Digital Banking Platforms Market by Type and Geography - Forecast and Analysis 2022-2026

The digital banking platforms market share is expected to increase by USD 21.07 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 14.52%.

This digital banking platforms market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the digital banking platforms market segmentation by type (retail banking and corporate banking) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The digital banking platforms market report also offers information on several market vendors, including Alkami Technology Inc., Apiture, Backbase B.V., Cor Financial Solutions Ltd., ebankIT Omnichannel Innovation SA, Fidelity National Information Services Inc., Finastra, Fiserv Inc., FNZ Group Technologies Ltd., Infosys Ltd., Intellect Design Arena Ltd., nCino Inc., NCR Corp., Oracle Corp., SAP SE, SoFi Technologies Inc., Sopra Banking Software, Tata Sons Pvt. Ltd., Temenos AG, The Bank of New York Mellon Corp., and VSoft Corp. among others.

What will the Digital Banking Platforms Market Size be During the Forecast Period?

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Digital Banking Platforms Market: Key Drivers, Trends, and Challenges

The research studied the historical data considered for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the global digital banking platforms market.

Key Digital Banking Platforms Market Driver

The growing use of digital payment solutions is a key factor driving the global digital banking platforms market growth. Globally, digital banking platforms are growing continuously in the banking industry. Hence, various enterprises in the banking industry across the globe are offering banking platforms to improve their day-to-day processes and gain a competitive advantage over their rivals. Therefore, it is also encouraging other enterprises in the banking industry to offer digital payment solutions in their product offerings. For instance, American Express Canada offers the American Express vPayment, a digital banking platform, which is expected to replace plastic cards with virtual account numbers and allow businesses to pay and settle a wide range of corporate expenses smoothly. It will provide an easy option for enterprises to pay hotel bills and other travel expenses to their employees. Also, Quisk, a global provider of digital payment services, offers a digital payment platform in the UAE. The platform will be set up at all point-of-sale (POS) terminals across the country. It is integrated with the core banking software of all the banks in the UAE. Therefore, with the increase in digital payments, the demand for digital banking platforms is also expected to increase during the forecast period.

Key Digital Banking Platforms Market Trend

The emergence of blockchain as a service in BSFI will fuel the global digital banking platforms market growth. Blockchain as a service (BaaS) is a cloud computing solution that provides a platform to manage a distributed ledger system. Ethereum BaaS (EBaaS), developed by Microsoft and ConsenSys, provides a cloud-based blockchain developer environment. The EBaaS solution can be implemented through the Microsoft Azure cloud computing platform to manage and develop blockchain applications. Additional features such as Cortana Analytics and CRM Online for Government (CRMOL) can also be implemented using EBaaS. Microsoft is offering the BaaS solution for corporate and application software developers for blockchain development. BaaS is a scalable and flexible platform that helps enterprises manage their distributed ledger technologies cost-effectively. Moreover, cloud-based solutions will be one of the major trends in the BFSI sector in the coming years. Vendors are gearing up to develop cloud-based solutions to cater to the digital requirements of the cryptocurrency market. With the increase in the use of mobile applications for financial transactions, the demand for cloud-based blockchain digital banking platforms will increase during the forecast period. Such factors will increase the demand for digital banking platforms during the forecast period.

Key Digital Banking Platforms Market Challenge

The issues related to data privacy and security are the major challenge to the global digital banking platforms market growth. Data privacy and security risks are the major barriers to the adoption of digital banking platforms by enterprises in the banking industry. Big Data and AI can track, retrieve, and analyze data from the connected server. The data of enterprises needs to be protected from unauthorized access in the IT infrastructure, which is based on many patchworks of open-source codes. Cloud infrastructure is more affected due to glitches in source codes. Also, hackers can easily gain access to cloud-based data storage systems, as they are based on open architecture and shared resources. The ease of procuring and accessing cloud services can also allow cyber criminals and hackers to scan, identify, and exploit loopholes and vulnerabilities within a system. Therefore, numerous organizations are skeptical about deploying digital banking platforms for their operations, which is limiting the growth of the digital banking platforms market.

