Digital Banking Platform Market Research Report, Size, Share, Trends and Forecast to 2027

According to the global digital banking platform market report by IMARC Group, the market reached a value of US$ 5.07 Billion in 2021, and it is projected to reach a value of US$ 10.76 Billion by 2027, exhibiting a CAGR of 12.71% during 2022-2027.

Impact of COVID-19:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Digital Banking Platform Overview

A digital banking platform (DBP) provides digital financial services to customers using web-based services, process automation, and application programming interfaces (APIs). It allows users to handle and control financial operations using laptops, desktops, and mobile phones. It is convenient, easy, and quick to use and involves digitizing all traditional banking services, such as bill payments, loan management, cash withdrawals, opening deposit accounts, and funds transfers. In addition, it provides bank statements and real-time transaction notifications, schedules expenditures, and encourages cardless payments. As a result, DBPs are widely utilized for online and mobile banking operations across the globe.

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Key Industry Trends and Drivers:

The market is primarily driven by the rising internet penetration of the internet and smartphones resulting in improved flexibility and transparency in banking operations. In addition, the widespread adoption of cloud-based solutions by financial institutions to acquire high scalability is contributing to market growth. Moreover, the integration of artificial intelligence (AI), and machine learning (ML) to prevent payment fraud, assess risks, perform know-your-customer (KYC) regulatory checks, and enhance processes for anti-money laundering (AML), represents another major growth-inducing factor.

Besides this, the increasing use of third-party applications for real-time payments, such as Google Pay, Whatsapp pay, PhonePe, and Paytm has accelerated the demand for reliable unified payments interface (UPI) transactions. Furthermore, the implementation of several government initiatives to encourage a cashless economy and extensive research and development (R&D) activities conducted by key players are also creating a favorable market outlook across the globe.

For the competitor segment, the report includes global key players of the digital banking platform market.

Appway AG (FNZ (UK) Ltd.), Fidelity Information Services (FIS), Finastra Limited, Fiserv Inc., Infosys Limited, nCino, NCR Corporation, Oracle Corporation, SAP SE, Sopra Steria, Tata Consultancy Services Limited, Temenos AG, The Bank of New York Mellon Corporation and Worldline.

Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Component:

• Solutions
• Services

Breakup by Type:

• Retail Banking
• Corporate Banking

Breakup by Deployment Mode:

• On-premises
• Cloud-based

Breakup by Banking Mode:

• Online Banking
• Mobile Banking

Regional Insights:

• Asia Pacific
• North America
• Europe
• Middle East and Africa
• Latin America

On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.

Key Questions Answered in the Global Digital Banking Platform Market Report
• How has the global Digital Banking Platform industry performed in the past and how will it perform in the near future?
• What is the impact of COVID-19 on the global digital banking platform market?
• What are the key regions in the global digital banking platform industry?
• What are the major driving factors and challenges in the global digital banking platform market?
• What is the structure of the global digital banking platform industry and who are the leading players?
• What is the degree of competition in the market?

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