Digital Banking Platform Market Size is projected to reach USD 16.39 billion by 2030, growing at a CAGR of 13.8%: Straits Research

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New York, United States, March 14, 2023 (GLOBE NEWSWIRE) — Digital banking platform enables banks to offer a digitized banking solution to their customers, including online banking, mobile banking, and other traditional banking services. In addition, it provides a range of banking services, including deposits, withdrawals, transfers, savings account management, application for financial products, loan management, bill payment, and other account services. Moreover, it offers multi-channel and omnichannel banking services to its customers. In addition, numerous banks are adopting this platform to reduce human error and complete complicated tasks more efficiently without requiring additional time. Moreover, multiple banks and financial industries are developing innovative and intelligent banking platforms to reduce operational expenses and enhance the safety of bank accounts. The primary factors driving market expansion are an increase in the number of internet users and a shift from traditional to online banking. In addition, the growing adoption of cloud-based platforms to achieve greater scalability drives the market’s expansion.

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Increase in Number of Internet Users to Drive the Global Digital Banking Platform Market

The customer base for online banking is expanding due to the global expansion of internet access and mobile applications. Additionally, these online banks can easily manage large customer databases while requiring less space and fewer employees. With the increased use of mobile internet today, consumers prefer to manage their bank accounts via smartphones, which offer a convenient and speedy account management method and thus serve as a significant market driver. As a result of the interactive and user-friendly nature of bank websites and mobile banking applications, consumers have shifted from traditional banking to new and advanced online banking methods.

Increased Market for Cloud-Based Integrated Products to Provide Opportunities Global Digital Banking Platform Market

Recently, the proliferation of data has presented numerous opportunities for lenders to integrate data-driven insights to enhance the efficacy of customer acquisition, servicing, credit risk management, and collections. The ongoing trend of cloud platforms has risen to prominence in digital banking and is crucial in providing numerous banking services. These cloud-based solutions have brought new perspectives and solutions to the banking industry, thereby transforming it. Several organizations are migrating to cloud-based applications for streamlined data storage, as it provides remote server access via the internet and thus provides access to an infinite amount of computing power. In addition, implementing a cloud-based model enables organizations to manage all applications concurrently, as there is no invisibility with highly complex analytics operating in the background. In addition, implementing cloud-based banking solutions enables organizations to integrate supplementary infrastructure technologies to create highly secure and robust platforms. This rising trend of cloud-based services is anticipated to create lucrative opportunities for the digital banking platform market due to the increasing demand for digital platforms that incorporate cloud technologies.

Report Scope

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Regional Insights

Region-wise, the global digital banking platform market is analyzed across North America, Asia-Pacific, Europe, and LAMEA. North America was the highest revenue contributor and is estimated to grow a CAGR of 12.7%. North American nations have digitally transformed end-to-end credit journeys, significantly delivering a uniquely personalized and intuitive banking experience. As a result of innovations and technological advancements in financial services, such as digital lending, it is evident that nations such as the United States are already reaping substantial economic benefits. Additionally, advances in information technology and the development of interactive and user-friendly user interfaces for websites and applications have resulted in a shift in consumer preferences regarding banking services. The North American region has the most advanced online banking consumer base, propelled by major global players and a large youth population with a high level of product awareness. Hence, this region is anticipated to hold a significant market share.

Europe is the second largest region. It is projected to reach USD 5175 million by 2030, registering a CAGR of 13.1% during the forecast period. European FinTech has witnessed a rise in the adoption of precise data-driven, model-based decision-making systems to improve contracting continuously and disbursement criteria, as well as the adoption of automated digital processes. In addition, smartphone-addicted European consumers have adopted mobile banking with the rise of app-based payments, thereby driving market expansion. The growth is anticipated to be fueled by an increase in internet penetration and a large percentage of the youth population using mobile and online banking systems.

