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Digital Banking Platform Market

Digital Banking Platform Market

Digital Banking Platform Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2018–2028, Segmented By Component (Platforms, Services {Professional Services [Consulting, Implementation, Support and Maintenance]}, Managed Services); By Banking Type (Retail Banking, Corporate Banking, Investment Banking); By Banking Mode (Online Banking, Mobile Banking); By Development Component (On-Premises, Cloud); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

  • Published Date: November 2022
  • Report ID: BWC22500
  • Available Format: PDF
  • Page: 228

Report Overview

Global Digital Banking Platform Market is growing owing to digital client experience, a shorter replacement cycle, and enhanced security and dependability. Increasing public/private investment in mobile-friendly banking platforms, enterprise and web-based banking applications, and custom-built banking services promises enormous prospects for the global digital banking industry to flourish in the near future.

Global Digital Banking Platform Market - Industry Trends & Forecast Report 2028

Global Digital Banking Platform Market was worth USD 11.38 billion in 2021 and is further projected to reach USD 28.70 billion by the year 2028, exhibiting a CAGR of 14.5% during 2022-2028 (forecast period). The rapid expansion of the market is predominantly due to the growing significance of digital customer experience, shorter replacement cycles, and improved security and reliability. Increased public and private sector funding for cutting-edge mobile-friendly banking platforms, enterprise and web-based banking applications, and custom-built banking services bodes well for the future growth of the global digital banking industry.

Digital Banking Platform Market 

 Global Digital Banking Platform Market – Overview

An effective digital banking platform is an omnichannel architecture that helps financial institutions centralize and manage their customers' digital interactions across all channels. The foundation of any digital bank is its digital banking platform, which makes it possible for the bank to provide cutting-edge digital services to its customers. Banks are able to fulfil their regulatory responsibilities with the help of these technologies since they improve customer service and reduce expenses. Financial institutions are adopting technology to cut expenses and stay competitive. It saves the trouble and expense of upgrading their outdated gear and software. As a result, banks may provide a more satisfying service to their clientele at a lesser cost, which helps them keep those clients as customers. Further, it provides financial institutions with a comprehensive profile of their clients.

Global Digital Banking Platform Market Forecast and Trends

Growth Drivers

The key factor in the expansion of the digital banking system is the modernization of the banking industry

Modernization alters banking services to increase client loyalty by delivering quick answers to consumer inquiries. It is imperative for banks to develop client retention practices, engage with their customers, and attract new customers by delivering superior services. Banking institutions can benefit from digital banking systems by facilitating customized interactions across phone, computer, and mobile devices. It's useful for keeping tabs on regular clients' spending patterns and sending out regular invoices. Due to the convenience it brings to customers, the digital banking platform market is expected to expand.

The need for digital banking platforms is growing as a result of the current pattern of digital transformation in the worldwide banking industry.

The term "digital transformation" or "digitalization" is used to describe the practice of incorporating digital technology into existing business processes, organizational activities, and business models. The digital transformation of the banking industry is motivated by a number of factors, including the need to optimize the entire business process, boost operational efficiency, enhance the client experience, and cut costs. Financial institutions are adopting technology to cut expenses and stay competitive. It saves financial institutions the trouble and expense of upgrading their outdated gear and software. As a result, banks may provide a more satisfying service to their clientele at a lesser cost, which helps them keep those clients as customers. Further, it provides financial institutions with a comprehensive profile of their clients. Increasing Domestic Production of Semiconductors

Restraints

Emerging countries' woeful digital-literacy levels

Many developing nations still have a long way to go in terms of digital literacy, which slows the widespread adoption of online and mobile payment methods. The development of online banking platforms is hindered as a result. The term "digital literacy" refers to a broad set of abilities that enable people to effectively use and interact with digital technologies. Individuals in most African countries have a poor level of digital literacy, limiting the continent's ability to fully realize the benefits of these innovations. Because of the low volume of digital transactions, technology providers are also wary of making any significant expenditures. As a result, the market for digital banking platforms may be stymied by the widespread lack of computer literacy in developing nations.

