 24 hours a day, seven days a week. An increase in funding is another factor driving revenue growth in the market. On April 27, 2023, Tyfone, which is a digital banking solutions company, secured a major investment from Demopolis Equity Partners. Moreover, Tyfone merged with digital banking provider Cubus Solutions.
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Competitive Landscape:
The latest study provides an insightful analysis of the broad competitive landscape of the global Digital Banking Platforms market, emphasizing the key market rivals and their company profiles. A wide array of strategic initiatives, such as new business deals, mergers acquisitions, collaborations, joint ventures, technological upgradation, and recent product launches, undertaken by these companies has been discussed in the report. The report analyzes various elements of the market’s competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years. Our team of experts has leveraged several powerful analytical tools, such as Porter’s Five Forces analysis and SWOT analysis, to deliver a comprehensive overview of the global Digital Banking Platforms market and pinpoint the fundamental growth trends.
The leading market contenders listed in the report are:
THE BANK OF NEW YORK MELLON CORPORATION, Alkami Technology, Inc., Apiture, Fiserv, Inc., Finastra, Salesforce, Inc., ebankIT, Oracle, Sopra Banking Software, and nCino
Global Digital Banking Platforms Market Highlights:
Regional demand estimation and forecast
Product Mix Matrix
RD Analysis
Cost-Benefit Analysis
Pre-commodity pricing volatility
Supply chain optimization analysis
Technological updates analysis
Raw Material Sourcing Strategy
Competitive Analysis
Mergers Acquisitions
Location Quotients Analysis
Carbon Footprint Analysis
Patent Analysis
Vendor Management
Key Parameters Analyzed in This Section:
Company Profiles
Gross Revenue
Profit margins
Product sales trends
Product pricing
Industry Analysis
Sales distribution channels
Regional Segmentation:
North America
Latin America
Europe
Middle East Africa
Asia Pacific
Key Points Covered in This Section:
Regional contribution
Estimated revenue generation
Vital data and information about the consumption rate in all the leading regional segments
An expected rise in market share
Forecast growth in the overall consumption rate
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Some Key Highlights From the Report
The platforms segment is expected to register highest revenue CAGR over the forecast period. Digital banking platforms provide options that are same for everyone, but are highly individualized after logging in. Digital banking platforms oversee digitalization of a wide range of banking products, including commercial accounts, retail accounts, back-office functions, and more. Banks rely on digital banking systems to provide a diverse range of financial products through a variety of digital channels, reaching clients where they live and work.
The cloud segment is expected to register a significantly fast revenue growth rate over the forecast period. Cloud technology has potential to alter digital banking services, making them easier and more convenient for users. With automated provisioning, consistent policy enforcement, and traffic monitoring, it can also assist digital businesses satisfy their stringent service duties more effectively.
The retail banking segment is expected to register a significantly fast revenue growth rate over the forecast period. With digital transformation firmly established in banking industry, the future of retail banking will be defined primarily by innovations and all-digital product delivery. To remain competitive, banks are increasingly embracing the BaaS model. The retail banking sector is expected to profit greatly from BaaS digital platforms because they will enable financial institutions to grow size, diversify income sources through the creation of new goods and services, and provide a better client experience.
Market in Asia Pacific is expected to register a significantly fast revenue growth rate over the forecast period. High demand for online and mobile alternatives, as well as rising number of license allocations by regulations are providing more opportunities for revenue growth of the market in this region. In an extremely brief period of time, China's digital banks have amassed an approximately 5% share of the country's RMB 5 trillion (~USD 700 billion) unsecured consumer loan market and more than 7% of online Small and Medium-sized Enterprises (SME) loans.
Market Overview:
The report bifurcates the Digital Banking Platforms market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
Component Outlook (Revenue, USD Billion; 2019-2032)
Services
Platforms
Deployment Outlook (Revenue, USD Billion; 2019-2032)
On-premise
Cloud
Banking Type Outlook (Revenue, USD Billion; 2019-2032)
Corporate banking
Retail banking
Investment banking
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Key reasons to buy the Global Digital Banking Platforms Market report:
The latest report comprehensively studies the global Digital Banking Platforms market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
The report offers an insightful analysis of the regional outlook of the market.
It offers a detailed account of the end-use applications of the products services offered by this industry.
The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
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