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Growing Customer Preference For Mobile And Net Banking Boosts Retail Core Banking Solutions Market: Powering Innovation and Expansion in the Retail Core Banking Solution Market by 2025
Retail Core Banking Solution
What Is the Expected CAGR for the Retail Core Banking Solution Market Through 2025?
In the past few years, the market size for retail core banking solutions has seen a significant surge. There's a projected increment from $4.94 billion in 2024 to $5.45 billion in 2025, with a compound annual growth rate (CAGR) of 10.4%. The growth during the historical phase is due to factors such as regulatory compliance obligations, a surge in customer demand for digital services, improvements in operational efficiency and cost reduction, amplified data security and privacy, competition, and market dynamics.
What's the Projected Size of the Global Retail Core Banking Solution Market by 2029?
The market size for retail core banking solution is predicted to experience tremendous growth in the upcoming years, reaching a value of $7.92 billion in 2029 with a compound annual growth rate (CAGR) of 9.8%. The growth during the projected period is attributable to several factors like digital transformation strategies, business intelligence and analytics integration, transition to cloud-based solutions, the implementation of open banking and API, and heightened focus on customer experiences. Significant trends that will influence the market in the future include adherence to regulations, real-time transactions, improvements in mobile banking, analytics driving business insight, and collaboration within the ecosystem.
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Top Growth Drivers in the Retail Core Banking Solution Industry: What's Accelerating the Market?
The surge in consumer preference for mobile and internet banking is a critical factor propelling the retail core banking solutions market. Mobile banking serves as a financial tool enabling customers to utilize mobile gadgets such as smartphones or tablets for managing their bank accounts and undertaking a wide range of financial tasks. Internet banking is a banking service that permits customers to access multiple banking services and perform financial transactions on the internet. Retail core banking solutions are employed to integrate internet banking services with the bank's regular operational channels for seamless processes across all channels. These solutions are also instrumental in providing swifter mobile banking services for customers. For instance, MoneyTransfers.com, a UK-based digital platform, predicted in October 2023 an increase in digital banking users from 208 million in 2023 to 212.8 million in 2024. This underscores a constant growth in the adoption of digital banking. Hence, the escalating customer preference for mobile and internet banking will bolster the retail core banking solutions market.
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What Trends Will Shape the Retail Core Banking Solution Market Through 2029 and Beyond?
The primary trend gaining traction in the retail core banking solution market is the advancement of technology. Top-notch companies in this market are concentrating on incorporating new tech tools like cloud-native platforms and digital transformation. For example, Arvest Bank, a financial services firm based in the US, ushered in a new lending service in February 2023. This service utilizes the cloud-native core banking technology from Thought Machine. This product capitalizes on the Vault Core banking platform to eradicate inefficiencies in the equipment finance market in the country, valued at more than $1 trillion. Through this application, Arvest has the ability to promptly differentiate its entire banking experience and generate financial products.
What Are the Main Segments in the Retail Core Banking Solution Market?
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 Top Companies are Driving Growth in the Retail Core Banking Solution Market?
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
Which Regions Will Dominate the Retail Core Banking Solution Market Through 2029?
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.
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