Opportunity

The emergence of "Banking as a Service"

In recent years, the BaaS model has become increasingly popular in the online banking sector. This business model has licensed banks immediately integrating their digital banking services into the offerings of other enterprises. Without needing to obtain their own banking license, non-bank businesses can now provide their consumers with digital banking services like mobile bank accounts, debit cards, loans, and payment services. Through application programming interfaces (APIs), BaaS paves the way for digital banking platforms to integrate with traditional banking infrastructure. FinTech firms are increasingly embracing BaaS as a means of developing novel financial services and individualized digital strategies.

Impact of COVID-19 on Global Digital Banking Platform Market

More people are using banking services as a result of the COVID-19 pandemic because the convenience of online banking has attracted many people who would otherwise be too afraid to use traditional banking services due to concerns about their safety. 35 percent more people in North America now use online banking than did before the coronavirus outbreak. However, the overall satisfaction ratings for digital-only clients remain much lower than those of their branch-dependent counterparts. Small and medium-sized banks account for over 20% of Europe's banking sector. They are directly governed and regulated by the state. In the era of Covid, financial regulators across APAC have advocated for the widespread adoption of regulatory technology and digital technologies by the financial sector.

Global Digital Banking Platform Market – By Component

On the basis of component, the market is segmented into platforms and services. The platforms subsegment is expected to expand at a faster rate than the other subsegment. Through the use of digital banking platforms, banks are able to streamline their processes, improve their customer service, and expand the range of digital financial products they can provide their clients. These systems allow for the connection and integration of mid- and back-office systems while also supporting modern front-ends for interacting with customers. Platforms like this enable the development of fully digital banking services via process automation and web-based services. The digital banking platform provides a wide range of services, including managed services and professional services which are consultation, implementation, support and maintenance.

Global Digital Banking Platform Market - By Banking Type

On the basis of banking, the market is divided into retail banking, corporate banking and investment banking. The expansion of retail banking's role in helping financial institutions' models be adopted in other parts of the world is a prime example of the market's adaptability. As a result of the digital revolution, the marketplace has been shaken up by factors such as shifting consumer preferences and expectations, new forms of competition, and ground-breaking technological developments. The necessity to satisfy the heightened expectations of retail customers for customization and align these expectations in line with the expanding multiplicity of channels positions this sector to lead the market throughout the projection period.

Global Digital Banking Platform Market - By Deployment Component

On the basis of deployment, the market is divided into on-premises and cloud sub segments. Over the course of the projection period, the cloud market is expected to expand at a faster rate than any other sector. Insurers can now manage their data management and governance concerns, as well as their day-to-day operations, at a lower cost thanks to cloud deployment. Tools available on cloud-based digital banking platforms have many advantages, including speed of implementation, lower initial and ongoing costs, lower maintenance costs, availability of data around the clock, security, and simplicity of use.

Competitive Landscape

Key players operating in global digital banking platform market are Appway AG, FIS, nCino, Fiserv Inc., Oracle, VSoft Corporation, Backbase, EdgeVerve Systems Limited, Temenos, Finastra, Tata Consultancy Services Limited, Tsarfin Computing Ltd, Worldline, SAP, The Bank of New York Mellon Corporation, and other prominent players. To increase profits, companies in the digital banking platforms market around the world are entering into partnerships. Some businesses are investing in R&D initiatives for improved digital platforms and cyber-proofing of software to give themselves an edge in the market.

Recent Development

  • When Sequoia Capital informed its investors of a data breach in February 2021, some of their personal and financial information was exposed. The company claimed that it had avoided being phished.

  • CNA Financial was the victim of a ransomware attack in March 2021, disrupting operations for three days and affecting both employees and customers. Digital banking systems aid financial institutions in risk management and provide a seamless experience for their customers.

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2018–2021

Base Year – 2021

Estimated Year – 2022

Forecast – 2022–2028

Facts Covered

Revenue in USD Billion

Market Coverage

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

Product Service/Segmentation

By Component, By Banking Type, By Banking Mode, By Development Component, and By Region

Key Players

Appway AG, FIS, nCino, Fiserv Inc., Oracle, VSoft Corporation, Backbase, EdgeVerve Systems Limited, Temenos, Finastra, Tata Consultancy Services Limited, Tsarfin Computing Ltd, Worldline, SAP, The Bank of New York Mellon Corporation, and other prominent players.

