during the forecast period. The digital banking platform market is gaining ground due to the increasing adoption of cloud-based solutions by financial institutions and the proliferation of smartphones are expected to drive the overall growth of the digital banking platform market.
New York, September 30, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Digital Banking Platforms Market by Component, Banking Type, Banking Mode, Deployment Type and Region – Global Forecast to 2026” – https : //www.reportlinker.com/p05620909/?utm_source=GNW
â¢ By deployment type, the cloud segment will grow at the highest CAGR during the forecast period.
The cloud type of deployment has become a cost effective and efficient way to manage all insurer business processes, as well as data management and governance issues. Cloud-based digital banking platform tools provide several benefits, such as quick tool implementation, installation and operation costs, lower maintenance costs, 24/7 data accessibility , safety and ease of use.
Digital banking platforms and capital markets and increasingly inheriting the cloud to store data and access advanced applications via the Internet.
â¢ By type of bank, the retail banking segment is expected to hold the largest market size during the forecast period.
Retail banking has become an essential catalyst in the digital banking platform market to translate banking models across the world. The digital revolution has disrupted the market with changing behavior and expectations of customers, emerging competitors and innovative technologies.
With the growing number of channels, financial institutions are changing their business processes to provide customers with premium services and improve the management of their accounts. Several organizations offer an integrated digital banking solution that includes platforms for internet banking and mobile banking.
These platforms are enriched with deposit and loan origination solutions, analyzes and banking services.
â¢ By region, Asia-Pacific will experience the highest CAGR during the forecast period
APAC countries have seen an increase in the number of FinTech startups, which has resulted in a disruption of the digital banking platform ecosystem. However, to keep up with this rapid pace of advancement, traditional banking companies are undertaking digital transformation projects.
There is a huge untapped market for the banking sector in India, China, Bangladesh and several other APAC countries; this has proven to be an engine for the growth of banking businesses in the region. Hence, it motivates bankers to adopt strategies for the digitization of their services.
With the increase in the number of mobile device users, there is also an increasing use of digital banking technologies and e-commerce. These factors combined are expected to fuel the growth of the digital banking platform market in the region.
The breakdown of the profiles of the main participants is given below:
â¢ By company: level 1 at 20%, level 2 at 42% and level 3 at 38%
â¢ By designation: C-level executives – 55%, Directors – 38%, Others * – 7%
â¢ By region: North America – 17%, Europe – 35%, APAC – 25% and RoW ** – 23%
This research study describes the market potential, market dynamics, and the major vendors operating in the Digital Banking Platforms market. Key and innovative vendors in the digital banking platform market include Alkami (US), Apiture (US), Appway (Switzerland), Backbase (Netherlands), BNY Mellon (US), CR2 (Ireland) ), EdgeVerve (India), ebankIT (England)), Finastra (United Kingdom), Fiserv (United States), Intellect Design Arena (India), Mambu (Germany), MuleSoft (United States), nCino (United States United States), NCR (United States), NETinfo (Cyprus), Oracle (United States), SAP (Germany), Sopra Banking Software (France), TCS (India), Technisys (United States), Temenos (Switzerland) , TPS (Pakistan), Velmie (United States) and Worldline (France).
The digital banking platform market is segmented by component, deployment type, banking type, banking mode, and region. A detailed analysis of major industry players has been undertaken to provide information on their business insights; services; key strategies; launches of new services and products; partnerships, agreements and collaborations; business expansions; and the competitive landscape associated with the digital banking platform market.
Main advantages of purchasing the report
The report is expected to assist the market leaders / new entrants in this market by providing them with information on the closest approximations to revenue figures for the entire Digital Banking Platform market and its segments. This report should also help stakeholders understand the competitive landscape and gain insight to improve the position of their companies and plan appropriate go-to-market strategies.
The report also aims to help stakeholders understand the market pulse and provide them with insights into the key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05620909/?utm_source=GNW
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