Digital Banking Platforms Market Projected to reach $5.7 billion by 2023 | Key players include Backbase, Temenos, TCS, NETinfo, Worldline and SAP

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

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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).

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