Press release
Retail Core Banking Solution Market Insights, Analysis Report 2024-2033
Retail Core Banking Solution Market
Retail Core Banking Solution Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $7.14 billion In 2028 At A CAGR Of 9.6%.
The retail core banking solution market size has grown rapidly in recent years. It will grow from $4.49 billion in 2023 to $4.96 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to regulatory compliance requirements, customer demand for digital services, operational efficiency and cost reduction, enhanced data security and privacy, competition and market dynamics..
The retail core banking solution market size is expected to see strong growth in the next few years. It will grow to $7.14 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to digital transformation initiatives, integration of analytics and business intelligence, shift to cloud-based solutions, open banking and api integration, focus on customer experience.. Major trends in the forecast period include regulatory compliance, real-time payments, mobile banking enhancements, analytics for business insights, ecosystem collaboration..
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Retail Core Banking Solution Market Major Segments
The retail core banking solution market covered in this report is segmented -
1) By Component: Solution, Services
2) By Deployment: Cloud, On-Premises
3) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
4) By Application: Regulatory Compliance, Risk Management, Digital Banking, Data Storage, Other Applications
Key Driver - Growing Customer Preference For Mobile And Net Banking Boosts Retail Core Banking Solutions Market
Rising customer demand for mobile and net banking is significantly contributing to the growth of the retail core banking solutions market going forward. 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. For instance, according to MoneyTransfers.com, a US-based company designed for transferring and receiving money around the world, global number of online banking including mobile and internet banking users will reach to 3.6 billion by 2024. Furthermore, in February 2023, according to data published by the National Payments Corporation of India (NCPI), an India-based non-profit organization set up by the Reserve Bank of India (RBI) for creating robust payment infrastructure in India, total digital transactions in India increased from 5,554 (Crore) in the 2020-2021 period to 8,840 (Crore) in the 2021-2022 period. Therefore, the rising customer demand for mobile and net banking will drive the retail core banking solutions market.
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Prominent Trend - Technological Advancements Drive Transformation In Retail Core Banking Solutions Market
Technology advancement is the key trend gaining popularity in the retail core banking solution market. 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.
Retail Core Banking Solution Market Players
Major companies operating in the retail core banking solution market report 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, HES Core
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Largest And Fastest Growing Region In The Market
North America was the largest region in the retail core banking solution market in 2023. The regions covered in the retail core banking solution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Retail Core Banking Solution Market Report Structure
3. Retail Core Banking Solution Market Trends And Strategies
4. Retail Core Banking Solution Market - Macro Economic Scenario
5. Retail Core Banking Solution Market Size And Growth
…..
27. Retail Core Banking Solution Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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