Digital Banking Platforms Market Growth, Share, Trends, Demand and Future Opportunities 2033
Global Digital Banking Platforms Market Size- By Component, By Deployment Type, By Banking Type, By Banking Mode - Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Feb-2023 | Report ID: BFSI2302 | Pages: 1 - 206 | Formats*: |
| Category : BFSI | |||
Digital Banking Platforms Market Introduction and Overview
According to SPER Market Research, the Global Digital Banking Platforms Market is estimated to reach USD 200.42 billion by 2033 with a CAGR of 20.98%.
The report includes an in-depth analysis of the Global Digital Banking Platforms Market, including market size and trends, product mix, distribution channels, and supplier analysis. Digital banking platforms are technical solutions that streamline and automate banking operations, allowing financial institutions to provide digital financial services and engage clients in seamless digital interactions. Individuals may check their account balances, execute transactions, and transfer funds with a single click on their digital devices thanks to these services. Adoption of digital banking platforms is especially common among the working class and elderly people since it reduces the need for physical travel and provides the convenience of carrying out banking operations from the comfort of their homes.
- Changing Customer Preferences: Customers are increasingly preferring the convenience and flexibility that digital banking platforms provide. As more individuals use online and mobile banking, financial institutions must provide comprehensive digital services to meet these evolving demands.
- Global Reach: Financial institutions can extend their services beyond geographical limits thanks to digital banking systems. Banks can now enter new markets and serve consumers who were previously inaccessible owing to physical branch limits.
Market Opportunities and Challenges
The digital banking platform market offers a plethora of enticing options with the ability to change the financial environment. Meeting the changing demands and tastes of consumers, who increasingly seek seamless and personalized banking services, is one of the key opportunities. With the emergence of modern technologies such as artificial intelligence, machine learning, and blockchain, digital banking platforms can provide personalised financial solutions, real-time insights, and predictive analytics, hence increasing consumer engagement and loyalty.
The global Digital Banking Platforms market is facing rising security issues. The rising use of digital banking has caused enterprises to have serious worries about the secure management of consumer and financial data. As the Internet of Things (IoT) expands, enterprises will require more robust security and privacy precautions to prevent data breaches. Additionally, legacy System Integration is a barrier to the worldwide digital banking Platforms industry. Many traditional banks still rely on old systems and infrastructure, making smooth integration of digital banking platforms difficult. Overcoming technological obstacles and ensuring seamless integration with existing systems can be difficult and time-consuming tasks.
Market Competitive Landscape
The digital banking platform industry's market competitive landscape is defined by fierce rivalry and innovation among a varied range of competitors. Traditional financial institutions, such as established banks, are competing for a piece of the rising digital banking market with fintech startups, technological behemoths, and specialized software vendors. Alkami Technology Inc., Apiture, Appway AG, Backbase, BNY Mellon, CR2, EdgeVerve, ebankIT, Finastra these are some market key players.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Component, By Deployment Type, By Banking Type, By Banking Mode |
| Regions covered | Asia-Pacific, Europe, Middle East and Africa, North America, Latin America |
| Companies Covered | Alkami Technology Inc., Apiture, Appway AG, Backbase, BNY Mellon, CR2, EdgeVerve, ebankIT, Finastra, Fiserv Inc., Intellect Design Arena, Mambu, MuleSoft, nCino, NETinfo, Oracle Corporation, Sopra Banking Software, TCS, Technisys, Temenos, Velmie, Worldline |
COVID-19 Impact on Global Digital Banking Platforms Market
The COVID-19 epidemic has led in greater use of digital banking services, as distant working and social distancing tactics have prompted a bigger consumer base to adopt digital banking. In North America, there has been a significant increase in the use of online banking compared to the pre-pandemic period. However, digital-only customers are nonetheless less satisfied than those who use physical branches. Financial regulators in the Asia-Pacific (APAC) region have actively encouraged financial institutions to pursue innovative business strategies, promoting the use of regulatory technology (regtech) and digital solutions as best practices throughout the pandemic. Furthermore, the growing use of online and mobile banking by end users during the pandemic has offered growth prospects for the digital banking platform industry.
