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Digital Banking Platform Market Emerging Factors, Future Demands, and Key Players
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The digital banking platform market size is projected to reach US$ 8.67 billion by 2027 from US$ 3.17 billion in 2018; it is expected to witness healthy market growth of 12.1% CAGR during 2019–2027.

According to our latest market study on “Digital Banking Platform Market Forecast to 2027 – Global Analysis – by Deployment and Type,” the market size is projected to reach US$ 8.67 billion by 2027 from US$ 3.17 billion in 2018; it is expected to witness healthy market growth of 12.1% CAGR during 2019–2027.

The majority of banks favor digital banking systems because of the numerous advantages they provide, including lower IT costs, faster time to market, open banking, out-of-the-box but configurable capabilities, omnichannel customer experience, and microservice architecture. In April 2020, Brattleboro Savings & Loan (BS&L) selected NCR to provide a superior digital banking experience to its clients and companies. The bank expects to merge three providers that previously handled digital banking into one with the NCR DI platform, simplifying processes and enhancing back-office efficiency.

In the digital banking industry, the Banking as a Service (BaaS) concept has seen tremendous growth. It's a paradigm in which licensed banks combine their digital banking services to provide digital banking services to their customers, such as flexible bank accounts, check cards, credit, and installment services, without obtaining their banking license. This enables a non-bank SaaS to connect directly to bank frameworks via APIs, allowing digital banking systems to connect directly to bank frameworks. FinTech companies adopt BaaS as a growing mechanical pattern for generating innovative financial services and customized digital procedures. Furthermore, the rising use of third-party applications for real-time payments, such as Whatsapp Pay and PhonePay, has boosted the need for banks to provide dependable infrastructure to facilitate UPI transactions. For instance, Visa recently paid $5.3 billion for Plaid, a fintech startup that enables applications to connect with consumers' bank accounts quickly and easily. As a result of technological advancements like these, the demand for cloud infrastructure in the digital banking platform market size has skyrocketed.

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The digital banking platform market is segmented on the basis of type and deployment. Based on type, the market is segmented into corporate banking and retail banking. On the basis of deployment, the market is segmented into cloud and on-premises. The digital banking platforms market, by deployment, was led by the on-premises segment, which held a market share of 75.6% in 2018 and is anticipated to continue its dominance during the forecast period.

According to the market analysis, Appway AG; CREALOGIX Holding AG; EdgeVerve Systems Limited; Fiserv, Inc.; Oracle Corporation; SAP SE; Sopra Steria; Tata Consultancy Services Limited; Temenos Headquarters SA; and Worldline SA are a few key players operating in the digital banking platform market. In addition, several other important market players were studied and analyzed during the course of this study to get a holistic view of the global and regional digital banking platform market share and its ecosystem.

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Digital Banking Platform Market Forecast to 2027 – Global Analysis – by Deployment (Cloud and On-Premises) and Type (Corporate Banking and Retail Banking)

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi

E-mail: sales@theinsightpartners.com

Phone: +1-646-491-9876

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