 

By Component

  1. Platforms

  2. Services

  • Professional Services

    1. Consulting

    2. Implementation

    3. Support and Maintenance

  • ​​​​​​​​​​​​​​Managed Services

 By Banking Type

  • Retail Banking

  • Corporate Banking

  • Investment Banking

By Banking Mode

  • Online Banking

  • Mobile Banking

By Deployment Component

  • On-Premises

  • Cloud

By Region

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East and Africa

  1. Research Framework
    1. Research Objective
    2. Treatment Component Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents
    5. Assumption & Limitation
  3. Executive Summary
  4. Global Digital Banking Platform Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Technological Advancement/Recent Development
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  5. Global Digital Banking Platform Market Overview
    1. Market Size & Forecast by Value, 2018-2028
    2. Market Share & Forecast, By Segment
      1. By Component
        1. Platforms
        2. Services
          1. Professional Services
            1. Consulting
            2. Implementation
            3. Support and Maintenance
          2. Managed Services
      2. By Banking Type
        1. Retail Banking
        2. Corporate Banking
        3. Investment Banking
      3. By Banking Mode
        1. Online Banking
        2. Mobile Banking
      4. By Development Component
        1. On-Premises
        2. Cloud
      5. By Region
        1. North America
        2. Europe
        3. Asia Pacific
        4. Latin America
        5. Middle East and Africa
  6. North America Digital Banking Platform Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Banking Type
      3. By Banking Mode
      4. By Development Type
      5. By Country
        1. United Component
        2. Canada
  7. Europe Digital Banking Platform Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Banking Type
      3. By Banking Mode
      4. By Development Type
      5. By Country
        1. Germany
        2. United Kingdom
        3. Italy
        4. France
        5. Spain
        6. Rest of Europe
  8. Asia Pacific Digital Banking Platform Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Banking Type
      3. By Banking Mode
      4. By Development Type
      5. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Australia
        6. Indonesia
        7. Singapore
        8. Malaysia
        9. Rest of Asia Pacific
  9. Latin America Digital Banking Platform Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Banking Type
      3. By Banking Mode
      4. By Development Type
      5. By Country
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  10. Middle East and Africa Digital Banking Platform Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Component
      2. By Banking Type
      3. By Banking Mode
      4. By Development Type
      5. By Country
        1. Saudi Arabia
        2. UAE
        3. South Africa
        4. Iran
        5. Nigeria
        6. Egypt
        7. Turkey
        8. Rest of Middle East & Africa
  11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
  1. Impact of Covid-19 on Global Digital Banking Platform Market
  2. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. Appway AG.
    2. FIS
    3. nCino
    4. Fiserv, Inc.
    5. Oracle
    6. VSoft Corporation
    7. Backbase
    8. EdgeVerve Systems Limited
    9. Temenos
    10. Finastra
    11. Tata Consultancy Services Limited.
    12. Tsarfin Computing Ltd.
    13. Worldline
    14. SAP
    15. The Bank of New York Mellon Corporation
    16. Other Prominent Players
  3. Key Strategic Recommendations

 

Note: Financial in information in case of non-listed companies will be provided as per availability

The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

List of Figures

 

Figure 1: Global Digital Banking Platform Market Segmentation

Figure 2: Global Digital Banking Platform Market Industry Value Chain Analysis

Figure 3: Global Digital Banking Platform Market Size, By Value (USD Million), 2018-2028

Figure 4: Global Digital Banking Platform Market Share (%), By Component, By Value, 2018-2028

Figure 5: Global Digital Banking Platform Market Share (%), By Banking Type, By Value, 2018-2028

Figure 6: Global Digital Banking Platform Market Share (%), By Banking Mode, By Value, 2018-2028

Figure 7: Global Digital Banking Platform Market Share (%), By Development Type, By Value, 2018-2028

Figure 8: Global Digital Banking Platform Market Share (%), By Region, By Value, 2018-2028

Figure 9: North America Digital Banking Platform Market Size, By Value (USD Million), 2018-2028

Figure 10: North America Digital Banking Platform Market Share (%), By Component, By Value, 2018-2028

Figure 11: North America Digital Banking Platform Market Share (%), By Banking Type, By Value, 2018-2028

Figure 12: North America Digital Banking Platform Market Share (%), By Banking Mode, By Value, 2018-2028

