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New Report Examines the Growth of Financial Services Market Forecast to 2024
Efficiency in financial services is considered to be the backbone of any economy. Financial services indicate the socio-economic wellbeing of any country. With rapid globalization, financial service application providers are faced with the uphill task of providing the end-users with software and applications that are risk-free, compliant, and data driven. In modern times, the strength of a country is determined by how well it progresses financially. Thus, financial systems require to function properly in order to bring in smooth and stable governance.
An increasing number of banks and financial institutions have been focusing on attracting consumers with decisive market strategies. Banks around the world are, therefore, compelled to shift from their traditional accounting services to more value added solutions such as mutual funds, insurance, mortgages, and pensions.
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In order to achieve this, it is important for these institutions to automate their financial services, so that they are able to focus on their core competencies. The development of a consumer-centric approach is also considered essential in this regard. Financial services applications and software, which run on disparate technological platforms, have emerged as a perfect solution to cater to the aforementioned needs.
The report defines the global financial services apps and software market as the total sum of revenues generated from the deployment of financial services application software across the world. The key factors impacting the growth trajectory of the market have been evaluated in the report in detail. The report also identifies the most lucrative opportunities for the enterprises operating in the market.
Global Financial Services Market: Key Opportunities and Threats
Solutions provided by enterprises operating in the global financial services applications market enable organizations to use valuable financial data to plan and optimize operations and explore new opportunities with the help of software. Automating banking and financial processes has become necessary for organizations to keep track of the increasing magnitude of financial transactions. The software applications designed by financial service providers enable banks and financial institutions to digitize their daily tasks, therefore, allowing them to concentrate on their core competencies.
Organizations nowadays are concentrating on areas such as BI and analytics, audits, enhanced customer experience, and risk and compliance management. This change has been brought about by the evolving economic and regulatory environment. Hence, government institutions around the world have realized the need to shift from traditional practices to more automated alternatives. This has proven to be extremely beneficial for the global financial services applications market.
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Global Financial Services Market: Region-wise Outlook
Regionally, the global financial services market can be segmented into Asia Pacific, Europe, North America, and Rest of the World. The developed nations have been dominant in the global financial services applications market. However, emerging regions such as Asia Pacific, Latin America, the Middle East, and Africa also have been exhibiting lucrative opportunities for vendors operating in the market, since they are yet to expansively adopt financial service applications.
Global Financial Services Market: Vendor Landscape
The most prominent vendors operating in the global financial services application market are FIS, Accenture, IBM Corporation, FISERV, SAP AG, Infosys, Oracle, and TCS. These companies have been capitalizing on technological advancements, market liberalization, and innovation to attract customers and gain a competitive edge in the market.
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