Digital Banking Platform Market – Increasing Digital Transaction Services is expected to Lead to Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 10.8% from 2022 to 2028

Digital Banking Platform
  • Digital Banking Platform Market

As stated in our extensive report; providing insights on Key Drivers, Key Restraints, and Segments (i.e.,by Component, Deployment Type, Banking Type, Banking Mode, and Region); the Global Digital Banking Platform Market accounted for USD 7.8 Billion in the year 2021.

“Key Factors Likely to Drive Growth of Digital Banking Platform Market”

Digital banking systems digitize bank processes, allowing banks to provide a variety of digital financial products and facilitating digital consumer interactions. The Digital Banking Platform helps banks to migrate from traditional brick-and-mortar operations to multichannel, digital operations. These platforms primarily handle modern customer-facing front ends while also offering a development environment for connecting and merging mid- and back-office applications. To offer entirely digital financial services, these systems rely on automated processes, internet services, and Application Programming Interfaces (APIs).

Consumer-centric solutions assist banks in increasing client loyalty by enhancing services and reacting rapidly to customer queries. Banks prioritize the implementation of client retention strategies and the acquisition of new customers through effective communication. A Digital Banking Platform's Omni channel capabilities let banks facilitate personalized conversations across several channels, including voice, online, and mobile. It enables banks to connect with customers at all points of contact.

North America- Because of its expanding technological adoption. North America has many large banks, which proves to be a major focus for driving the market for Digital Banking Platforms. Digital banking vendors in the region offer software as a service to transform legacy systems into digital. With the increasing adoption of blockchain technology enhancing security, particularly in the BSFI sector, many organizations are adopting Digital Banking Platforms. This factor is gearing up the market’s growth in the country. Many companies have started to develop blockchain-based cloud Digital Banking Platforms.

Some of the key players in the Global Digital Banking Platform Marketinclude-Alkami (US), Apiture (US), Appway (Switzerland), Backbase (Netherlands), BNY Mellon (US), CR2 (Ireland), EdgeVerve (India), ebankIT (England), Finastra (UK), Fiserv (US), Intellect Design Arena (India), Mambu (Germany), MuleSoft (US), nCino (US), NCR (US), NETinfo (Cyprus), Oracle (US), SAP (Germany), Sopra Banking Software (France), TCS (India), Technisys (US), Temenos (Switzerland), TPS (Pakistan), Velmie (US), Worldline (France), and others.