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Retail Core Banking Solution Market 2023-2032: Global Trends, Future Outlook, Business Growth And Major Players | Wells Fargo, Mambu GmbH, Oracle Corporation, SAP SE, Tata Consultancy Services Limited.
Retail Core Banking Solution Market
The Business Research Company's Retail Core Banking Solution Global Market Report 2023 identifies Rising customer demand as the major driver for the Retail Core Banking Solution Market's growth in the forecast period. Mobile banking is a financial service that allows clients to use their mobile devices, such as smartphones or tablets, to access and manage their banking accounts and complete various financial activities. Net banking refers to a banking service that allows clients to access numerous banking services and conduct financial transactions online. The retail core banking solution is used for connecting net banking services with regular operating channels of the bank to ensure smoother operations across channels. The retail core banking solution is used to offer faster mobile banking services to consumers.
The global retail core banking solution market size is expected to grow from $4.06 billion in 2022 to $4.49 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of retail core banking solution market is expected to reach $6.51 billion in 2027 at a CAGR of 9.7%.
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Major competitors in the retail core banking solution market are Wells Fargo, Mambu GmbH, Oracle Corporation, SAP SE, Tata Consultancy Services Limited, Banco Bilbao Vizcaya Argentaria, Infosys Limited, Fiserv Inc., Fidelity National Information Services Inc. (FIS), Wipro Core Banking As-a-Service, Polaris Software, Unisys Corporation, Jack Henry & Associates Inc, Finastra Group Holdings Limited, Temenos AG, EdgeVerve, Sopra Banking Software, InfrasoftTech, Backbase B.V, Silverlake Axis, 3i Infotech, Nucleus Software, Neptune Software, Profile Software, ICS Financial Systems, Kiya.ai, and HES Core.
A key trend in the Retail Core Banking Solution Market includes technological advancement. Major companies in the retail core banking solution market focus on integrating new technologies like cloud-native platforms and digital transformation tools. For instance, in February 2023, Arvest Bank, a US-based financial services company, launched a new lending service using Thought Machine's cloud-native core banking technology. The product takes advantage of the Vault Core banking platform and eliminates inefficiencies in the more than $1 trillion equipment finance market in the country. With this application, Arvest can quickly distinguish its entire banking experience and produce financial products.
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The Retail Core Banking Solution Market is segmented -
By Component: Solution, Services
By Deployment: Cloud, On-Premises
By Enterprise Size: Small And Medium Enterprises, Large Enterprises
By Application: Regulatory Compliance, Risk Management, Digital Banking, Data Storage, Other Applications
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Retail Core Banking Solution Market.
The Business Research Company's "Global Retail Core Banking Solution Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Retail Core Banking Solution Market Include:
1. Executive Summary
2. Retail Core Banking Solution Market Characteristics
3. Retail Core Banking Solution Market Trends And Strategies
4. Retail Core Banking Solution Market - Macro Economic Scenario
5. Global Retail Core Banking Solution Historic Market Size and Growth, 2017 - 2022, Value ($ Billion)
……
32. Global Retail Core Banking Solution Market Competitive Benchmarking
33. Global Retail Core Banking Solution Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Retail Core Banking Solution Market
35. Retail Core Banking Solution Market Future Outlook and Potential Analysis
36. Appendix
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