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The Rise Of Digital Banking Platforms In The Era Of Online Banking: Key Factor Driving The Growth In The Digital Banking Platform Market
Digital Banking Platform Market Size
What Is the Expected Digital Banking Platform Market Size During the Forecast Period?
In recent times, the market size of the digital banking platform has seen swift expansion. It's projected to escalate from $7.33 billion in 2024 to $8.12 billion in 2025, with a compound annual growth rate (CAGR) of 10.9%. Factors contributing to the growth in the historic period include increased internet and mobile device usage, shifting customer expectations, changes in regulatory norms, improvements in security, reduction in costs and enhancements in efficiency, the impact of the pandemic, and the rise of remote banking.
Predictions indicate a swift expansion in the digital banking platform market size in the coming years, reaching $14.66 billion by 2029 and boasting a compound annual growth rate (CAGR) of 15.9%. Factors fueling the projected growth during this period include investments in digital transformation, partnerships with fintech startups, global growing footprint, advancing market competition, the utilization of AI for insights and analytics, as well as the implementation of data security and privacy protocols. Key trends expected during the forecast period encompass data-driven decision-making, remote and digital customer enrolment procedures, focus on sustainability and green banking, and ecosystem enlargement.
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What Are the High-Growth Segments in the Digital Banking Platform Market?
The digital banking platform market covered in this report is segmented -
1) By Type: Corporate Banking, Retail Banking
2) By Component: Platforms, Services
3) By Banking Mode: Online Banking, Mobile Banking
4) By Deployment: Cloud, On-Premise
Subsegments:
1) By Corporate Banking: Cash Management, Trade Finance, Commercial Lending, Treasury Management, Corporate Investment Services
2) By Retail Banking: Online Banking, Mobile Banking, Digital Payments, Personal Loans, Savings And Investment Accounts
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What Key Drivers Are Expected to Influence Future Digital Banking Platform Market Growth?
A movement from conventional banking towards internet banking is anticipated to boost the growth trajectory of the digital banking platform market. Essentially, online banking is an electronic payment mechanism that allows customers to carry out multiple financial transactions via a web portal or payment application. Online banking's ability to enhance service quality and boost earnings is prompting financial institutions to divert attention to digital banking, thereby fostering the growth of the digital banking platform market. As an example, the India Brand Equity Foundation, an export promotion agency of the Indian government, forecasts that by 2025, the Indian fintech market would be valued at Rs. 6.2 trillion (USD 83.42 billion). Fintech financial services are crucial in transitioning the banking system towards various digital channels, including online and social channels. Consequently, this transition from traditional to online banking is propelling the growth of the digital banking platform market.
Which Companies Hold the Largest Share Across Different Digital Banking Platform Market Segments?
Major companies operating in the digital banking platform market include Appway AG, Crealogix Holding AG, EdgeVerve Systems Limited, Fiserv Inc., Oracle Corporation, SAP SE, Sopra Steria, Temenos AG, Worldline SA, Cor Financial Solution Ltd., Fidelity National Information Services Inc., Vsoft Corporation, Apiture, The Bank of New York Mellon Corporation, CR2 Ltd, Alkami Technology Inc., Finastra Group Holdings Limited, Urban FT Group Inc., Q2 Software Inc., Sopra Banking Software SA, Tata Consultancy Services Limited, Backbase B. V., ebankIT- Sistemas de Informação S. A., Intellect Design Arena, Mambu GmbH, MuleSoft LLC, nCino Inc., National Cash Register Corporation, NETinfo Plc, Technisys S. A.
What Trends Are Driving Growth in The Digital Banking Platform Market?
The rise in technological advancements is a significant trend making waves in the digital banking platform sector. Leading firms in the field are innovating new technologies to cut down operating expenses and facilitate quicker, secure transactions. For instance, SC Ventures, a fintech investment firm based in the U.S., introduced audax financial technology in September 2023. Owing to its modularized capabilities, audax provides a robust digital banking platform capable of effectively handling customer data in the millions. Its plug-and-play system supports the entire client life cycle, encompassing tools for data reporting, deposits, loans, client service, and staff interaction. Audax's infrastructure-agnostic technology, which has been designed to support well-grounded bank's core systems, also enables banks to undertake modern digital transformation without the need for costly, time-consuming internal development or migration.
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What Are the Emerging Geographies for The Digital Banking Platform Market Growth?
North America was the largest region in the digital banking platforms market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital banking platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Digital Banking Platform Market?
2. What is the CAGR expected in the Digital Banking Platform Market?
3. What Are the Key Innovations Transforming the Digital Banking Platform Industry?
4. Which Region Is Leading the Digital Banking Platform Market?
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