Key Target Audience:
- Banks and Financial Institutions
- Consumers
- Enterprise Clients
- FinTech Companies
- Government and Regulatory Bodies
- Small and Medium-Sized Enterprises (SMEs)
Our in-depth analysis of the Digital Banking Platforms Market includes the following segments:
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Key Topics Covered in the Report:
- Global Digital Banking Platforms Market Size (FY’2023-FY’2033)
- Overview of Global Digital Banking Platforms Market
- Segmentation of Global Digital Banking Platforms Market By Component (Platform, Services)
- Segmentation of Global Digital Banking Platforms Market By Deployment Type (Cloud, On-premises)
- Segmentation of Global Digital Banking Platforms Market By Banking Type (Corporate Banking, Investment Banking, Retail Banking)
- Segmentation of Global Digital Banking Platforms Market By Banking Mode (Mobile Banking, Online Banking)
- Statistical view of Global Digital Banking Platforms Market
- Expansion Analysis of Global Digital Banking Platforms Market
- Problems and Obstacles in Global Digital Banking Platforms Market
- Competitive Landscape in the Global Digital Banking Platforms Market
- Impact of COVID-19 and Demonetization on Global Digital Banking Platforms Market
- Details on Current Investment in Global Digital Banking Platforms Market
- Competitive Landscape of Global Digital Banking Platforms Market
- Key Market Players in the Global Digital Banking Platforms Market
- SWOT Analysis of Global Digital Banking Platforms Market
- Global Digital Banking Platforms Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the Global Digital Banking Platforms Market
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Digital Banking Platforms Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Digital Banking Platforms Market
7. Global Digital Banking Platforms Market, By Component (USD Million)
7.1. Global Digital Banking Platforms Market Value Share and Forecast, By Component, 2023-20337.2. Platform7.3. Services7.3.1. Managed Services7.3.2. Professional Services
8. Global Digital Banking Platforms Market, By Deployment Type (USD Million)
8.1. Global Digital Banking Platforms Market Value Share and Forecast, By Deployment Type, 2023-20338.2. Cloud8.3. On-Premises
9. Global Digital Banking Platforms Market, By Banking Type (USD Million)
9.1. Global Digital Banking Platforms Market Value Share and Forecast, By Banking Type, 2023-20339.2. Corporate Banking9.3. Investment Banking9.4. Retail Banking
10. Global Digital Banking Platforms Market, By Banking Mode (USD Million)
10.1. Global Digital Banking Platforms Market Value Share and Forecast, By Banking Mode, 2023-203310.2. Mobile Banking10.3. Online Banking
11. Global Digital Banking Platforms Market Forecast, 2019-2033 (USD Million)
11.1. Global Digital Banking Platforms Market Size and Market Share
12. Global Digital Banking Platforms Market, By Component , 2019-2033 (USD Million)
12.1. Global Digital Banking Platforms Market Size and Market Share By Component (2019-2026)12.2. Global Digital Banking Platforms Market Size and Market Share By Component (2027-2033)
13. Global Digital Banking Platforms Market, By Deployment Type, 2019-2033 (USD Million)
13.1. Global Digital Banking Platforms Market Size and Market Share By Deployment Type (2019-2026)13.2. Global Digital Banking Platforms Market Size and Market Share By Deployment Type (2027-2033)
14. Global Digital Banking Platforms Market, By Banking Type, 2019-2033 (USD Million)
14.1. Global Digital Banking Platforms Market Size and Market Share By Banking Type (2019-2026)14.2. Global Digital Banking Platforms Market Size and Market Share By Banking Type (2027-2033)
15. Global Digital Banking Platforms Market, By Banking Mode, 2019-2033 (USD Million)
15.1. Global Digital Banking Platforms Market Size and Market Share By Banking Mode (2019-2026)15.2. Global Digital Banking Platforms Market Size and Market Share By Banking Mode (2027-2033)
