The global Digital Banking Platform Market was valued at US$ 3.17 Bn in 2018 and is expected to reach US$ 8.67 Bn by 2027 with a CAGR of 12.07% in the forecast period from 2019 to 2027.
Digital banking platform as a comprehensive omnichannel platform that helps banks and financial institutions in streamlining and managing all of their digital customer interactions. Digital banking platforms serve as a foundation for a digital bank and enable banks to offer innovative digital products and services to customers. The implementation of these platforms results in improved customer experience and reduced costs while allowing banks to meet compliance requirements.
The current trend of digital transformation in the global banking industry is fueling the demand for digital banking platforms. Digital transformation or digitization of businesses refers to the integration of digital technology in various business processes, organizational activities, and business models. End-to-end business process optimization, increased operational efficiency, improved customer experience, and reduced costs are few of the factors driving the digital transformation in the banking industry.
The demand for smartphones and other consumer devices is witnessing immense growth in both developed and developing countries majorly due to technology advancements and digital services that are offered by various industries. In the current scenario, consumer devices are being widely used by consumers for availing multiple digital services. Consumer devices such as smartphones, tablets, PCs, etc. have become an integral part of today’s consumers’ lives. The rising disposable income level and increasing demand for better services from customers are some of the factors that are driving the adoption of smart devices.
Key Players Influencing the Market
• Appway AG
• EdgeVerve Systems Limited
• Fiserv, Inc.
• Oracle Corporation
• SAP SE
• Sopra Steria Group SA
• TCS Limited
• The Bank of New York Mellon
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.
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