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Backbase (Netherlands), EdgeVerve (India), Temenos (Switzerland) and TCS (India) are Leading Players in Digital Banking Platforms Market- Report by MarketsandMarkets™

11-23-2018 11:28 AM CET | IT, New Media & Software

Press release from: MarketsandMarkets

Backbase (Netherlands), EdgeVerve (India), Temenos

According to recent research "Digital Banking Platforms Market by Banking Type (Retail Banking and Corporate Banking), Banking Mode (Online Banking and Mobile Banking), Deployment Type (On-Premises and Cloud), and Region - Global Forecast to 2023", The digital banking platforms market is projected to grow from USD 3.3 billion in 2018 to USD 5.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.2% from 2018 to 2023

Browse 34 market data Tables and 40 Figures spread through 111 Pages and in-depth TOC on "Digital Banking Platforms Market"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/digital-banking-platforms-market-90744083.html?utm_source=OpenPR

The growing demand among banks to provide customer experience and the increasing adoption of the cloud-based platforms to obtain higher scalability and flexibility are expected to drive the growth of the digital banking platforms market across the globe. The increasing demand for streamlining business processes and the growing adoption of smartphones and tablets are also expected to fuel the growth of the digital banking platform market.

Based on banking types, the retail banking segment is expected to grow at a higher CAGR during forecast period

Based on banking types, the retail banking is estimated to grow at higher CAGR from 2018 to 2023. Retail banking has emerged as an essential enabler in the digital banking platforms market to translate the banking models across the globe. With the increasing number of channels, financial institutions are changing their operating processes to provide customers with premium services and improve their account management. The changing customer expectations and behaviors and the growing digital technologies are contributing to the growth of the retail banking segment.

Based on banking modes, the online banking segment is expected to account for a major market size during the forecast period

Based on banking modes, the online banking segment is expected to account for a major market size during the forecast period. The online banking platforms facilitates banks to offer banking services to end-users over the internet. The online banking requires high level of process automation, web-based services, and Application Programming Interfaces (APIs), and facilitates real-time integration with a bank’s multiple host systems.

Based on deployment types, the cloud segment is expected to grow at a higher CAGR during forecast period

Based on deployment types, the cloud segment is expected to grow at a higher CAGR during the forecast period. The cloud deployment type has become a cost-effective and efficient way to handle all operational processes of insurers, along with data management and governance issues. Cloud-based digital banking platform tools offer several benefits, such as the rapid implementation of tools, reduced set up and operational costs, less maintenance costs, 24/7 data accessibility, security, and ease of use.

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The Asia Pacific (APAC) digital banking platforms market is projected to grow at the highest CAGR during the forecast period

The digital banking platforms market in the APAC region is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increased adoption of digital technologies, especially in emerging economies, such as Singapore, Australia, India, China, and Japan. This has made APAC a lucrative market in the IT industry. Strong banking capabilities, including digital offerings, strong financial positions, and digital structures are expected to drive the growth of the digital banking platforms market in the APAC region. Companies in APAC would benefit from the flexible economic conditions, industrialization, globalization-motivated policies of the government, and the expanding digitalization in the region.

Key players operating in the digital banking platforms market include Appway (Switzerland), Backbase (Netherlands), CREALOGIX (Switzerland), ebanklT (England), EdgeVerve (India), Intellect Design Arena (India), Finastra (UK), ieDigital (England), ETRONIKA (Lithuania), Fidor (Germany), Fiserv (US), Halcom (Slovenia), NETinfo (Cyprus), Kony (US), NF Innova (Austria), Oracle (US), SAB (France), SAP (Germany), Sopra (France), Tagit (Singapore), TCS (India), Technisys (US), Temenos (Switzerland), BNY Mellon (US), and Worldline (France).

Backbase (Netherlands) is one of the leading vendors of the digital banking platforms market. Currently, Backbase is working toward enhancing its market share and presence with the help of the growth strategies, such as partnerships and collaborations, in various regions across the globe. In July 2018, Backbase partnered with Jumio, one of the leading Artificial Intelligence (AI)-powered trusted identity-as-a-service providers. This partnership enabled these 2 companies to offer identity verification services to financial institutions and improve the conversion rate, identify frauds, and meet Know Your Customer (KYC), Anti-Money Laundering (AML), and General Data Protection Regulation (GDPR) compliance mandates, while also enhancing the customer experience.

EdgeVerve, an established company in the market and a wholly owned subsidiary of Infosys Ltd has majorly adopted inorganic growth strategies to diversify its product offerings with the help of innovative technologies. In line with its inorganic growth strategies, in September 2018, EdgeVerve partnered with Australian Military Bank (AMB), one of Australia’s longest serving mutual financial institutions, and announced the go-live of the Finacle banking solutions suite to drive AMB’s ambitious digital transformation program. Finacle has enabled AMB with significant operational benefits and cost efficiencies, along with enhanced security and scalability. In October 2018, EdgeVerve Systems, a subsidiary of Infosys, launched Finacle Digital Engagement Suite, an advanced omnichannel solution suite that helps banks onboard, sell, service, and engage customers with tailored experiences.

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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MarketsandMarkets™ INC.
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USA : 1-888-600-6441
newsletter@marketsandmarkets.com

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