Digital Banking Platform Market Growth and Applications Forecast to 2027 | Appway AG, CREALOGIX Holding AG, EdgeVerve Systems Limited, Fiserv, Inc.
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. The major driving factors contributing to the digital banking platform market growth includes the growing digital transformation in the banking industry and rising demand for smart mobile devices and digital banking services among consumers.
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The digital banking platform market is segmented on the basis of deployment and type. Based on type, the digital banking platform market is segmented into corporate banking and retail banking. On the basis of deployment, the digital banking platform market is segmented into the cloud and on-premise. Retail banking contributed a substantial share in the global digital banking platform market. The digital revolution across the globe has changed the banking landscape as well as customer behavior and expectations. New ecosystem players such as fintechs, open banking, payment services directive, and SWIFT standards are emerging in the global banking industry with innovative technology solutions. In 2018, on-premise was the leading segment by deployment type; however, cloud-based deployment is experiencing a high CAGR.
Company Profiles
- Appway AG
- CREALOGIX Holding AG
- EdgeVerve Systems Limited
- Fiserv, Inc.
- Oracle Corporation
- SAP SE
- Sopra Steria
- Tata Consultancy Services Limited
- Temenos Headquarters SA
- Worldline SA
Digital banking platform as a comprehensive omnichannel platform that helps banks and financial institutions in streamlining and managing all of their digital customer interactions. Digital banking platforms serve as a foundation for a digital bank and enable banks to offer innovative digital products and services to customers. The implementation of these platforms results in improved customer experience and reduced costs while allowing banks to meet compliance requirements. The current trend of digital transformation in the global banking industry is fueling the demand for digital banking platforms. Digital transformation or digitization of businesses refers to the integration of digital technology in various business processes, organizational activities, and business models. End-to-end business process optimization, increased operational efficiency, improved customer experience, and reduced costs are few of the factors driving the digital transformation in the banking industry.
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The increasing digital transformation revolution in banking industry presents a massive opportunity for digital banking platform providers as they enable banks to launch digital services faster and enhance the customer experience. In addition to this, the proliferation of smart devices, easy availability of internet, the advancement of IoT, and in Artificial Intelligence have been increasing exponentially, which is further leading to the increasing need of mobile/digital-first strategy among banks. The paradigm shift of banks from traditional channels to digital and automated channels results in multiple benefits ranging from improved efficiency to reduced cost and increased revenue opportunities. In addition to this, the rising technological advancements in cloud computing and storage technology, the power of cloud-based digital banking platforms has increased multi-fold during the past few years. This has further created opportunities for digital banking platforms. In the global digital banking platform market, Asia Pacific is expected to grow with the highest CAGR of 14.4% during the forecast period of 2019 to 2027.
The overall digital banking platform market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the digital banking platform market. It also provides the overview and forecast for the global digital banking platform market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the digital banking platform industry.
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The demand for smartphones and other consumer devices is witnessing immense growth in both developed and developing countries majorly due to technology advancements and digital services that are offered by various industries. In the current scenario, consumer devices are being widely used by consumers for availing multiple digital services. Consumer devices such as smartphones, tablets, PCs, etc. have become an integral part of today’s consumers’ lives. The rising disposable income level and increasing demand for better services from customers are some of the factors that are driving the adoption of smart devices.
The preference of customers while availing banking services is changing fast towards mobile and online banking. A significant number of users are now accessing their bank accounts either by mobile apps or mobile browsers. Therefore, banks need to make sure that they adapt to the changing banking channels to cater, cross-sell, and up-sell to mobile consumers. Digital banking platforms allow the bank to transition into the digital ecosystem through easily deployable and customized solutions. Interactive mobile banking apps and websites result in enhanced customer experience and turn increase customer loyalty. The increasing demand for smartphones will drive the number of digital banking customers in the near future, which in turn boost the demand of digital banking platform solution among banks.
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