Retail Core Banking Systems Market Competitive Opportunities with 9.5% of CAGR by 2027 - Intellect Design Arena Ltd, Oracle Corporation, SAP SE, SopraSteria, Tata Consultancy

According to our latest market study on “Retail Core Banking Systems Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Offering (Solutions and Services) and Deployment Type (Cloud and On-Premise),” the market was valued at US$ 5,652.32 million in 2019 and is projected to reach US$ 11,410.83 million by 2027; it is expected to grow at a CAGR of 9.5% from 2020 to 2027.

The Big Data analytics is gaining huge popularity in the market as it delivers a wide-range analysis and useful insights about the customers. This technology performs predictive analysis that helps the banks to assess different strategies and tactics, thereby offering them better decision-making abilities; this benefits the banks through the ability to offer better customer service, accompanied with enhanced profitability, increased performance, and reduced costs. The retail core banking system market in other developing regions, such as the MEA and SAM is also projected to grow at a rapid pace due to the increasing government support toward the digitalization of economies in the respective countries.

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Banks in Asia Pacific are leveraging several new technologies for attaining better efficiency and providing enhanced customer experience. Several banks in the region have started experimenting with the Blockchain technology in the process of customer on-boarding. This technology is a single, cryptographically secured, and modified database of each transaction on the network. The technology helps financial institutions gather data from authoritative service providers, enabling them to ease the KYC (i.e., know-your-customer) process. A few of the banks have already started using a prototype of Blockchain-based KYC solutions. For instance, in October 2017, the consortium of OCBC Bank, Mitsubishi UFJ Financial Group, and HSBC in conjunction with the Infocomm Media Development Authority became the first user of the KYC Blockchain concept in Southeast Asia. Also, in August 2020, the Cambodian Central Bank executed the first retail payment system leveraging the Blockchain technology through Bakong, a project that allows individuals to make payments through a smartphone App.

Impact of COVID-19 Pandemic on Retail Core Banking Systems Market

North America is one of the most important regions for the adoption and growth of new technologies due to favorable government policies to boost innovation, the presence of huge industrial base, and the availability of high purchasing power among consumers, especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to restrain the economic growth of the region. According to the WHO, presently, the US is the world’s worst affected country due to the COVID-19 outbreak, with 14,397,135 confirmed cases and 278,806 deaths. The US is a prominent market for retail core banking systems. However, the pandemic fuels the retail core banking system adoption due to the ongoing consumer shift to online and mobile banking tools. The use of mobile banking app and online banking has increased during the pandemic period.

Strategic Insights

The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

- In 2020, Avaloq installed its flagship core banking system at the Bank of the Philippine Islands (BPI) on a software-as-a-service (SaaS) basis.

- In 2020, Oracle won core banking deals in Africa by signing contracts with banks across Sudan, Somalia, and Libya.

The adoption of disruptive technologies enables retail banking customers to have better applicability, more convenience, and greater responsiveness from their banks. The customers, nowadays, are not afraid of switching to alternative banking products and service providers for getting enhanced experience and value for money. Moreover, in developing economies of Asia Pacific, the high penetration of smartphones and easy internet access has resulted in increased demand for emerging technologies by tech-savvy customers. Thus, financial institutions are focused on the use of efficient retail core banking systems complying with stringent regulations.

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