16. Global Digital Banking Platforms Market, By Region, 2019-2033 (USD Million)
16.1. Global Digital Banking Platforms Market Size and Market Share By Region (2019-2026)16.2. Global Digital Banking Platforms Market Size and Market Share By Region (2027-2033)16.3. Asia-Pacific16.3.1. Australia16.3.2. China16.3.3. India16.3.4. Japan16.3.5. South Korea16.3.6. Rest of Asia-Pacific16.4. Europe16.4.1. France16.4.2. Germany16.4.3. Italy16.4.4. Spain16.4.5. United Kingdom16.4.6. Rest of Europe16.5. Middle East and Africa16.5.1. Kingdom of Saudi Arabia16.5.2. United Arab Emirates16.5.3. Rest of Middle East & Africa16.6. North America16.6.1. Canada16.6.2. Mexico16.6.3. United States16.7. Latin America16.7.1. Argentina16.7.2. Brazil16.7.3. Rest of Latin America
17. Company Profile
17.1. Alkami Technology Inc.17.1.1. Company details17.1.2. Financial outlook17.1.3. Product summary17.1.4. Recent developments17.2. Apiture17.2.1. Company details17.2.2. Financial outlook17.2.3. Product summary17.2.4. Recent developments17.3. Appway AG17.3.1. Company details17.3.2. Financial outlook17.3.3. Product summary17.3.4. Recent developments17.4. Backbase17.4.1. Company details17.4.2. Financial outlook17.4.3. Product summary17.4.4. Recent developments17.5. BNY Mellon17.5.1. Company details17.5.2. Financial outlook17.5.3. Product summary17.5.4. Recent developments17.6. CR217.6.1. Company details17.6.2. Financial outlook17.6.3. Product summary17.6.4. Recent developments17.7. EdgeVerve17.7.1. Company details17.7.2. Financial outlook17.7.3. Product summary17.7.4. Recent developments17.8. ebankIT17.8.1. Company details17.8.2. Financial outlook17.8.3. Product summary17.8.4. Recent developments17.9. Finastra17.9.1. Company details17.9.2. Financial outlook17.9.3. Product summary17.9.4. Recent developments17.10. Fiserv Inc.17.10.1. Company details17.10.2. Financial outlook17.10.3. Product summary17.10.4. Recent developments17.11. Intellect Design Arena17.11.1. Company details17.11.2. Financial outlook17.11.3. Product summary17.11.4. Recent developments17.12. Mambu17.12.1. Company details17.12.2. Financial outlook17.12.3. Product summary17.12.4. Recent developments17.13. MuleSoft17.13.1. Company details17.13.2. Financial outlook17.13.3. Product summary17.13.4. Recent developments17.14. Others
18. List of Abbreviations
19. Reference Links
20. Conclusion
21. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Digital Banking Platforms Market grew in market size from 2023. The Market is expected to reach USD 200.42 billion by 2033, at a CAGR of 20.98% during the forecast period.
Digital Banking Platforms Market CAGR of 20.98% during the forecast period.
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Digital Banking Platforms Market size is USD 200.42 billion from 2023 to 2033.
Digital Banking Platforms Market Segment is Covered By Component, By Deployment Type, By Banking Type, By Banking Mode.
The North America region is anticipated to have the highest market share in Digital Banking Platforms Market.
The key players in the market include Companies Covered Alkami Technology Inc., Apiture, Appway AG, Backbase, BNY Mellon, CR2, EdgeVerve, ebankIT, Finastra, Fiserv Inc., Intellect Design Arena, Mambu, MuleSoft, nCino, NETinfo, Oracle Corporation, Sopra Banking Software, TCS, Technisys, Temenos, Velmie, Worldline
The market for digital banking platforms is expanding, yet there are security and compliance difficulties with digital lending platforms Additionally, it is anticipated that increased use of artificial intelligence and machine learning in digital banking platforms, as well as an increase in cutting-edge banking services and corporate investors, will create profitable market potential.
Digital Banking Platforms Market is projected to reach USD 200.42 billion by 2033, growing at a CAGR of 20.98% during the forecast period.
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