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According to the latest report by IMARC Group, titled " Digital Banking Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity and For ecast 2022-2027
," the global digital banking platform market reached a value of US$ 5.07 Billion in 2021.
Digital banking platform (DBP) refers to the online financial services provided by banks. It allows the automated delivery of new and traditional banking products and services through interactive communication channels. Some of the services provided by digital banking platforms include conventional banking services and products, such as bill payments, funds transfer, loan management, cash withdrawals and opening deposit accounts. It also offers features such as real-time transaction notifications, scheduling expenditures, promoting cardless payments, obtaining bank statements, and remotely monitoring personal finance management (PFM) and account-to-account (A2A) payments. In recent years, DBP has gained momentum as it is convenient, easy, and quick to use, and allows users to handle day-to-day financial operations through mobiles, laptops, and desktops.
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One of the primary factors driving the market is the rising penetration of smartphones, internet connectivity, computers, IoT devices, and artificial intelligence (AI). Additionally, the significant growth in cloud computing and storage has led to an increase in the demand for such technologies, thus creating a positive market outlook. In line with this, the sudden outbreak of coronavirus disease (COVID-19) has resulted in a significant rise in online banking activities, which is creating a positive market outlook. Besides this, DBP provides immediate transactions with improved security to the customer.
Other than this, the employment of machine learning (ML) in DBPs helps detect and prevent payment frauds, enhances procedures for anti-money laundering (AML), and performs know-your-customer (KYC) regulatory checks, which is strengthening the market growth. Moreover, extensive research and development (R&D) activities, along with the implementation of numerous government initiatives to promote a cashless economy, is anticipated to drive the market growth.
Looking forward, IMARC Group expects the market value to reach US$ 10.76 Billion by 2027, expanding at a CAGR of 12.71% during the forecast period (2022-2027).
View Report TOC, Figures and Tables: https://www.imarcgroup.com/digital-banking-platform-market
Key Market Segmentation
The research report includes the following segments:
Breakup by Component:
• Solutions
• Services
Breakup by Type:
• Retail Banking
• Corporate Banking
Breakup by Deployment Mode:
• On-premises
• Cloud-based
Breakup by Banking Mode:
• Online Banking
• Mobile Banking
Breakup by Region:
• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa
Competitive Landscape with Key Players:
• Appway AG (FNZ (UK) Ltd.)
• Fidelity Information Services (FIS)
• Finastra Limited
• Fiserv Inc
• Infosys Limited
• nCino
• NCR Corporation
• Oracle Corporation
• SAP SE
• Sopra Steria
• Tata Consultancy Services Limited
• Temenos AG
• The Bank of New York Mellon Corporation
• Worldline
1. How has the global digital banking platform market performed so far and how will it perform in the coming years?
2. What has been the impact of COVID-19 on the global digital banking platform market?
3. What are the key regional markets?
4. What is the breakup of the market based on the component?
5. What is the breakup of the market based on the type?
6. What is the breakup of the market based on the deployment mode?
7. What is the breakup of the market based on the banking mode?
8. What are the various stages in the value chain of the industry?
9. What are the key driving factors and challenges in the industry?
10. What is the structure of the global digital banking platform market and who are the key players?
11. What is the degree of competition in the industry?
Click here to visit the complete table of content with list of figures and tables: https://www.imarcgroup.com/digital-banking-platform-market/toc
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