Unveiling the Evolutionary Path and Current Trends Shaping the Core Banking Solution Market by 2027

Navigating the Core Banking Solution Market: Addressing the Challenge of Establishing Physical Branches in Underserved Rural Regions of Emerging Economies. Embracing the momentum of branchless banking, banks are leveraging mobile banking, net banking, and email banking investments, allowing them to conveniently connect with customers through their devices.

The advent of digital banking channels has enabled banks to reach customers in distant rural areas, leading to increased engagement and transaction frequency. Many customers previously deterred by the inconvenience of traveling to traditional branches are now finding convenient and flexible banking solutions via their smartphones. This shift is ushering in a new era of accessible and customer-centric banking services.

As banks embrace digital channels to bridge the gap in financial services, the core banking solutions market needs to adapt to this changing landscape. Companies operating in this sector must recognize the shift towards mobile and online banking and tailor their offerings to align with the evolving needs of both banks and customers.

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Key Takeaways from the Core Banking Solution Market:

Targeting Emerging Economies for Growth: Strategic focus on emerging economies like India, driven by aggressive foreign direct investment initiatives and untapped potential, holds significant promise for key stakeholders in the core banking solution market.

Expanding Customer Base: Penetrating emerging markets naturally leads to an expanded customer base for banks. Core banking solution providers must offer accurate and comprehensive products that empower banks to efficiently manage increasing customer data and banking operations.

Globalization and 24/7 Availability: The globalization trend has led financial institutions and large banks to provide round-the-clock availability to customers. Core banking solution vendors can capitalize on this by delivering all-inclusive centralized solutions that not only monitor the bank's global network but also ensure seamless customer access anytime and anywhere.

Competitive Landscape in the Core Banking Solution Market:

Future Market Insights has conducted profiles of several key players within the core banking solution market. Among these companies are SAP SE, Oracle Corporation, Infosys Limited, FIS (Fidelity Information Services), Tata Consultancy Services Private Limited, Misys, HCL Technologies Limited, Temenos Group AG, Capgemini, Infrasoft Technologies Ltd., IBM Corporation, Nelito Systems Ltd., COBISCORP, and Wipro Limited.

Software Dominates Core Banking Solution Market:

In the core banking solution market, software components hold a larger share compared to services, projected to gain significant BPS during the study period. The software segment is expected to reach around $65 billion by 2027, showing steady revenue growth.

North America and Western Europe Lead:

North America maintains its status as the largest core banking solution market, while Western Europe is set to gain substantial ground, positioning the developed world as the hub of the market. North America's market is predicted to surpass $6 billion by 2027, with the US contributing approximately $3.9 billion. Canada presents an appealing prospect with a higher CAGR during this period.

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Banks Dominate End Users:

Banks hold the majority share in the core banking solution market and are expected to maintain this lead. Banks are poised for the highest CAGR of 5.6% from 2017 to 2027. The rise of branchless banking, especially in underserved regions like APEJ and Latin America, presents new opportunities for the market.

Enhancing Customer Satisfaction and Retention:

Core banking solutions play a pivotal role in enhancing customer satisfaction and retention for retail banks. Amid fierce competition, these solutions facilitate effective customer analysis and streamline banking transactions, reducing customer effort and fostering loyalty.

Core Banking Solution Market Taxonomy

End User:
Banks
Financial Institution
Others

Component:
Software
Services

Region:
North America
Western Europe
Eastern Europe
Latin America
APEJ
Japan
MEA

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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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This release was published on openPR.