According to the latest report by IMARC Group, titled “Digital Banking Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global digital banking platform market share.The report also includes competitor and regional analysis, and contemporary advancements in the market.
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.
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.
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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.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the 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.
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