2020 Digital Banking Platform Market Evolving Trends, Digital Transformations and Advancements of Technologies by 2027 - Sopra Steria, Tata Consultancy Services Limited, Temenos Headquarters SA, Worldline SA

Nowadays, digitization is a huge opportunity for all industries to serve their customer in a better way. These days banks are also making the most of digitization to take customer service to the next level. Digitization enables banks to help customers to understand their financial affairs better and make smarter decisions. A digital bank provides customers seamless experiences that change the customer journey. Digital banking provides efficient solutions at any anytime, anyplace at any mode of the channel such as mobile, laptop, etc. whether they are retail bank customers or corporate bank customers. Digital banking solutions also provide better banking. The platform uses customers' data to become a virtual advisor and help customers to make better commercial and financial decisions.

Due to the demand for digitization, which helps in avoiding human errors and ease the banking process, several countries are adopting digital banking platforms. Several banks across the world have started trusting on robotics technology to get things done at their operations departments. Robotics technology help banks to cut the cost of operation. Numerous advanced technology, such as Chatbots and virtual assistants, are also being employed for customer service. Chatbots and virtual assistants in banking help assign a banker to every customer. Such advanced technology can benefit retail clients as well as corporate clients.

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In developing countries, the government and regulatory bodies are focusing on creating policies that support the digital transformation of various industries, including banking. China's commitment to promoting digital services is visible from their recent strategic initiatives such "Made in China 2025 Initiative", "the Guidelines for the "Internet Plus" Action," and the National 13th Five-Year Planning for Science and Technology Innovation. Government of India has taken several initiatives such as "Digital India" to promote digital transformation across industries. Rest of the developing regions such as South America and Middle East & Africa are also expected to grow significantly throughout the forecast period.

Digital banking platform market on a global scenario was valued at US$ 3.17 Bn in 2018 and is expected to reach US$ 8.67 Bn by 2027 with a CAGR growth rate of 12.07% in the forecast period from 2019 to 2027.

Strategic Insights

In the global digital banking platform market, the market initiative is a strategy adopted by the companies to expand their footprint across the world and meet the growing demand of their customers. The market players present in digital banking platform market are mainly focusing on product enhancements through technology upgradation. Partnerships, contracts, joint ventures, and funding allow companies to maintain and improve their geographic presence. Most of the market initiatives were observed in Asia Pacific, North America, and Europe regions. Few of the recent merger and acquisition activities in the global digital banking platform market are listed below:

2019: BADF launched a partnership with Sopra Banking Software. As a partner, Sopra would support the product launch of the company.

2019: Worldline signed a strategic partnership with Nordic Finance Innovation (NFI) to strengthen the position of Nordics countries within the global ecosystem.

2019: Rambus Inc. and Worldline announced the expansion of their collaboration to deliver innovation into UK rail. With the Rambus remote ticket download (RTD) software Worldline would be able to deliver ITSO-based smart tickets to customer smartcards.

Top Listed Brands in Digital Banking Platform Market are-
- Appway AG
- CREALOGIX Holding AG
- EdgeVerve Systems Limited
- Fiserv, Inc.
- Oracle Corporation
- SAP SE
- Sopra Steria
- Tata Consultancy Services Limited
- Temenos Headquarters SA
- Worldline SA

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This release was published on openPR.