Core Banking Solutions Market Industry Size, Share, Business Growth, Applications, Competitive Landscape, Historical Analysis and Forecast 2023 (SARS-CoV-2, Covid-19 Analysis)
Core banking is defined as the service that is delivered by a group of networked bank branches to customers. These services include all important banking activities like account access, debts, loans, money transactions, and payments. Market Research Future (MRFR) has published and released a research report about the global core banking solutions market that estimates growth for this market with 4% CAGR (Compound Annual Growth Rate) during the forecast period between 2017 and 2023. In terms of cash, the market has been anticipated to rise to 13 bn by the end of the forecast period.
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Analyzing the market structure, this report assays the future growth potential of the market. It observes the strategies of the key players in the market and follows the competitive developments like joint ventures, new product developments, mergers and acquisitions, research and the developments (R & D) in the market.
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.
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.
Worldwide Core Banking Solutions Market - Competitive Landscape
The market of Core Banking Solutions appears to be fiercely competitive & fragmented owing to the presence of numerous matured & small key players accounting for a substantial market share. These market players try to gain competitive advantage through strategic partnership, acquisition, expansion, collaboration, product & technology launch. They invest heavily in the R&D to develop a technology that is completely on a different level compared to their competition.
The key players in the global core banking solutions market include Capgemini SE (France), Fidelity National Information Services Inc. (USA), Fiserv, Inc. (the USA), HCL Technologies Limited (India), Infosys Limited (India), Misys (UK), Oracle Financial Services Software Limited (India), SAP SE (Germany), Tata Consultancy Services (India), and Temenos Group AG (Switzerland).
Innovations/ Industry/Related 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.
Other Related Market Research Reports:
Digital Banking Market Research Report- Forecast to 2022
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
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