Figure 13: North America Digital Banking Platform Market Share (%), By Development Type, By Value, 2018-2028

Figure 14: North America Digital Banking Platform Market Share (%), By Country, By Value, 2018-2028   

Figure 15: Europe Digital Banking Platform Market Size, By Value (USD Million), 2018-2028

Figure 16: Europe Digital Banking Platform Market Share (%), By Component, By Value, 2018-2028

Figure 17: Europe Digital Banking Platform Market Share (%), By Banking Type, By Value, 2018-2028

Figure 18: Europe Digital Banking Platform Market Share (%), By Banking Mode, By Value, 2018-2028

Figure 19: Europe Digital Banking Platform Market Share (%), By Development Type, By Value, 2018-2028

Figure 20: Europe Digital Banking Platform Market Share (%), By Country, By Value, 2018-2028

Figure 21: Asia Pacific Digital Banking Platform Market Size, By Value (USD Million), 2018-2028

Figure 22: Asia Pacific Digital Banking Platform Market Share (%), By Component, By Value, 2018-2028

Figure 23: Asia Pacific Digital Banking Platform Market Share (%), By Banking Type, By Value, 2018-2028

Figure 24: Asia Pacific Digital Banking Platform Market Share (%), By Banking Mode, By Value, 2018-2028 

Figure 25: Asia Pacific Digital Banking Platform Market Share (%), By Development Type, By Value, 2018-2028 

Figure 26: Asia Pacific Digital Banking Platform Market Share (%), By Country, By Value, 2018-2028

Figure 27: Latin America Digital Banking Platform Market Size, By Value (USD Million), 2018-2028

Figure 28: Latin America Digital Banking Platform Market Share (%), By Component, By Value, 2018-2028

Figure 29: Latin America Digital Banking Platform Market Share (%), By Banking Type, By Value, 2018-2028

Figure 30: Latin America Digital Banking Platform Market Share (%), By Banking Mode, By Value, 2018-2028

Figure 31: Latin America Digital Banking Platform Market Share (%), By Development Type, By Value, 2018-2028

Figure 32: Latin America Digital Banking Platform Market Share (%), By Country, By Value, 2018-2028

Figure 33: Middle East and Africa Digital Banking Platform Market Size, By Value (USD Million), 2018-2028

Figure 34: Middle East and Africa Digital Banking Platform Market Share (%), By Component, By Value, 2018-2028

Figure 35: Middle East and Africa Digital Banking Platform Market Share (%), By Banking Type, By Value, 2018-2028

Figure 36: Middle East and Africa Digital Banking Platform Market Share (%), By Banking Mode, By Value, 2018-2028

Figure 37: Middle East and Africa Digital Banking Platform Market Share (%), By Development Type, By Value, 2018-2028

Figure 38: Middle East and Africa Digital Banking Platform Market Share (%), By Country, By Value, 2018-2028

Figure 39: Global Digital Banking Platform Market Share Analysis, 2021

 

List of Tables

 

Table 1: Global Digital Banking Platform Market Size, By Component, By Value (USD Million), 2018-2028

Table 2: Global Digital Banking Platform Market Size, By Banking Type, By Value (USD Million), 2018-2028

Table 3: Global Digital Banking Platform Market Size, By Banking Mode, By Value (USD Million), 2018-2028

Table 4: Global Digital Banking Platform Market Size, By Development Type, By Value (USD Million), 2018-2028

Table 5: Global Digital Banking Platform Market Size. By Region, By Value (USD Million), 2018-2028

Table 6: North America Digital Banking Platform Market Size, By Component, By Value (USD Million), 2018-2028

Table 7: North America Digital Banking Platform Market Size, By Banking Type, By Value (USD Million), 2018-2028

Table 8: North America Digital Banking Platform Market Size, By Banking Mode, By Value (USD Million), 2018-2028

Table 9: North America Digital Banking Platform Market Size, By Development Type, By Value (USD Million), 2018-2028

Table 10: North America Digital Banking Platform Market Size (USD Million), By Country, By Value 2018-2028 

Table 11: Europe Digital Banking Platform Market Size, By Component, By Value (USD Million), By Value 2018-2028

Table 12: Europe Digital Banking Platform Market Size, By Banking Type, By Value (USD Million), By Value 2018-2028

