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Digital Banking Platform Market: Regional Insights, Competitive Players, Size, Share and Forecast to 2023
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Apart from this, banks nowadays are facing intense pressure to increase operating efficiencies and reduce banking cost while delivering advanced next-generation digital banking services. The digital banking platform vendors are now developing smart and intelligent banking platforms to meet both bank and customer needs. This includes the need for a channel integration support and dynamic customer experience for making core banking easier to accomplish, that too on the devices which customers want to use or are of their interest and affordability.
North America holds the largest digital banking platform market in terms of revenue generation. The regional market is driven by early adoption of digital technologies in the banking sector. The market in Asia-Pacific is expected to grow at a good rate during the forecast period. Robust growth in IT infrastructure and huge investments in digital banking sector by public and private players are expected to back the growth of the regional market.
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Factors driving the growth of the global digital banking platform market are increased importance of digital customer experience, shorter replacement cycle, and higher safety and reliability. The increasing level of investments by public/ private capital holders in the development of advanced and sophisticated mobile friendly banking platforms, enterprise, and web oriented banking applications, and custom-built banking services promise great opportunities for a significant growth of the global digital banking industry in near future.
Some of the key players in the industry include TCS Limited, Oracle Corporation, Infosys Limited, Kony, Inc., Backbase, Cachet Financial Solutions, Inc, EdgeVerve Systems Limited, and Capital Banking Solutions.
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