Global Retail Core Banking Systems Market size was valued at USD 13.73 billion in 2022, and is projected to reach USD 121.57 billion by 2032 at a CAGR of 32.5% from 2022 to 2032.
Retail core banking systems refer to software solutions that are specifically designed for use by retail banks. These solutions provide a wide range of functions, including customer management, account management, loan management, and transaction processing. Retail core banking systems are used by banks of all sizes, from small community banks to large multinational financial institutions.
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The adoption of retail core banking systems has been driven by several factors.
Firstly, the growth of digital banking has led to an increased demand for core banking systems that can support online and mobile banking services. As customers increasingly expect to be able to access their accounts and make transactions online, banks have needed to invest in core banking systems that can meet these demands.
Secondly, regulatory requirements have also played a role in driving the adoption of retail core banking systems. Banks are required to comply with a wide range of regulations, including KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, which can be difficult to manage without the support of a robust core banking system.
Thirdly, the need for operational efficiency has also driven the adoption of retail core banking systems. Banks need to be able to manage their operations efficiently in order to remain competitive and profitable. A well-designed core banking system can help banks to automate processes, reduce errors, and improve overall efficiency. Finally, the need for data analytics has also driven the adoption of retail core banking systems. Banks generate vast amounts of data on a daily basis, and a core banking system can help to analyze this data to identify trends, predict customer behavior, and inform business decisions.
Impact of COVID-19 on the global Retail Core Banking Systems Market:
The COVID-19 pandemic and the ongoing war in various regions have had a significant impact on the Retail Core Banking Systems market.
The COVID-19 pandemic has accelerated the shift towards digital channels, with more customers opting for online and mobile banking services to avoid physical contact. This has led to a surge in demand for Retail Core Banking Systems that offer digital capabilities, including online account opening, digital payments, and mobile banking. Financial institutions are investing in these systems to provide a seamless and secure digital experience for their customers. However, the pandemic has also caused economic uncertainty, leading to a decline in consumer spending and a decrease in demand for credit. This has resulted in a slowdown in the Retail Core Banking Systems market, as financial institutions focus on cost optimization and risk management.
Market Segmentation:
By Component
- Solution
- Services
By Application
- Regulatory Compliance
- Risk Management
- Digital Banking
- Data Storage
Key Player:
- FIS
- Fiserv
- Infosys Finacle
- Oracle Financial Services Software
- Temenos
- IBM
- SAP
- Capgemini
- Accenture
- Mambu
- Thought Machine
- Avaloq
- TCS BaNCS
- Nucleus Software
- Backbase
Regional Analysis:
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Retail Core Banking Systems market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.
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- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
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Key Points:
- Define, describe and forecast Retail Core Banking Systems product market by type, application, end user and region.
- Provide enterprise external environment analysis and PEST analysis.
- Provide strategies for company to deal with the impact of COVID-19.
- Provide market dynamic analysis, including market driving factors, market development constraints.
- Provide market entry strategy analysis for new players or players who are ready to enter the market, including market segment definition, client analysis, distribution model, product messaging and positioning, and price strategy analysis.
- Keep up with international market trends and provide analysis of the impact of the COVID-19 epidemic on major regions of the world.
- Analyse the market opportunities of stakeholders and provide market leaders with details of the competitive landscape.
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