Asia-Pacific is the third largest region. A large consumer base regularly utilizing digital banking, with a significant portion in fast-growing nations such as China and India, and rapid growth in internet penetration via desktops, smartphones, and tablets contribute to the expansion of the market. The market is further fueled by the convenience provided to consumers by digital banking. In addition, favorable government initiatives to support start-ups have paved the way for many small and medium-sized businesses, resulting in a large number of retail and corporate accounts in over 33% of Asia-Pacific banks. In this region, banks and other fintech are rapidly adopting advanced analytics technologies like machine learning and artificial intelligence to identify qualified customers for both secured and unsecured digital banking platforms. For instance, Caribbean Mercantile Bank N.V. has created a digital SME services platform to streamline the loan application procedure. In 2018, CMB’s NPL ratio was 1.36%, compared to the national average of 1.80%.

Key Highlights

• The global digital banking platform market size was valued at USD 5120 million in 2021 and is estimated to reach an expected value of USD 16390 million by 2030, registering a CAGR of 13.8% during the forecast period (2022 – 2030).
• By component, the global digital banking platform market is bifurcated into solutions and services. The solution segment was the highest contributor to the market and is estimated to grow at a CAGR of 13% during the forecast period.
• In terms of deployment model, the global digital banking platform market is bifurcated into on-premise and cloud. The on-premise segment was the highest contributor to the market and is estimated to grow at a CAGR of 12.6% during the forecast period.
• In terms of type, the global digital banking platform market is divided into retail and corporate banking. As per banking mode, the market is segmented into online and mobile banking. The retail banking segment was the highest contributor to the market and is estimated to grow at a CAGR of 14.4% during the forecast period.
• As per banking mode, the market is segmented into online and mobile banking. The online banking segment was the highest contributor to the market and is estimated to grow at a CAGR of 12.7% during the forecast period.

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The major companies in the global digital banking platform market are

• Appway
• Cor Financial Solution Ltd.
• Edgeverve
• FIS Global
• Fiserv Inc
• nCino
• Oracle Corporation
• SAP SE
• Temenos
• Vsoft Corporation.

