Global Digital Banking Platforms Market 2018-2023 - Growing Need to Meet the Compliance Requirements of New Data Laws and Regulations

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Nov 14, 2018, 16:00 ET

DUBLIN, Nov 14, 2018 /PRNewswire/ --

The "Digital Banking Platforms Market by Banking Type (Retail Banking and Corporate Banking), Banking Mode (Online Banking and Mobile Banking), Deployment Type (On-Premises and Cloud), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The digital banking platforms market is projected to grow from USD 3.3 billion in 2018 to USD 5.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.2% from 2018 to 2023.

The growing demand among banks to deliver enhanced customer experience, the increasing adoption of cloud-based platforms to obtain higher scalability, the rising adoption of smartphones and tablets, and the increasing demand for streamlining business processes are some of the most significant factors contributing to the growth of the digital banking platforms market.

Based on banking types, the retail banking segment is expected to be the largest contributor to the digital banking platforms market during the forecast period

Based on banking types, the digital banking platforms market has been classified into retail banking and corporate banking. Retail banking has emerged as an essential enabler in the market in translating the banking models across the globe. Digital revolution has led to a disrupted marketplace, along with the changing customer behaviour and expectations, emerging competitors, and innovative technologies. The segment is expected to lead the market during the forecast period, owing to the need to meet retail customers' elevated expectations of personalization and align these expectations in line with the growing multiplication of channels.

Based on banking modes, the mobile banking segment is expected to grow at a higher CAGR during the forecast period

Based on banking modes, the digital banking platforms market has been segmented into online banking and mobile banking. The mobile banking mode offers an intuitive and secure mobile banking experience to retail and corporate banks. It also offers a responsive User Interface (UI) and supports the banks' customers' in their entire banking journey, right from onboarding to transactional banking requests, on their mobile devices. Banks are rapidly adopting mobile banking platforms, owing to their changing preference toward mobile banking. This helps drive the business growth of the mobile banking segment.

Based on deployment types, the on-premises deployment type is expected to contribute a significant share for the growth of the market during the forecast period

Based on deployment types, the digital banking platforms market has been segmented into on-premises and cloud. The on-premises deployment type is gaining traction among financial service providers. On-premises deployment of digital banking platforms empowers enterprises with the power to manage risks, business processes, industry policies, and compliances. This deployment type provides organizations with the ownership of their private individual data and the digital rights associated with the data of private individuals.

North America is expected to account for the largest market size during the forecast period

Based on regions, the digital banking platforms market has been segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. Out of these regions, the North American region is estimated to hold the largest market for digital banking platforms in 2018. The early adoption of technologies and the high focus on innovation in the region are leading to the growth of the market in North America. Furthermore, the increasing use of digital banking platforms in countries, such as the US and Canada, is driving the growth of the market in the North American region.

Recent developments

Backbase partnered with SGBL Group, one of the leading banks in the Middle East. As a part of this partnership, Backbase supported SGBL Group in revamping its legacy systems while also creating frictionless customer experience to meet the Group's goal of digital transformation strategy.
EdgeVerve Systems, a subsidiary of Infosys, launched Finacle Digital Engagement Suite, an advanced omnichannel solution suite that helps banks onboard, sell, service, and engage customers with tailored experiences.
Finastra expanded its presence in the Middle East with a new office in Riyadh, Saudi Arabia. This expansion helps the company support technological and financial innovations in line with Vision 2030, the Kingdom's transformation plan.
TCS signed an agreement with Transamerica, one of the leading providers of life insurance, retirement, and investment solutions. As per this agreement, TCS helps Transamerica in undergoing a digital transformation of its US insurance and annuity business lines.

Key Questions:

How will the drivers, challenges, and future opportunities for the digital banking platforms market affect its dynamics and the subsequent market analysis of the associated trends?
What are the key sustainability strategies adopted by leading players operating in the digital banking platforms market?
Which of the talent and technology gaps of organizations can affect business operations?
What is the level of preparedness of enterprises to deal with unforeseen business risks?
Where and to what extent organizations need to implement digital banking platforms?

