Digital Banking Solution Market 2022-2030 Future Outlook

A latest report from Absolute Markets Insights covers insights into the global Digital Banking Solution market. This comprehensive report offers insights into the market, models and drivers of business growth. Also includes Digital Banking Solution market share, sales volume and education charts. Research analysts have combined important and additional information, such as commitments from market leaders, into a well-crafted report. This report is an essential insight into strategies and information and is primarily aimed at business leaders. The main objective of this Digital Banking Solution report is to provide industry knowledge and help our clients achieve natural growth in their respective fields. The Digital Banking Solution report also shows a new uptrend that includes market conditions and market forecast 2022-2030.

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Some of the major players operating in the global Digital Banking Solution market include: ACI Worldwide. Inc., Ally Financial Inc., Backbase, Capital Banking Solutions, CR2, Fiserv, Inc., Infosys Ltd., CREALOGIX AG., JPMorgan Chase & Co., Kony, Inc., Microsoft, Oracle, Tata Consultancy Services Limited, Technisys, Temenos Headquarters SA, TRG Mobilearth Inc., and Urban FT, LLC,  amongst others.

The global digital banking solution market revenue was valued at US$ 6,620.87 Billion in 2022 and is anticipated to grow at a CAGR of 3.8% during the forecast period of 2022 – 2030.

The competitive landscape of the market study contains a broader analysis of the regions including North America, Europe, Asia-Pacific, Middle East and Africa, Latin America, which are expected to capture the essence of the market in its broadest category. The list encompasses significant players who manage the sector based on the system’s overall production capabilities, environmental contributions, appropriate channels, and territorial proximity through a system of primary and secondary research methodologies followed by an in-house analytical model. Furthermore, the generated income and a generalized market share for the market is presented with the help of graphs, charts and tables.

Furthermore, the report also contains important collaborations, mergers and acquisitions, key market trends and business policies are evaluated. The study contains primary and secondary information pertaining to the Digital Banking Solution Market in terms of its global status, market size, growth forecasts, trends, segments, and a detailed forecast.

Key insights from the report:

  • The report provides key statistics on the market status of Digital Banking Solution Manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
  • The report provides a basic overview of the industry, including its definition, applications and manufacturing technology.
  • The report features the company profile, product specifications, capacity, production value and market share 2022-2030 for the top vendors.
  • The total market is further divided by company, by country and by application/type for the analysis of the competitive landscape.
  • The report then estimates the 2022-2030 market development trends of the P2P Loans industry.
  • Analysis of upstream raw materials, downstream demand and current market dynamics is also performed.
  • The report makes some important proposals for a new project of Digital Banking Solution Market before evaluating its feasibility.

Covid-19 cumulative impact:

This study presents insights into COVID-19 on consumer behavior and changes in demand, purchasing patterns, supply chain reorganization, dynamics of market forces, and substantial government involvement. The new research provides insights, analysis, estimates and predictions in light of the effect of COVID-19 on markets. The Digital Banking Solution Market report provides a solid observation on the prominent players in terms of strategic analysis, micro and macro market trends and opportunities, pricing trends, and a generalized overview of the market. The Digital Banking Solution Market is a detailed study packed with primary and secondary market factors, market share, leading segments and a proper geographic analysis.

Key questions answered in this report:

  • What will the market size and growth rate be in 2030?
  • What are the key drivers of the global market?
  • What are the key market trends impacting the growth of the global market?
  • What are the market growth challenges?
  • Who are the key vendors in the global market?
  • What are the global market opportunities and challenges for sellers?
  • What are the key findings of the global five-point analysis of the Digital Banking Solution market?

Rise in digital technologies have transformed the global banking industry and improved the banking sector to provide better customer services. Additionally, banks and other financial institutions are focusing to improve customer service experiences by seamlessly providing banking facilities on customer’s mobile phone and desktops. Digital banking solutions reduce customer footfall in bank branches and enable bank branches to better serve customers.  Digital banking solution enable automated transaction through which all banking transactions get processed online with least human intervention. Reduction in operational costs is driving the banking industry to implement various digital technologies which is leading to a paradigm transformation of banking operations.

