Retail Core Banking Systems Market By Supply Demand Scenario, Application, By Region, Pricing Analysis, Opportunities and Forecast 2027

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$ 6,529.83 million in 2021 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.

Retail core banking systems are solutions for personal banking or consumer banking that offers banks the ability to serve their customers through digital channels better. These solutions help customers better manage their money by securely transferring and depositing it and accessing credit. The implementation of retail banking system enables low-cost funds for the banks, build a robust base, and maintain efficient customer relation management (CRM), which is expected to propel the demand for retail core banking systems market. Moreover, the increasing demand from customers for net banking and mobile banking is bolstering the market growth.

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Several banks in various regions aim to seek precision in their operating models that would help them make data-driven decisions. The retail banking institutions transform their business by implementing retail core banking systems to offer better services to their customers and reduce operational costs. In Europe, cloud- and AI-enabled digital transformation enables banks to provide core banking solutions. APAC is likely to register the highest CAGR in the retail core banking system market during the forecast period. The rising adoption of advanced technologies in the BFSI industry in countries such as China, India, Japan, South Korea, and Australia accelerates the adoption rate of retail core banking systems.

Companies are highly investing in mobile and cloud technologies to streamline their business operations. 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.

Top Listed Companies in Retail Core Banking Systems Market are -

•Avaloq
•FIS
•Fiserv Inc
•Infosys Ltd
•Intellect Design Arena Ltd
•Oracle Corporation
•SAP SE
•Sopra Steria
•Tata Consultancy Services Limited
•Temenos Headquarters SA

The players present in the retail core banking systems market mainly focus on the collaboration strategy to expand their business and maintain their brand name globally. For instance, in November 2020, LEVERIS, a digital banking and lending platform provider, chose Amazon Web Services (AWS) as a cloud-computing service provider. The company's platform is deployed on the cloud, and it functions independent of the legacy core banking technology. Further, it helps clients to offer advanced and secure banking and lending solutions to customers at minimum cost.

Several developed countries in the world represent a major market for retail core banking systems due to the high adoption of cloud and mobile technologies in their BFSI sectors. The US and developed countries in Europe have also witnessed a growth in the number of fintech. Major countries have increased their contactless limits; thus, the demand for digital banking services has doubled in various countries. The COVID-19 pandemic has boosted the digitization of the banking sector due to drastic changes in customer expectations. Digitalization would support banks stay competitive during the challenging operating conditions that have been introduced by the pandemic.

Reason to Buy

•Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Retail Core Banking Systems Market.
•Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
•The key findings and recommendations highlight crucial progressive industry trends in the Retail Core Banking Systems Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
•Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
•Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth at a certain extent.

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Based on deployment, the APAC retail core banking systems market is segmented into cloud-based and on-premise deployment. The cloud based retail core banking systems is witnessing high demand as compared to on-premise retail core banking systems. The cloud segment generates the majority of the demand since it is comparatively less expensive and due to strong network infrastructure in developed countries. In addition, the cloud-based retail core banking systems vendors are highly focused on developing a high-level security patch in order to eliminate the risk of cyber-attack. This factor is also creating significant demand from the financial institutions, thereby driving the retail core banking systems market.

The Retail Core Banking Systems Market Company Profiles are individually represented for all major participants and indices such as Financial Performance, Strategic Initiatives, Product Portfolio & Company Overview.

Company Overview:

Company overview provides the information about location of the company where it is headquartered along with the established year, employee strength as of 2017, regions where the company is operating and the key business areas.

Financial Performance:

Overall company/segment revenue for the year 2019, 2018, and 2017 is provided in the sub title "Financial Performance" (public listed companies) along with the analysis and explanation of the increase or decrease in the same due to factors such as mergers & acquisition, profit or loss in any strategic business unit (SBUs) and others.

Product Benchmarking:

Product benchmarking comprises the comprehensive list of products pertaining to the respective market along with the application and key features.

Strategic Initiatives:

Insights pertaining to the new product launch, strategic collaboration, mergers and acquisition, regulatory approval, and other developments by the company in market are covered under strategic initiatives section.

We are keen to understand what additional information if included will help you in your business endeavor. We also hold the expertise to customize the reports based on any specific countries/regions, segmentations, companies, etc. of your choice. Hence you can share your specific requirements, if any.

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This release was published on openPR.