Core Banking Solutions (CBS) Market Worth US $13 Billion by 2023 | International Leaders: FIS, SAP SE, Capgemini, Misys, Fiserv, Infosys, HCL Technologies, TCS, Oracle Financial Services, Temenos Group

SAP SE (Germany), Infosys Limited (India), Capgemini SE (France), HCL Technologies Limited (US), Tata Consultancy Services (India), Temenos Group AG (Switzerland), Oracle Financial Services Software Limited (India), Misys (U.K.), Fidelity National Information Services Inc. (U.S.), and Fiserv, Inc. (U.S.) are some of the leaders driving the Global Core Banking Solutions Market. Profiling those in its analysis MRFR finds out their strategies placing them at the forefront of completion.

Core Banking Solutions Market - Synopsis
Core Banking Solutions (CBS) as a process facilitates online centralized banking in real-time. Through this process all the information & transaction details of an account holder are maintained on the network server to allow the holder to access his account online literally from anywhere. Over the past few years Banks and Financial Institutions have transformed phenomenally in terms of services, offerings and overall operations. Thanks to the technological advancements that have brought about these changes in the landscape of the Banking services environment to the core.

Today, banks are more focused on the customer interaction & engagement to ensure customer loyalty. They are innovatively dealing with the critical issues simplifying them for their customers. The Core Banking Solutions are proving to be effective for achieving customer satisfaction and hence loyalty. Simultaneously, banks also acknowledging the efficacy & importance of CBS, are increasingly adopting & implementing these solutions. Which in turn, augments the uptake of CBS resultantly increasing its market size on the global platform.

Acknowledging the exponential traction the market is perceiving currently, Market Research Future (MRFR) recently published a brilliant study report giving out the complete market insight up till 2023. In its report MRFR asserts that the global Core Banking Solutions market will gain accruals of USD 13 Billion by 2023 with a CAGR of 4 % throughout the forecast period (2017-2023). This growth mainly attributes to the technological advancements.

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Other predominant factors that foster the market growth of CBS include; augmented customer demand for advanced banking technologies that offer cost effective solutions allowing them to manage their accounts in real time, conveniently & more efficiently. Besides, the growing need of operating customer accounts from single server is one of the key propeller of the market growth. CBS sufficing this customer demand has proven to be far more effective in achieving customer satisfaction loyalty & hence assuring a good business for the banks. This resultantly, augments the uptake of CBS furthering the market size.

On the other hand, factors such as unawareness among businesses towards the advent banking technologies, lack of synchronization between worldwide industry expectations and core banking solution are likely to restrict the market growth.

The Market will observe more innovations transpiring on the public cloud which is already with the stretched scale and data. And a real-time big data analytics on-premise will soon be difficult. Companies such as Accenture, IBM and Google are abreast in providing next-generation databases and storage on the public cloud. Giant Banks are confronted with the prominent challenges of advent technologies but still need to rely on the no longer suffice the purpose. To tackle these challenges and build a bridge between legacy IT and a digital future Banks require skills and scalable resources. The good news is; these banks are acknowledging the need to implement the concepts such as open banking and fintech innovations, where investments are well-adjusted against margin pressures further driving it by competition and regulations like GDPR or PSD2.

Worldwide Core Banking Solutions Market - Geographical Analysis
North America is one of the leading player in the Core Banking Solutions Market owing to presence of numerous well-established market players in the region. Also, growing demand by several major banks for futuristic Banking solutions coupled with the awareness towards the advantages of these solutions fuels the regional market growth. Augmenting uptake of these solutions by Small & medium enterprises in the region also contributes the market growth. Whereas Europe accounts for the fastest growing market globally.

Industry News:
February 26, 2018 - Profinch Solutions Pvt.Ltd. (India) an Oracle Gold Partner, offering core banking transformation, support, application development etc. announced that it has achieved Oracle Validated Integration of FinCluez 1.6 with Oracle FLEXCUBE 12.3. With an end-to-end pre-integrated offering, Oracle FLEXCUBE customers can now choose FinCluez to accomplish their business intelligence endeavour with much greater agility.

Worldwide Core Banking Solutions Market - Segmentations
For an easy grasp and enhanced understanding; the report is segmented in to 4 key dynamics
By Deployment: Comprises - On Premise & On-Cloud.
By Service: Professional and Managed Services
By Solutions: Enterprise Customer Solution, Loans, Deposits, and Account Processing Platforms, among others.
By Regions: Europe, North America, APAC and Rest of the World.

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