Segmentation of Digital Banking Platform Market

By Component

• Solution
• Service

By Deployment Model

• On-Premise
• Cloud

By Type

• Retail Banking
• Corporate Banking

By Mode

• Online Banking
• Mobile Banking

By Region

• North America
• Europe
• Asia-Pacific
• LAMEA

Table of Content

1. Executive Summary
2. Research Scope & Segmentation
   1. Research Objectives
   2. Market Definition
   3. Limitations & Assumptions
   4. Market Scope & Segmentation
   5. Currency & Pricing Considered
3. Market Opportunity Assessment
   1. Emerging Regions / Countries
   2. Emerging Companies
   3. Emerging Applications / End Use
   4. Investment Landscape
   5. New Business Models / Revenue Streams
   6. TAM
4. Market Trends
   1. Drivers
   2. Market Warning Factors
   3. Latest Macro Economic Indicators
   4. Geopolitical Impact
   5. Human Factors
   6. Technology Factors
5. Market Assessment
   1. Porters Five Forces Analysis
   2. Value Chain Analysis
   3. Sales And Distribution Channel Analysis
   4. Case Study Analysis
   5. Patent Analysis
   6. M & A Agreements & Collabration Analysis
6. ESG Trends
7. Global Digital Banking Platform Market Size Analysis
   1. Global Digital Banking Platform Market Introduction
   2. By Component
      1. Introduction
         1. Component By Value
      2. Solution
         1. By Value
      3. Service
         1. By Value
   3. By Deployment Model
      1. Introduction
         1. Deployment Model By Value
      2. On-Premise
         1. By Value
      3. Cloud
         1. By Value
   4. By Type
      1. Introduction
         1. Type By Value
      2. Retail Banking
         1. By Value
      3. Corporate Banking
         1. By Value
   5. By Mode
      1. Introduction
         1. Mode By Value
      2. Online Banking
         1. By Value
      3. Mobile Banking
         1. By Value
8. North America Market Analysis
   1. Introduction
   2. By Component
      1. Introduction
         1. Component By Value
      2. Solution
         1. By Value
      3. Service
         1. By Value
   3. By Deployment Model
      1. Introduction
         1. Deployment Model By Value
      2. On-Premise
         1. By Value
      3. Cloud
         1. By Value
   4. By Type
      1. Introduction
         1. Type By Value
      2. Retail Banking
         1. By Value
      3. Corporate Banking
         1. By Value
   5. By Mode
      1. Introduction
         1. Mode By Value
      2. Online Banking
         1. By Value
      3. Mobile Banking
         1. By Value
   6. U.S.
      1. By Component
         1. Introduction
            1. Component By Value
         2. Solution
            1. By Value
         3. Service
            1. By Value
      2. By Deployment Model
         1. Introduction
            1. Deployment Model By Value
         2. On-Premise
            1. By Value
         3. Cloud
            1. By Value
      3. By Type
         1. Introduction
            1. Type By Value
         2. Retail Banking
            1. By Value
         3. Corporate Banking
            1. By Value
      4. By Mode
         1. Introduction
            1. Mode By Value
         2. Online Banking
            1. By Value
         3. Mobile Banking
            1. By Value
   7. Canada
9. Europe Market Analysis
   1. Introduction
   2. By Component
      1. Introduction
         1. Component By Value
      2. Solution
         1. By Value
      3. Service
         1. By Value
   3. By Deployment Model
      1. Introduction
         1. Deployment Model By Value
      2. On-Premise
         1. By Value
      3. Cloud
         1. By Value
   4. By Type
      1. Introduction
         1. Type By Value
      2. Retail Banking
         1. By Value
      3. Corporate Banking
         1. By Value
   5. By Mode
      1. Introduction
         1. Mode By Value
      2. Online Banking
         1. By Value
      3. Mobile Banking
         1. By Value
   6. U.K.
      1. By Component
         1. Introduction
            1. Component By Value
         2. Solution
            1. By Value
         3. Service
            1. By Value
      2. By Deployment Model
         1. Introduction
            1. Deployment Model By Value
         2. On-Premise
            1. By Value
         3. Cloud
            1. By Value
      3. By Type
         1. Introduction
            1. Type By Value
         2. Retail Banking
            1. By Value
         3. Corporate Banking
            1. By Value
      4. By Mode
         1. Introduction
            1. Mode By Value
         2. Online Banking
            1. By Value
         3. Mobile Banking
            1. By Value
   7. Germany
   8. France
   9. Spain
   10. Italy
   11. Russia
   12. Nordic
   13. Benelux
   14. Rest Of Europe
10. APAC Market Analysis
    1. Introduction
    2. By Component
       1. Introduction
          1. Component By Value
       2. Solution
          1. By Value
       3. Service
          1. By Value
    3. By Deployment Model
       1. Introduction
          1. Deployment Model By Value
       2. On-Premise
          1. By Value
       3. Cloud
          1. By Value
    4. By Type
       1. Introduction
          1. Type By Value
       2. Retail Banking
          1. By Value
       3. Corporate Banking
          1. By Value
    5. By Mode
       1. Introduction
          1. Mode By Value
       2. Online Banking
          1. By Value
       3. Mobile Banking
