Digital Banking Platform Market Forecast Insights Shared in Detailed Report

According to our most recent market research, “Digital Banking Platform Market Forecast to 2027 – Global Analysis – by Deployment and Type,” the market is expected to reach US$ 8.67 billion by 2027, up from US$ 3.17 billion in 2018; it is expected to grow at a healthy 12.1% CAGR between 2019 and 2027.

Banking as a Service (BaaS) has seen tremendous growth in the digital banking industry. It is a paradigm in which licenced banks combine their digital banking services to provide their customers with digital banking services such as flexible bank accounts, check cards, credit, and instalment services without obtaining their banking licence. This allows non-bank SaaS providers to connect directly to bank frameworks via APIs, allowing digital banking systems to connect directly to bank frameworks. FinTech firms are increasingly using BaaS as a growing mechanical pattern for developing innovative financial services and customised digital procedures. Furthermore, the increased use of third-party applications for real-time payments, such as Whatsapp Pay and PhonePay, has increased the need for banks to provide dependable infrastructure to support UPI transactions. For example, Visa recently paid $5.3 billion for Plaid, a fintech startup that allows applications to quickly and easily connect to consumers’ bank accounts. As a result of technological advancements like these, the demand for cloud infrastructure has skyrocketed in the digital banking platform market size.

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The majority of banks prefer digital banking systems because they offer numerous benefits such as lower IT costs, faster time to market, open banking, out-of-the-box but configurable capabilities, omnichannel customer experience, and microservice architecture. Brattleboro Savings & Loan (BS&L) chose NCR in April 2020 to provide a superior digital banking experience to its clients and businesses. The bank expects to consolidate three digital banking providers into one with the NCR DI platform, simplifying processes and increasing back-office efficiency 

The digital banking platform market is divided into two categories: type and deployment. The market is divided into two types: corporate banking and retail banking. The market is divided into two segments based on deployment: cloud and on-premises. The on-premises segment led the digital banking platforms market by deployment, with a 75.6% market share in 2018 and is expected to maintain its dominance during the forecast period.

According to market research, key players in the digital banking platform market include 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. Several other important market players were also studied and analysed during the course of this study to obtain a comprehensive picture of the global and regional digital banking platform market share and ecosystem.

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