Financial App Market 2018 Global Key Players: IBM Corporation, Accenture Plc, FIS Corporation, Fiserv Inc, Infosys Ltd, Misys

Financial App Market Overview:
The financial service application is a software program that automates various services of financial sector. The automated services include audit, risk & compliance management, bi & analytics applications, business transaction processing, customer experience and enterprise IT. The financial application also automates the analysis of the large amount of quantified data which helps in making organization strategic decisions.

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The growth in the adoption of smartphone devices and increase in the online transactions are some of the factors that impacting the growth of financial application market. The cloud services are being adopted by financial sector for providing core banking solutions including opening a simple bank account, lease and lending services, and revenue management & billing cloud services.

With the adoption of cloud-based services and Internet of things (IoT) in the financial sector, banks aids customers in making financial decisions with the help of analytical tools including business intelligence.

There are various solution providers in the market including Oracle Corporation and Tata Consultancy Services and others which offers Financial App Market such as insurance data exchange, insurance revenue management &billing cloud, and health insurance value-based payment cloud services.

However, increase in the online transactions is likely to increase the risk of cyber-attack which may hamper the financial application market. Lack of knowledge in operating the financial applications through mobile devices is another factor which may affect the growth of this market.

Major Key Players:
The prominent players in the global financial application market are Accenture Plc (Ireland), FIS Corporation (US), Fiserv Inc (US), IBM Corporation (US), Infosys Ltd (India), Misys (UK), Oracle Corporation (US), SAP SE (Germany), Tata Consultancy Services Limited (India), and Temenos Group AG (Switzerland).

Industry News:

March 2017, IBM launched new developer tools for financial institutions.
IBM launched IBM Cloud for financial institutions to offer the essential building blocks for the creation of financial services applications on the IBM Cloud. The tools help in building customer insights, regulatory customer compliance analytics, security, and privacy to avoid the time needed for development and testing. It also helps to reduce the time-consuming tasks including selection, mapping, and data integration.

June 2017, Tata Consultancy Services launched a software kit for banks to develop their own apps.

TCS software kit offers the backend infrastructure that handle the banks and customer requirements and solve business problems quickly. The kit helps financial institutions to build their own mobile apps without the need for mobile development skills by providing features such as drag and drop. The software kit is used by the financial institutions to build apps for businesses and customer. Moreover, the tool kits also offer customized solutions for financial institutions that allows to modify existing or add new components in the pre-built components of the kit.

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Feb 2018, Oracle Corporation launched Oracle Adaptive Intelligent Applications for financial institutions.
The Oracle adaptive intelligent applications help in making smart financial decisions, increase efficiency, and improve collaboration for increasing revenue and reduce costs. It also helps institutions in automating transactional work and streamline business process. Oracle helps finance institutions by providing ready-to-go applications which drive business transformation with the delivery of immediate values and results.

Financial App Market Segmentation:

Segmentation by Software: Audit, risk & compliance management, business intelligence and analytics applications, and customer experience, and others.

Segmentation by Service: Training and support, consulting service, integration and implementation, operation & maintenance, and others

Segmentation by Deployment: On-premise and On-cloud.

Segmentation by Organization size: Large enterprise and small & medium enterprise

Segmentation by End-user: Retail, government, BFSI and others.

Segmentation by Region: North America, Europe, Asia-Pacific and Rest of the world.

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Financial App Market Regional Analysis:
The regional analysis of global financial app market is studied for North America, Europe, Asia-Pacific and rest of the world.

North America is leading the financial app market with the US and Canada as the leading countries among other regions across the world in terms of market share due to the rise in the integration of technologies such as business intelligence (BI) and others. The presence of major key players including Oracle corporation, FIS Corporation, Fiserv Inc, IBM corporation and others in this region is other factor that is influencing the growth of this market.

Asia-Pacific is expected to grow with the highest CAGR during the forecasted period with India, Japan and China as the leading countries in this region due to the increase in the number of smartphone users and increase government promotion of digital payments to curb the illegal transactions.

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