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Digital Banking Platforms Market
4.2 Digital Banking Platforms Market, By Banking Type, 2018-2023
4.3 Digital Banking Platforms Market, By Banking Mode, 2018-2023
4.4 Digital Banking Platforms Market, By Deployment Type, 2018-2023
4.5 Market Investment Scenario

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Demand Among Banks to Deliver Enhanced Customer Experience
5.2.1.2 Increasing Adoption of Cloud-Based Platforms to Obtain Higher Scalability
5.2.1.3 Rising Adoption of Smartphones and Tablets
5.2.1.4 Increasing Demand for Streamlining Business Processes
5.2.2 Restraints
5.2.2.1 Difficulty in Integrating Digital Banking Platforms With Legacy Systems
5.2.3 Opportunities
5.2.3.1 Recent Advancements in AI
5.2.3.2 Increased Cross-Selling and Upselling
5.2.3.3 Growing Need to Meet the Compliance Requirements of New Data Laws and Regulations
5.2.4 Challenges
5.2.4.1 Increasing Security Concerns
5.3 Opportunities for the Digital Banking Platform Providers
5.4 Industry Trends
5.4.1 Use Case 1: Backbase
5.4.2 Use Case 2: Appway
5.4.3 Use Case 3: Finastra

6 Digital Banking Platforms Market, By Banking Type
6.1 Introduction
6.2 Retail Banking
6.2.1 Increased Demand for Offering Enhanced Customer Services to Retail Consumers to Boost the Growth of the Retail Banking Type
6.3 Corporate Banking
6.3.1 Increased Need for A Digital Banking Platform to Boost the Growth of the Corporate Banking Type

7 Digital Banking Platforms Market, By Banking Mode
7.1 Introduction
7.2 Online Banking
7.2.1 Increased Usage of Internet Via the Web-Based Mode to Boost the Growth of Online Banking
7.3 Mobile Banking
7.3.1 Increasing Usage of Mobile Devices to Access Banking Services to Boost the Growth of Mobile Banking

8 Digital Banking Platforms Market, By Deployment Type
8.1 Introduction
8.2 On-Premises
8.2.1 Growing Security Concerns to B0ost the Demand of On-Premises Deployment of Digital Banking Platforms
8.3 Cloud
8.3.1 Cost-Effectiveness of the Cloud-Based Deployment Type to Boost the Growth of Digital Banking Platforms

9 Digital Banking Platforms Market, By Region
9.1 Introduction
9.2 North America
9.2.1 United States
9.2.1.1 US Holds Largest Share of Digital Banking Platform Market in 2018
9.2.2 Canada
9.2.2.1 Increasing Adoption of Advanced It Technologies Drives the Market in Canada During Forecast Period
9.3 Europe
9.3.1 United Kingdom
9.3.1.1 Strong Presence of Several Fintech Companies is Driving Digital Banking Platforms Market in the United Kingdom
9.3.2 France
9.3.2.1 Rising Usage of Online Banking Mode in the Country Drives the Growth of the Digital Banking Platforms Market
9.3.3 Rest of Europe
9.4 Asia Pacific
9.4.1 Singapore
9.4.1.1 Rapid Adoption of Innovative Digital Technologies Across the Banking Sector Fuelling Growth of the Market in Singapore
9.4.2 China
9.4.2.1 Rapid Changes in the Digital Banking Platforms Ecosystem Drives the Adoption of Digital Banking Platforms in Chinese Market
9.4.3 Rest of APAC
9.5 Middle East and Africa
9.5.1 United Arab Emirates
9.5.1.1 Technological Advancements in Cloud Computing Have Led to the Adoption of Digital Banking Platforms in UAE
9.5.2 Kingdom of Saudi Arabia
9.5.2.1 Rapid Advancements in IoT has Propelled the Growth of the Market in Ksa
9.5.3 Rest of MEA
9.6 Latin America
9.6.1 Brazil
9.6.1.1 Entry of Fintech Startups Boost Innovation in Digital Banking Platform in Brazil
9.6.2 Mexico
9.6.2.1 Huge Adoption of Cloud-Based Services Provides Growth Opportunities in Mexico Market
9.6.3 Rest of Latin America

10 Competitive Landscape
10.1 Overview
10.2 Market Ranking Analysis for the Digital Banking Platforms Market
10.3 Competitive Scenario
10.3.1 New Service/Product Launches
10.3.2 Business Expansions
10.3.3 Mergers and Acquisitions
10.3.4 Agreements, Collaborations, and Partnerships

11 Company Profiles
11.1 Backbase
11.2 EdgeVerve Systems
11.3 Temenos
11.4 Finastra
11.5 TCS
11.6 Appway
11.7 NETinfo
11.8 Worldline
11.9 SAP
11.10 BNY Mellon
11.11 Oracle
11.12 Sopra
11.13 CREALOGIX
11.14 Fiserv
11.15 Intellect Design Arena
11.16 Key Innovators
11.16.1 NF Innova
11.16.2 Halcom D.D.
11.16.3 Tagit Pte Ltd
11.16.4 ETRONIKA
11.16.5 Fidor
11.16.6 Kony
11.16.7 Technisys
11.16.8 ieDigital
11.16.9 ebanklT
11.16.10 SAB

For more information about this report visit https://www.researchandmarkets.com/research/44krzt/global_digital?w=5

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