The third-party banking software market will register a CAGR of almost 9% by 2023

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Feb 25, 2019, 18:04 ET

LONDON, Feb. 25, 2019 /PRNewswire/ -- About this market
Globally, digital payments are growing continuously in the banking industry. Hence, various enterprises in the banking industry across the globe are offering digital payment solutions to improve day-to-day processes and gain a competitive advantage over their rivals. Therefore, it is also encouraging other enterprises in this industry to offer digital payment solutions in their product offerings. With the growth in such digital payment platforms, the demand for third-party banking software will also increase, as it will help the enterprises to manage their digital payment platforms. Therefore, with the increase in digital payments, the demand for third-party banking software is also expected to increase during the forecast period. Technavio's analysts have predicted that the third-party banking software market will register a CAGR of almost 9% by 2023.

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Market Overview
Increased need for greater customer satisfaction
The enterprises in the banking industry are increasing their geographic reach by expanding into new regions to increase their customer base. This will lead to an increase in customer base, due to which enterprises need to opt for third-party banking software to manage their customers efficiently and provide better customer service.
Issues related to data privacy and security
Data privacy and security risk are the major barriers for the adoption of third-party banking software by enterprises in the banking industry. Since a large volume of financial data of customers is being digitized, crucial aspects such as security, liability, privacy, and protection of intellectual property have emerged in the financial services sector to avoid fraud. Data security and data privacy are major concerns in the market.
For the detailed list of factors that will drive and challenge the growth of the third-party banking software market during the 2019-2023, view our report.

Competitive Landscape
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.'

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