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Leading Growth Driver in the Retail Core Banking Solution Market in 2025: Growing Customer Preference For Mobile And Net Banking Boosts Retail Core Banking Solutions Market Driver's Influence
Retail Core Banking Solution Market
The expansion of the retail core banking solutions market is significantly boosted by the escalating consumer demand for mobile and net banking. The service of mobile banking provides an opportunity for customers to utilize devices like smartphones or tablets to access their bank accounts and carry out different financial activities. Net banking, on the other hand, represents a banking service which enables customers to conduct varied financial transactions and access several banking services online. The standard operation channels of a bank get linked with net banking services through retail core banking solutions to ensure uninterrupted operations throughout all channels. Mobile banking services for consumers are also accelerated through retail core banking solutions. As an illustration, predictions from MoneyTransfers.com, an online platform based in the UK, state that the population of digital banking users is expected to climb from 208 million in 2023 to 212.8 million in 2024, highlighting that the adoption of digital banking is on the rise. Consequently, the increase in customer demand for mobile and net banking is a driving factor for the retail core banking solutions market.
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How will the growth rate of the retail core banking solution market shape industry trends by 2034?
The market size of the retail core banking solution has significantly expanded in the past few years. Its growth is projected to escalate from $4.94 billion in 2024 to $5.45 billion in 2025, with a compound annual growth rate (CAGR) of 10.4%. Factors contributing to this upward trend in the historic period include regulatory compliance requirements, consumer preference for digital services, increased operational efficiency and cost savings, improved data security and privacy, competition, and market forces.
The market size of retail core banking solutions is projected to experience robust expansion in the upcoming years, potentially reaching $7.92 billion by 2029 with a compound annual growth rate (CAGR) of 9.8%. The forecasted growth can be credited to elements such as digital transformation endeavors, incorporation of data analytics and business intelligence, transition towards cloud-oriented solutions, the adoption of open banking and API integration strategies, and an emphasis on improving customer experiences. Key trends predicted for the forecast period are regulatory compliance, instantaneous payments, advancements in mobile banking, employment of analytics for business knowledge, and collaborations within the ecosystem.
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What new trends are reshaping the retail core banking solution market and its opportunities?
The most significant trend growing traction in the retail core banking solution market is technology advancement. The primary companies in this market are focusing on the incorporation of modern technologies such as digital transformation tools and cloud-native platforms. For example, in February 2023, Arvest Bank, a firm providing financial services and based in the US, introduced a new lending service leveraging Thought Machine's cloud-native core banking technology. This product, utilizing the Vault Core banking platform, effectively tackles inefficiencies in the over $1 trillion equipment finance market in the nation. Thanks to this service, Arvest is able to rapidly differentiate its full banking experience and create financial products.
Which primary segments of the retail core banking solution market are driving growth and industry transformations?
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
Subsegments:
1) By Solution: Core Banking Software, Digital Banking Platforms, Payment Processing Solutions, Customer Relationship Management (CRM) Systems
2) By Services: Consulting Services, Implementation Services, Maintenance And Support Services, Training And Education Services
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Which geographical regions are pioneering growth in the retail core banking solution market?
North America was the largest region in the retail core banking solution market in 2024. 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.
Who are the influential players reshaping the retail core banking solution market landscape?
Major companies operating in the retail core banking solution market include Mambu GmbH, Oracle Corporation, SAP SE, Tata Consultancy Services Limited, 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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What Is Covered In The Retail Core Banking Solution Global Market Report?
• Market Size Forecast: Examine the retail core banking solution market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the retail core banking solution market for a structured understanding.
• Key Players Overview: Analyze major players in the retail core banking solution market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the retail core banking solution market.
• Segment Contributions: Evaluate how different segments drive overall growth in the retail core banking solution market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the retail core banking solution market.
• Industry Challenges: Identify potential risks and obstacles affecting the retail core banking solution market.
• Competitive Landscape: Review strategic developments in the retail core banking solution market, including expansions, agreements, and new product launches.
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