Table 13: Europe Digital Banking Platform Market Size, By Banking Mode, By Value (USD Million), By Value 2018-2028

Table 14: Europe Digital Banking Platform Market Size, By Development Type, By Value (USD Million), By Value 2018-2028

Table 15: 40 Europe Digital Banking Platform Market Size (USD Million), By Country, By Value 2018-2028

Table 16: Asia Pacific Digital Banking Platform Market Size, By Component, By Value (USD Million), By Value 2018-2028

Table 17: Asia Pacific Digital Banking Platform Market Size (USD Million), By Component, By Value 2018-2028

Table 18: Asia Pacific Digital Banking Platform Market Size (USD Million), By Banking Type, By Value 2018-2028

Table 19: Asia Pacific Digital Banking Platform Market Size (USD Million), By Banking Mode, By Value 2018-2028

Table 20: Asia Pacific Digital Banking Platform Market Size (USD Million), By Development Type, By Value 2018-2028

Table 21: Asia Pacific Digital Banking Platform Market Size (USD Million), By Country, By Value 2018-2028

Table 22: Latin America Digital Banking Platform Market Size, By Component, By Value (USD Million), By Value 2018-2028

Table 23: Latin America Digital Banking Platform Market Size, By Banking Type, By Value (USD Million), 2018-2028

Table 24: Latin America Digital Banking Platform Market Size, By Banking Mode, By Value (USD Million), 2018-2028

Table 25: Latin America Digital Banking Platform Market Size, By Development Type, By Value (USD Million), 2018-2028

Table 26: Latin America Digital Banking Platform Market Size (USD Million), By Country, By Value 2018-2028 

Table 27: Middle East and Africa Digital Banking Platform Market Size, By Component, By Value (USD Million), 2018-2028

Table 28: Middle East and Africa Digital Banking Platform Market Size, By Banking Type, By Value (USD Million), 2018-2028

Table 29: Middle East and Africa Digital Banking Platform Market Size, By Banking Mode, By Value (USD Million), 2018-2028

Table 30: Middle East and Africa Digital Banking Platform Market Size, By Development Type, By Value (USD Million), 2018-2028

Table 31: Middle East and Africa Digital Banking Platform Market Size (USD Million), By Country, By Value 2018-2028 

Table 32:  List of Key Players and Their Offerings

Table 33:  Competitive Benchmarking, by Operating Parameters

Table 34             Appway AG. Company Overview

Table 35             Appway AG. Financial Overview

Table 36        FIS Company Overview

Table 37             FIS Financial Overview

Table 38             nCino   Company Overview

Table 39             nCino   Financial Overview

Table 40        Fiserv, Inc.   Company Overview

Table 41             Fiserv, Inc.   Financial Overview

Table 42             Oracle Company Overview

Table 43             Oracle Financial Overview

Table 44        VSoft Corporation   Company Overview

Table 45             VSoft Corporation   Financial Overview

Table 46             Backbase   Company Overview

Table 47             Backbase   Financial Overview

Table 48             EdgeVerve Systems Limited    Company Overview

Table 49             EdgeVerve Systems Limited    Financial Overview

Table 50        Temenos Company Overview

Table 51             Temenos Financial Overview

Table 52             Finastra Company Overview

Table 53             Finastra Financial Overview

Table 54             Tata Consultancy Services Limited Company Overview

Table 55             Tata Consultancy Services Limited Financial Overview

Table 56             Tsarfin Computing Ltd. Company Overview

Table 57             Tsarfin Computing Ltd. Financial Overview

Table 58        Worldline Company Overview

Table 59        Worldline Financial Overview

Table 60        SAP Company Overview

Table 61        SAP Financial Overview

Table 62        The Bank of New York Mellon Corporation Company Overview

Table 63        The Bank of New York Mellon Corporation Financial Overview

 

 

Market Segmentation

By Component

  1. Platforms
  2. Services
  • Professional Services
    1. Consulting
    2. Implementation
    3. Support and Maintenance
  • ​​​​​​​Managed Services

 By Banking Type

  • Retail Banking
  • Corporate Banking
  • Investment Banking

By Banking Mode

  • Online Banking
  • Mobile Banking

By Deployment Component

  • On-Premises
  • Cloud

By Region

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