          1. By Value
    6. China
       1. By Component
          1. Introduction
             1. Component By Value
          2. Solution
             1. By Value
          3. Service
             1. By Value
       2. By Deployment Model
          1. Introduction
             1. Deployment Model By Value
          2. On-Premise
             1. By Value
          3. Cloud
             1. By Value
       3. By Type
          1. Introduction
             1. Type By Value
          2. Retail Banking
             1. By Value
          3. Corporate Banking
             1. By Value
       4. By Mode
          1. Introduction
             1. Mode By Value
          2. Online Banking
             1. By Value
          3. Mobile Banking
             1. By Value
    7. Korea
    8. Japan
    9. India
    10. Australia
    11. Taiwan
    12. South East Asia
    13. Rest Of Asia-Pacific
11. Middle East And Africa Market Analysis
    1. Introduction
    2. By Component
       1. Introduction
          1. Component By Value
       2. Solution
          1. By Value
       3. Service
          1. By Value
    3. By Deployment Model
       1. Introduction
          1. Deployment Model By Value
       2. On-Premise
          1. By Value
       3. Cloud
          1. By Value
    4. By Type
       1. Introduction
          1. Type By Value
       2. Retail Banking
          1. By Value
       3. Corporate Banking
          1. By Value
    5. By Mode
       1. Introduction
          1. Mode By Value
       2. Online Banking
          1. By Value
       3. Mobile Banking
          1. By Value
    6. UAE
       1. By Component
          1. Introduction
             1. Component By Value
          2. Solution
             1. By Value
          3. Service
             1. By Value
       2. By Deployment Model
          1. Introduction
             1. Deployment Model By Value
          2. On-Premise
             1. By Value
          3. Cloud
             1. By Value
       3. By Type
          1. Introduction
             1. Type By Value
          2. Retail Banking
             1. By Value
          3. Corporate Banking
             1. By Value
       4. By Mode
          1. Introduction
             1. Mode By Value
          2. Online Banking
             1. By Value
          3. Mobile Banking
             1. By Value
    7. Turkey
    8. Saudi Arabia
    9. South Africa
    10. Egypt
    11. Nigeria
    12. Rest Of MEA
12. LATAM Market Analysis
    1. Introduction
    2. By Component
       1. Introduction
          1. Component By Value
       2. Solution
          1. By Value
       3. Service
          1. By Value
    3. By Deployment Model
       1. Introduction
          1. Deployment Model By Value
       2. On-Premise
          1. By Value
       3. Cloud
          1. By Value
    4. By Type
       1. Introduction
          1. Type By Value
       2. Retail Banking
          1. By Value
       3. Corporate Banking
          1. By Value
    5. By Mode
       1. Introduction
          1. Mode By Value
       2. Online Banking
          1. By Value
       3. Mobile Banking
          1. By Value
    6. Brazil
       1. By Component
          1. Introduction
             1. Component By Value
          2. Solution
             1. By Value
          3. Service
             1. By Value
       2. By Deployment Model
          1. Introduction
             1. Deployment Model By Value
          2. On-Premise
             1. By Value
          3. Cloud
             1. By Value
       3. By Type
          1. Introduction
             1. Type By Value
          2. Retail Banking
             1. By Value
          3. Corporate Banking
             1. By Value
       4. By Mode
          1. Introduction
             1. Mode By Value
          2. Online Banking
             1. By Value
          3. Mobile Banking
             1. By Value
    7. Mexico
    8. Argentina
    9. Chile
    10. Colombia
    11. Rest Of LATAM
13. Competitive Assessment
    1. Adoption Matrix
    2. Digital Banking Platform Market Share By Manufacturers
    3. Digital Banking Platform Market Ranking By Revenue For Manufacturers
    4. Average Price By Manufacturers
    5. Vendor Footprint Analysis
14. Market Players Assessment
    1. Appway
       1. Overview
       2. Business Information
       3. Revenue
       4. ASP
       5. Gross Margin
       6. Swot Analysis
       7. Recent Developmments
    2. Cor Financial Solution Ltd.
    3. Edgeverve
    4. FIS Global
    5. Fiserv Inc
    6. NCino
    7. Oracle Corporation
    8. SAP SE
    9. Temenos
    10. Vsoft Corporation
15. Research Methodology
    1. Research Data
       1. Secondary Data
          1. Major Secondary Sources
          2. Key Data From Secondary Sources
       2. Primary Data
          1. Key Data From Primary Sources
          2. Breakdown Of Primaries
       3. Secondary And Primary Research
          1. Key Industry Insights
    2. Market Size Estimation
       1. Bottom-Up Approach
       2. Top-Down Approach
       3. Market Projection
    3. Research Assumptions
       1. Assumptions
    4. Limitations
    5. Risk Assessment
16. APPENDIX
    1. Discussion Guide
    2. Customization Options
    3. Related Reports
17. DISCLAIMER

Table of Content @ https://straitsresearch.com/report/digital-banking-platform-market/toc

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