The Digital Banking Platform by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Digital Banking Platform, The digital banking platform market size has grown rapidly in recent years. It will grow from $6.68 billion in 2023 to $7.49 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to rise of internet and mobile devices, customer expectations, regulatory changes, security enhancements, cost reduction and efficiency, pandemic impact and remote banking.
The digital banking platform market size is expected to see rapid growth in the next few years. It will grow to $12.49 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to digital transformation investments, collaboration with fintech startups, global expansion and market competition, ai-powered insights and analytics, data security and privacy measures.. Major trends in the forecast period include data-driven decision making, remote and digital onboarding, sustainability and green banking, ecosystem expansion.
The shift in trend from traditional banking to online banking is expected to propel the growth of the digital banking platform market going forward. Online banking refers to an electronic payment system that enables customers to conduct a range of financial transactions through a website or payment app. Online banking helps improve services and increase profits, causing financial institutions to shift their focus to digital banking, resulting in the growth of the digital banking platform market. For instance, according to India Brand Equity Foundation, an Indian government export promotion agency, by 2025, India’s fintech market is expected to reach Rs. 6.2 trillion (USD 83.42 billion). Fintech financial services are responsible for transforming the banking system into various digital channels, such as online channels and social channels. Therefore, the shift in trend from traditional banking to online banking is driving the digital banking platform market growth.
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The digital banking platform market covered in this report is segmented –
1) By Type: Corporate Banking, Retail Banking
2) By Component: Platforms, Services
3) By Banking Mode: Online Banking, Mobile Banking
4) By Deployment: Cloud, On-Premise
Technological advancements are a key trend gaining popularity in the digital banking platform market. Major companies operating in the digital banking platform market are developing new technologies to reduce operating costs and enable faster and safer transactions. For instance, in September 2023, SC Ventures, a US-based fintech investment company launched audax financial technology. With its modularized capabilities, audax offers a comprehensive digital banking platform that can effectively manage millions of customer data at once. The complete client lifecycle is supported by its plug-and-play system, which includes data reporting, deposits, lending products, client servicing, and staff interfaces. The infrastructure-agnostic technology of audax, which was developed to support the core systems of established banks, also gives banks the ability to pursue contemporary digital transformation without having to invest in expensive and time-consuming internal development or migration.
The digital banking platform market report table of contents includes:
1. Executive Summary
2. Digital Banking Platform Market Characteristics
3. Digital Banking Platform Market Trends And Strategies
4. Digital Banking Platform Market – Macro Economic Scenario
5. Global Digital Banking Platform Market Size and Growth
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26. South America Digital Banking Platform Market
27. Brazil Digital Banking Platform Market
28. Middle East Digital Banking Platform Market
29. Africa Digital Banking Platform Market
30. Digital Banking Platform Market Competitive Landscape And Company Profiles
Top Major Players:
- Appway AG
- Crealogix Holding AG
- EdgeVerve Systems Limited
- Fiserv Inc
- Oracle Corporation
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