Rising penetration of digital technologies in banking sector is creating a good opportunity for digital service providers including Information Technology (IT) companies. For example, in January 2020, Union Bank, a U.S. based banking institution, has agreed to use FIS (A global technology company listed in NYSE) offered digital banking platform. Thus rise in demand for digital banking solutions in the Banking, Financial Service and Insurance (BFSI) sector is anticipated to create a favorable environment for digital banking solution market vendors across the globe.  

Rise in mobile commerce is significantly driving the digital banking solution market. Mobile commerce has enabled consumers to perform financial and non-financial transactions from the comfort of their home or office without visiting a bank. Presently, various mobile payment platforms such as mobile wallets, Unified Payment Interface (UPI), mobile banking facilities among others are enabling consumers to perform banking transactions in a fast and comfortable way. Digital solutions have led consumers to more frequently perform banking transactions as compared to their past engagement with the traditional branch banking system. Increasing internet penetration along with proliferation of smartphones is creating an opportunity to bring more consumer on digital banking platform, and is boosting the consumer base, especially in retail banking business. The retail banking segment is dominating the overall digital banking solutions market. In 2018, retail banking segment was holding a market share of 73.8% of the total digital banking solutions market which was valued at US$ 6,620.87 Bn. Retail banking is anticipated to further consolidate its market share and is expected to hold a market share of 76.0% of the total digital banking solutions market by the end of the forecast period.

On the basis of organization size, global digital banking solution market is classified into small & medium-size enterprises and large size enterprises. Large size enterprises dominate the digital banking solution market. In 2018, large size enterprises segment was valued at US$ 4,607.86 Billion and expected to grow further with a CAGR of 4.2% during the forecast period. Growth of large size enterprises are occurring due to faster implementation of digital banking solutions within a banking or financial platform which is encouraging existing and new consumers to seamlessly perform banking and other financial transactions. For instance, Habib American Bank (HAB Bank) NYC-based bank, which has branches throughout New York, New Jersey and California, launched digital commercial lending center suite to automate its commercial lending process to enhance efficiencies and improve accuracy.

Geographically, digital banking solution market is further divided into various regions including North America, Europe, Asia Pacific, Middle East& Africa, and Latin America.  North America is the largest market holding a market share of 31.6% of the total market and expected to grow with a CAGR of 4.1% by the end of the projected period. Early adoptions of digital solutions among the major banks & financial institutions in North America is driving the growth of the digital solutions market in the region. JP Morgan Chase, Bank of America, City Group, Goldman Sachs, Morgan Stanley, Scotiabank, and Royal Bank of Canada are among the banks and financial institutions who have implemented the digital solutions. To quote an instance, Bank of America (BOA) has partnered with Infosys to modernize its corporate banking technology across its branches. The BOA has selected Infosys’ Finacle suite of products to implement transformation. Hence, the convenience offered by digital baking channels is increasing its preference among millennial population, which is encouraging financial institutions to invest towards digital banking technologies, thereby contributing towards the growth of global digital banking solution market.

Global Digital Banking Solution Market Segmentation:

Global Digital Banking Solution Market, By Banking Type (Retail Banking, Corporate Banking, Investment Banking); By Solution Segment (Payments, Processing Services); By Organization Size (Small And Medium Size Enterprises, Large Size Enterprises ); By Technology(BaaS {Banking As A Service}, BaaP {Banking As A Platform}, Cloud-Based, White Label Banking, Chatbots) By Region (U.S., Canada, Mexico, Rest Of North America, France, He UK, Spain, Germany, Italy, Nordic Countries, Benelux Union, Rest Of Europe, China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia, Rest Of Asia Pacific, Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest Of Middle East & Africa, Brazil, Argentina, Rest Of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends And Forecast, 2022 – 2030

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