The global digital banking platform market is prognosticated to experience a strong growth during the forecast period, 2018 – 2026, owing to the increasing penetration of the internet. Digital banking platform is multichannel or omnichannel solution of personal banking service. In the past few years banks all across the world has witnessed a significant surge in the number of accounts being opened a year. In order to avoid any other human errors and to complete the task more efficiently without consuming lot of time, most of the banks have adopted digital banking platform. It removes long queues outside the banks. Apart from these, banks are looking for a way to reduce the banking costs without compromising the quality of the service. Numerous vendors in order to cope up with the pace are developing smart and intelligent banking platforms. This is anticipated to help the market grow exponentially.
Digital Banking Platform Market: Drivers and Restraints
One of the major factor pushing the market in the forward direction is the growing demand for the consumer electronics products such as Laptops, Smartphones, and Computers. These devices have helped users to multitask. A user can perform most of the banking activities through these devices, thus endorsing the digital banking platform market. Increasing penetration of internet in most of the places is favoring the growth of the market, as Internet helps a user to connect with its banking platform. In order to provide its clients’ a better experience, all the leadings banks have adopted digital banking platform, thus attracting more users. The digital banking platform market are known to be safe and reliable, this further fuels the demand. Surge in the level of investments by private and public capital holders behind the research and development activities is anticipated to improve the service, thus proliferating the demand in market. Vendors in the market are extensively building more enhanced mobile friendly banking platforms, custom-built banking services, and enterprise oriented banking platforms.
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Digital Banking Platform Market: Regional Outlook
On the basis of geography, the market is divided into Europe, North America, Middle East and Africa, Latin America, and Asia Pacific. Amongst these pack, North America is predicted to hold the leading share in terms of revenue owing to presence of major players and rapid adoption of latest technology in the market. However, on the other hand, Asia Pacific is predicted to exhibit a strong growth owing to booming IT infrastructure and hefty investments from the private and public players in the region.
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Digital Banking Platform Market: Companies Mentioned
Some of the major players in the market are CREALOGIX, EdgeVerve, ieDigital, Sopra, SAB, Oracle, SAP, Tagit, AApway, BNY Mellon, Worldline, Halcon, and Fiserv.
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