Dublin, May 12, 2023 (GLOBE NEWSWIRE) -- The "Digital Banking Platform Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global digital banking platform market grew from $6.09 billion in 2022 to $6.9 billion in 2023 at a compound annual growth rate (CAGR) of 13.2%. The digital banking platform market is expected to grow to $11.34 billion in 2027 at a CAGR of 13.2%.
Major players in the digital banking platforms market are Appway AG, Crealogix Holding AG, EdgeVerve Systems Limited, Fiserv Inc., Oracle Corporation, SAP SE, Sopra Steria, Temenos, Worldline SA, Cor Financial Solution Ltd., FIS Inc., Vsoft Corporation, Apiture, BNY Mellon, and CR2.
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A digital banking platform refers to financial services that enable a bank to begin the transformational process of becoming a truly digital bank that is ecosystem-centric. The digital banking platform is used by the banks to adapt and optimize enhanced technologically advanced services delivered via mobile phones, laptops, smart TVs, desktop computers, and other devices.
The main types of digital banking platforms are corporate and retail banking. Corporate banking refers to the aspect of banking that deals with corporate customers. The various components include platforms and services. The various banking modes include online banking and mobile banking that are deployed through the cloud and on-premise.
The digital banking platforms market research report is one of a series of new reports that provides digital banking platforms market statistics, including digital banking platforms industry global market size, regional shares, competitors with a digital banking platforms market share, detailed digital banking platforms market segments, market trends and opportunities, and any further data you may need to thrive in the digital banking platforms industry. This digital banking platforms market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Technological advancements are a key trend gaining popularity in the digital banking platform market. Major companies operating in the digital banking platform market are developing new technologies to reduce operating costs and enable faster and safer transactions.
In March 2022, SoFi Technologies, Inc., a US-based online bank and online personal finance company, acquired Technisys S.a.r.l. for an undisclosed amount. With the acquisition, Technisys brings a unique, strategic technology and company to the SoFi family, supporting SoFi in its goal of developing the AWS of fintech by offering best-of-breed products as a one-stop-shop financial services platform. Technisys' business also complements and strengthens SoFi's Galileo division. Technisys S.a.r.l. is a Canada-based digital banking company.
North America was the largest region in the digital banking platforms market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this digital banking platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the digital banking platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The shift in trend from traditional banking to online banking is expected to propel the growth of the digital banking platform market going forward. Online banking refers to an electronic payment system that enables customers to conduct a range of financial transactions through a website or payment app.
Online banking helps improve services and increase profits, causing financial institutions to shift their focus to digital banking, resulting in the growth of the digital banking platform market.
For instance, according to India Brand Equity Foundation, an Indian government export promotion agency, by 2025, India's fintech market is expected to reach Rs. 6.2 trillion (USD83.42 billion). Fintech financial services are responsible for transforming the banking system into various digital channels such as online channels and social channels. Therefore, the shift in trend from traditional banking to online banking is driving the growth of the digital banking platform market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $6.9 billion |
| Forecasted Market Value (USD) by 2027 | $11.34 billion |
| Compound Annual Growth Rate | 13.2% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Digital Banking Platform Market Characteristics
3. Digital Banking Platform Market Trends And Strategies
4. Digital Banking Platform Market - Macro Economic Scenario
4.1. COVID-19 Impact On Digital Banking Platform Market
4.2. Ukraine-Russia War Impact On Digital Banking Platform Market
4.3. Impact Of High Inflation On Digital Banking Platform Market
5. Digital Banking Platform Market Size And Growth
5.1. Global Digital Banking Platform Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Digital Banking Platform Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Digital Banking Platform Market Segmentation
6.1. Global Digital Banking Platform Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Corporate Banking
- Retail Banking
6.2. Global Digital Banking Platform Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Platforms
- Services
6.3. Global Digital Banking Platform Market, Segmentation By Banking Mode, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Online Banking
- Mobile Banking
6.4. Global Digital Banking Platform Market, Segmentation By Deployment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Cloud
- On-Premise
7. Digital Banking Platform Market Regional And Country Analysis
7.1. Global Digital Banking Platform Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Digital Banking Platform Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/2mx14m
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