Digital Banking Platform Market size is anticipated to record a valuation of US$ 8.67 Billion by 2027, according to the most recent study by The Insight Partners

Digital banking platform market on a global scenario was valued at US$ 3.17 Bn in 2018 and is expected to reach US$ 8.67 Bn by 2027 with a CAGR growth rate of 12.07% in the forecast period from 2019 to 2027.

The digital banking platform market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America. The Asia Pacific is projected to be the fastest-growing region in the global digital banking platform market. Whereas, North America, followed by Europe, holds the highest market share in the digital banking platform market in 2018. Digital banking platform market is expected to experience significant growth in the coming years owing to increasing demand for digital banking services coupled with rising internet and smartphone penetration worldwide.

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Nowadays, digitization is a huge opportunity for all industries to serve their customer in a better way. These days banks are also making the most of digitization to take customer service to the next level. Digitization enables banks to help customers to understand their financial affairs better and make smarter decisions. A digital bank provides customers seamless experiences that change the customer journey. Digital banking provides efficient solutions at any anytime, anyplace at any mode of the channel such as mobile, laptop, etc. whether they are retail bank customers or corporate bank customers. Digital banking solutions also provide better banking. The platform uses customers' data to become a virtual advisor and help customers to make better commercial and financial decisions. Due to the demand for digitization, which helps in avoiding human errors and ease the banking process, several countries are adopting digital banking platforms. Several banks across the world have started trusting on robotics technology to get things done at their operations departments. Robotics technology help banks to cut the cost of operation. Numerous advanced technology, such as Chatbots and virtual assistants, are also being employed for customer service. Chatbots and virtual assistants in banking help assign a banker to every customer. Such advanced technology can benefit retail clients as well as corporate clients.

Companies Mentioned:
• Appway AG
• CREALOGIX Holding AG
• EdgeVerve Systems Limited
• Fiserv, Inc.
• Oracle Corporation
• SAP SE
• Sopra Steria
• Tata Consultancy Services Limited
• Temenos Headquarters SA
• Worldline SA

Market Insights
Rising demand for smart mobile devices and digital banking services among consumers

The demand for smartphones and other consumer devices is witnessing immense growth in both developed and developing countries majorly due to technology advancements and digital services that are offered by various industries. In the current scenario, consumer devices are being widely used by consumers for availing multiple digital services. Consumer devices such as smartphones, tablets, PCs, etc. have become an integral part of today's consumers' lives. The rising disposable income level and increasing demand for better services from customers are some of the factors that are driving the adoption of smart devices.

GLOBAL DIGITAL BANKING PLATFORM MARKET SEGMENTATION:

Global Digital Banking Platform Market - By Type
• Corporate Banking
• Retail Banking

Global Digital Banking Platform Market - By Deployment
• Cloud
• On-Premise

Evolving ecosystems due to collaborations between traditional banks and fintech companies

With changing customer preferences, today's banks are shifting fast towards digital channels. Various banking services are now commonly available through convenient digital channels. However, to deliver exceptional customer experiences and survive in the highly competitive banking industry, banks need to move towards a much broader digital shift. To meet expectations of both digital and non-digital consumers, banks are now adopting omnichannel banking, which helps in maintaining traditional service channels and optimizing them to meet the customer needs. To achieve this, traditional banks have started partnering and sharing data with new ecosystems, which include FinTechs, open banking, payment services directive, and SWIFT standards. In the global banking industry, digital disruption is gaining pace due to the entry of online-only banks and challenger banks. The collaboration between retail banks and emerging ecosystems help retail banks in better understanding changing consumer needs. The switching behavior among bank customers is extremely aggressive nowadays, and banks are forced to deliver better services and value to today's empowered consumers. These new trends of collaborating and sharing information among banking ecosystem players to gain customer trust and improve customer's digital experience are expected to boost the digital banking platform market during the forecast period of 2019 to 2027.

Key Elements that the report acknowledges:
• Growth rate and market size over the analysis timeframe.
• Key factors stimulating and hindering market expansion.
• Leading vendors and suppliers of the market.
• Exhaustive SWOT analysis of each company.
• Detailed PEST analysis by region.
• Opportunities and threats faced by the existing vendors in Digital Banking Platform market.
• Strategic initiatives undertaken by leading players.

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Contact Us:
If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

About Us:
The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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