Dublin, Aug. 26, 2020 (GLOBE NEWSWIRE) -- The "Global Digital Banking Platform Market By Component (Solution and Services), By Deployment Type (On-premise and Cloud), By Type (Retail Banking and Corporate Banking), By Banking Mode (Online Banking and Mobile Banking), By Region, Industry Analysis and Forecast, 2020 - 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Digital Banking Platform Market is expected to reach $9 billion by 2026, rising at a market growth of 16% CAGR during the forecast period.
The factors driving the growth of the global digital banking platform market are the increased importance of digital customer experience, a shorter replacement cycle, and increased security and reliability. The rising level of investment by public / private capital holders in the development of advanced and sophisticated mobile-friendly banking platforms, enterprise and web-based banking applications and custom-built banking services is promising tremendous opportunities for the global digital banking industry to expand in the near future.
Digital banking platform is a robust omnichannel framework that allows banks and financial institutions to streamline and control all their digital customer experiences. Digital banking platforms serve as the basis for a digital bank and allow banks to offer customers innovative digital products and services. The introduction of these systems results in enhanced customer service and decreased costs, thus allowing banks to meet regulatory requirements.
The emerging trend of digital transformation in the global banking industry is increasing the market for digital banking platforms. Digital transformation or digitalization of businesses refers to the integration of digital technology into various business processes, organizational activities and business models. Optimization of the end-to-end business process, increased operating efficiency, improved customer experience and reduced costs are just some of the factors driving the digital transformation of the banking industry.
Banks are embracing technology to reduce operating costs and remain competitive on the market. It prevents banks from investing in expensive legacy hardware and software to keep these systems up to date. It helps banks retain their customers by offering better customer experience and lower-cost personalized services. It also gives banks a 360 view of their customers. The growing threat of cyber-attacks is hindering the adoption of digital banking. Fighting cyber-attacks is one of the biggest challenges facing banks across the globe, considering the delicate nature of the consumer details they have. As cyber criminals conduct more sophisticated and regular attacks, the number of major data breaches is expected to increase over the period.
Based on Component, the market is segmented into Solution and Services. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Type, the market is segmented into Retail Banking and Corporate Banking. Based on Banking Mode, the market is segmented into Online Banking and Mobile Banking. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The major strategies followed by the market participants are Partnerships and Product Launches. Based on the Analysis presented in the Cardinal matrix; Oracle Corporation, The Bank of New York Mellon Corporation, and SAP SE are the forerunners in the Digital Banking Platform Market. Companies such as Temenos AG, Fiserv, Inc., Fidelity Information Services (FIS), Inc., Appway AG, VSoft Corporation, and Infosys Limited are some of the key innovators in the market.
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Infosys Limited (EdgeVerve Systems), Fidelity Information Services (FIS), Inc., Fiserv, Inc., Oracle Corporation, SAP SE, Temenos AG, The Bank of New York Mellon Corporation, Appway AG, COR Financial Solutions Ltd., and VSoft Corporation.
Strategies Deployed in 2020
Partnerships, Collaborations, and Agreements
Jun-2020: Temenos came into collaboration with Next Commercial Bank. The bank selected Temenos Transact to power its launch as one of Taiwan's first neobanks and deliver digital banking experiences. Temenos Transact delivered rich, pre-configured banking functionality and compliance to support Next Bank's rapid launch to market in 2020.
Apr-2020: FIS announced its collaboration with Bambu, a fintech startup. The latter company selected FIS' next-generation Modern Banking Platform to power a new digital banking solution for the U.S. unbanked and underbanked.
Mar-2020: Temenos AG selected by Virgin Money Australia, a division of Bank of Queensland (BOQ), as its digital banking technology partner. Temenos' cloud-native, cloud-agnostic banking software aims to enable Virgin Money Australia to benefit from a single, upgradeable, digital SaaS platform for developing a simplified digital business model.
Feb-2020: Infosys Finacle collaborated with Summit Technology Consulting Group, a leading fintech and cloud modernization firm and Amazon Web Services (AWS). The collaboration was focused on bringing Finacle's leading Digital Banking Suite to community financial institutions in the United States.
Feb-2020: Temenos collaborated with Assaray Trade and Investment Bank (ATIB). The bank selected Temenos Infinity and Temenos Transact to power its digital transformation. Temenos cloud-native, cloud-agnostic banking platform aimed to enable the bank to quickly launch new digital products for retail and corporate banking and improve the customer experience.
Jan-2020: FIS signed an agreement with Union Bank for delivering a next-generation core banking platform to power the bank through its next iteration of digital offerings. Union Bank will use the FIS Modern Banking Platform to co-develop and co-engineer systems for the banking transformation program to drive innovation and address the evolving needs of its clients today and into the future.
Product Launches and Product Expansions
Jun-2020: Fiserv unveiled Virtual Banking Assistant, an interactive tool. The tool uses AI-based natural language processing for helping banks and credit unions manage virtual customer transactions with greater efficiency.
Jan-2020: Appway launched Client Lifecycle Management for Wealth & Private Banking (abbreviated as CLM for Wealth) on Salesforce AppExchange. CLM for Wealth can reduce the time to onboard new customers, provide relationship managers with complete transparency where a given process stands, and enable collaboration with middle-office staff and compliance.
Jan-2020: Temenos AG unveiled the banking-as-a-service platform in the U.S., which can help launch a digital banking platform go live in 90 days. The Temenos SaaS platform has been designed for offering a range of services like digital onboarding, know-your-customer verification, personal financial management and support for artificial intelligence, chatbots, wearables, and other technology.
Key Topics Covered
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Digital Banking Platform Market, by Component
1.4.2 Global Digital Banking Platform Market, by Deployment Type
1.4.3 Global Digital Banking Platform Market, by Type
1.4.4 Global Digital Banking Platform Market, by Banking Mode
1.4.5 Global Digital Banking Platform Market, by Geography
1.5 Methodology for the Research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.2 Executive Summary
2.1.3 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Mergers & Acquisitions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2016-2020)
3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements: 2017, Nov - 2020, Jun) Leading Players
Chapter 4. Global Digital Banking Platform Market by Component
4.1 Global Digital Banking Platform Solution Market by Region
4.2 Global Digital Banking Platform Services Market by Region
Chapter 5. Global Digital Banking Platform Market by Deployment Type
5.1 Global On-premise Digital Banking Platform Market by Region
5.2 Global Cloud Digital Banking Platform Market by Region
Chapter 6. Global Digital Banking Platform Market by Type
6.1 Global Retail Banking Digital Banking Platform Market by Region
6.2 Global Corporate Banking Digital Banking Platform Market by Region
Chapter 7. Global Digital Banking Platform Market by Banking Mode
7.1 Global Online Banking Digital Banking Platform Market by Region
7.2 Global Mobile Banking Digital Banking Platform Market by Region
Chapter 8. Global Digital Banking Platform Market by Region
8.1 North America Digital Banking Platform Market
8.2 Europe Digital Banking Platform Market
8.3 Asia-Pacific Digital Banking Platform Market
8.4 LAMEA Digital Banking Platform Market
Chapter 9. Company Profiles
9.1 Infosys Limited (EdgeVerve Systems)
9.2 Fidelity Information Services (FIS), Inc.
9.3 Fiserv, Inc.
9.4 Oracle Corporation
9.5 SAP SE
9.6 Temenos AG
9.7 The Bank of New York Mellon Corporation
9.8 Appway AG
9.9 COR Financial Solutions Ltd.
9.10 VSoft Corporation
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