December 5, 2023

Digital Banking Platforms Market Share: A Global Perspective

The digital banking platforms market is experiencing a meteoric rise driven by the proliferation of mobile devices and the gradual replacement of traditional ATMs with online banking systems. The trend towards digitization is fostering increased user convenience, enhanced security, faster transactions, cost-effectiveness, versatility, and sustainability. Moreover, digitization is diminishing manual tasks through software automation, resulting in heightened productivity and competitive financial services with reduced costs for both providers and users.

Banks Embrace Digitalization to Thrive in a Competitive Landscape

With the advent of mobile apps and online payment options, consumers are increasingly turning to fintech services for their everyday financial needs. In response, banks are rapidly adopting similar services and forming partnerships with fintech companies. Technological advances are expected to continue at a breakneck pace, making it even easier for customers to manage their finances and conduct transactions online, potentially impacting banks’ revenue streams. This surge in digital banking platforms is partly attributed to the emergence of numerous fintech startups worldwide, offering innovative products such as low-cost international money transfers and automated bill payment solutions.

Challenges: Traditional Banking Methods Still Hold Ground

Despite the strides made in digital banking, a significant portion of consumers still prefer traditional banking methods. In the United States, cash is used in approximately 40% of all transactions. Moreover, only 15% of individual payments in France are conducted electronically, according to Natixis. Many individuals around the world remain hesitant to fully embrace online banking and continue to prefer in-person interactions for their financial management. However, as technology becomes more integrated into daily life, it is expected that more people will gradually adapt to digital banking.

Retail Banking Elevates Digitalization for Enhanced Customer Experiences

Amidst intense competition in the global financial services landscape, the retail banking sector stands out as a digital leader. A staggering 75% of consumers aged over 16 worldwide find it convenient to conduct their banking activities using smartphones or tablets. Recent statistics reveal that 42 million individuals relied on online or mobile banking for their everyday financial needs in 2020. Retail banks are investing heavily in digitizing their operations to provide customers with a seamless and user-friendly experience that caters to all their financial requirements. Innovative technologies like chatbots for 24/7 customer support and artificial intelligence for automated processes like fraud detection are being adopted. Additionally, mobile apps are being leveraged to offer real-time updates on account balances and transactions.

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Asia Pacific and Latin America: Lucrative Growth Prospects

Emerging markets in Asia Pacific and Latin America present substantial growth opportunities for digital banking platforms. In Asia Pacific, the number of digital banking users is projected to surpass 590 million by 2021, more than doubling the 2016 figure. Meanwhile, Latin America’s digital banking market is growing even faster, with an estimated annual growth rate of 16%. These regions offer financial institutions a chance to expand their customer base and drive revenue growth, particularly among the unbanked and underbanked populations. The increasing penetration of smartphones and internet connectivity is enabling cost-effective access to basic financial services, such as savings accounts, loans, and money transfers, in these regions.

Prominent Players in the Global Digital Banking Platforms Market

Key players in the digital banking platforms market include Appway (Switzerland), Alkami (US), Apiture (US), Backbase (Netherlands), EdgeVerve (India), ebankIT (England), BNY Mellon (US), CR2 (Ireland), Finastra (UK), Mambu (Germany), MuleSoft (US), Fiserv (US), Intellect Design Arena (India), nCino (US), Oracle (US), SAP (Germany), NCR (US), NETinfo (Cyprus), Sopra Banking Software (France), Temenos (Switzerland), Velmie (US), Worldline (France), TCS (India), and Technisys (US).

The digital banking platforms market is poised for continued growth as financial institutions strive to meet the evolving needs of consumers in an increasingly digital world. As technology continues to advance, the industry can expect further innovation and transformation in the years to come.

Global Industry Analysis (2018 – 2021) – Growth Trends and Market Forecast (2022 – 2029)

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This press release first seen on Brilad