This digital banking platforms market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global digital banking platforms market as a part of the global systems software market within the global IT software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the digital banking platforms market during the forecast period.

Who are the Major Digital Banking Platforms Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• Alkami Technology Inc.
• Apiture
• Backbase B.V.
• Cor Financial Solutions Ltd.
• ebankIT Omnichannel Innovation SA
• Fidelity National Information Services Inc.
• Finastra
• Fiserv Inc.
• FNZ Group Technologies Ltd.
• Infosys Ltd.
• Intellect Design Arena Ltd.
• nCino Inc.
• NCR Corp.
• Oracle Corp.
• SAP SE
• SoFi Technologies Inc.
• Sopra Banking Software
• Tata Sons Pvt. Ltd.
• Temenos AG
• The Bank of New York Mellon Corp.
• VSoft Corp.

This statistical study of the digital banking platforms market encompasses successful business strategies deployed by the key vendors. The digital banking platforms market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• corfinancialgroup.com - The company offers digital banking platforms such as BITA Risk, Salerio, and SureVu.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The report on the digital banking platforms market contains comprehensive market knowledge and an in-depth vendor landscape add-on to an analysis of the key vendors.

Digital Banking Platforms Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the digital banking platforms market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global IT software market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Digital Banking Platforms Market?

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34% of the market’s growth will originate from North America during the forecast period. The US is the key market for digital banking platforms market in North America. Market growth in this region will be slower than the growth of the market in other regions.

The growing use of digital payment solutions will facilitate the digital banking platforms market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID-19 Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 positively impacted the growth of the digital banking platforms market in North America. Moreover, in 2020, the demand for online banking increased due to the restrictions imposed by government bodies on visiting public places such as banks. Many end-users temporarily closed their branches to maintain social distancing and prevent the spread of the disease. In 2021, the increase in the employment rate and the initiation of large-scale vaccination drives helped the market recover and grow. Moreover, with the growing number of retail banking customers, IT spending increased in 2021. This surged the use of digital banking platforms..Thus, with the increasing adoption of digital technologies in the financial sector, the regional market is expected to grow during the forecast period. Therefore, demand for digital banking platforms is likely to even further increase during the forecast period. Hence, the digital banking platforms market is expected to grow in the region during the forecast period.

What are the Revenue-generating Type Segments in the Digital Banking Platforms Market?

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The digital banking platforms market share growth in the retail banking segment will be significant during the forecast period. Retail banking includes the services that are offered by banks to the general public or individuals rather than to corporations, companies, or other banks. Retail banking is also called personal banking or consumer banking. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the digital banking platforms market size and actionable market insights on the post-COVID-19 impact on each segment.

 

Digital Banking Platforms Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 14.52%
Market growth 2022-2026	$21.07 billion
Market structure	Fragmented
YoY growth (%)	14.5
Regional analysis	North America, Europe, APAC, South America, and the Middle East and Africa
Performing market contribution	North America at 34%
Key consumer countries	US, China, India, UK, and Germany
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	Alkami Technology Inc., Apiture, Backbase B.V., Cor Financial Solutions Ltd., ebankIT Omnichannel Innovation SA, Fidelity National Information Services Inc., Finastra, Fiserv Inc., FNZ Group Technologies Ltd., Infosys Ltd., Intellect Design Arena Ltd., nCino Inc., NCR Corp., Oracle Corp., SAP SE, SoFi Technologies Inc., Sopra Banking Software, Tata Sons Pvt. Ltd., Temenos AG, The Bank of New York Mellon Corp., and VSoft Corp.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Digital Banking Platforms Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive digital banking platforms market growth during the next five years
• Precise estimation of the digital banking platforms market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the digital banking platforms industry across North America, Europe, APAC, South America, and the Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of digital banking platforms market vendors

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