Who are the key vendors in the Global Digital Banking Platform Market?

The global digital banking platform market is highly competitive and comprises several prominent players vying for market share. These companies offer a wide range of digital banking solutions and strive to provide innovative and customer-centric platforms to financial institutions worldwide. The competitive landscape is characterized by intense competition, technological advancements, strategic partnerships, and continuous product development. To gain a competitive edge, players in the market are focused on continuous innovation, investing in research and development, and expanding their product portfolios to address the evolving needs of financial institutions. Strategic partnerships and collaborations with fintech firms and financial institutions are also common in the market, allowing companies to leverage each other's strengths and enhance their market position. 'Finastra (UK)', 'FIS (US)', 'Temenos (Switzerland)', 'Oracle (US)', 'Infosys (India)', 'Appway (Switzerland)', 'SAP SE (Germany)', 'Tata Consultancy Services (India)', 'Capgemini (France)', 'IBM (US)', 'Sopra Banking Software (France)', 'Intellect Design Arena Ltd (India)', 'Backbase (Netherlands)', 'CREALOGIX (Switzerland)', 'EdgeVerve Systems Ltd. (India)', 'Avaloq (Switzerland)', 'Profile Software (Greece)', 'Technisys (US)', 'ERI Bancaire (Switzerland)', 'Mambu (Germany)'

What is the key driver of the Global Digital Banking Platform Market?

Customers worldwide are increasingly embracing digital banking services for their convenience, accessibility, and personalized experiences. Banks are responding by offering comprehensive digital banking platforms that enable customers to perform a wide range of financial activities online or through mobile applications. For example, JPMorgan Chase, one of the largest banks in the United States, reported a significant increase in digital adoption, with approximately 75% of their customers actively using digital banking services in 2022.

What is the key market trend for the Global Digital Banking Platform Market?

Artificial Intelligence (AI) and Machine Learning (ML):AI and ML technologies are playing an increasingly significant role in digital banking platforms. These technologies enable banks to provide personalized customer experiences, automate processes, detect fraud, and optimize risk management. For example, Bank of America uses AI-powered virtual assistants to enhance customer interactions and provide personalized recommendations. AI and ML are expected to continue transforming the digital banking platform market by driving innovation and improving operational efficiencies.

Which region accounted for the largest share in Global Digital Banking Platform Market?

In 2022, Asia Pacific emerged as the dominant region in the global digital banking platform market, holding a significant share of 30.5%. This region is poised for remarkable expansion as new digital firms disrupt the sector and reshape banking experiences for individuals and businesses. The increasing demand for mobile and online banking alternatives is driving this growth. The market presents exceptional opportunities for both existing players and new entrants, as regulators allocate licenses and define standards for a new era of banking. Notably, WeRize, an India-based digital banking platform startup, has successfully tapped into this potential by offering financial products to over 1,000 small cities. In a recent funding round, WeRize raised USD 8 million, showcasing the appetite for innovative digital banking solutions in the region.

Digital Banking Platform Market Size, Share, Growth Analysis, By Deployment(On-Premise, and Cloud), By Type(Retail Banking, Corporate Banking, and Investment Banking), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45A2134 | Region: Global | Published Date: March, 2024
Pages: 197 | Tables: 62 | Figures: 75

Digital Banking Platform Market Competitive Landscape

Digital Banking Platform Market Top Player’s Company Profiles

Finastra (UK)

FIS (US)

Temenos (Switzerland)

Oracle (US)

Infosys (India)

Appway (Switzerland)

SAP SE (Germany)

Tata Consultancy Services (India)

Capgemini (France)

IBM (US)

Sopra Banking Software (France)

Intellect Design Arena Ltd (India)

Backbase (Netherlands)

CREALOGIX (Switzerland)

EdgeVerve Systems Ltd. (India)

Avaloq (Switzerland)

Profile Software (Greece)

Technisys (US)

ERI Bancaire (Switzerland)

Mambu (Germany)

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What is the global market size of Digital Banking Platform Market?

Global Digital Banking Platform Market size was valued at USD 9.35 Billion in 2022 and is poised to grow from USD 10.53 Billion in 2023 to USD 28.40 Billion by 2031, at a CAGR of 13.2% during the forecast period (2024-2031).

Who are the key vendors in the Digital Banking Platform Market?

The global digital banking platform market is among the very aggressive markets, inexhaustibly eyed by many parties. Companies in this space offer a broad spectrum of digital banking solutions and seek to equip financial institutions worldwide with new generation and customer-centric platforms. The competitive landscape encompasses fierce competitive pressures, technological advancement, strategic partnerships, and continuous product development. Most marketplace participants are focused on continuous innovation, investing in research and development, and extending their product portfolios to meet the changing needs of financial institutions in order to enhance their competitive edge. Across the market, strategic partnerships and collaborations with fintech firms and financial institutions can be witnessed, wherein the companies make full use of each other's strengths to strengthen their position. 'Finastra (UK)', 'FIS (US)', 'Temenos (Switzerland)', 'Oracle (US)', 'Infosys (India)', 'Appway (Switzerland)', 'SAP SE (Germany)', 'Tata Consultancy Services (India)', 'Capgemini (France)', 'IBM (US)', 'Sopra Banking Software (France)', 'Intellect Design Arena Ltd (India)', 'Backbase (Netherlands)', 'CREALOGIX (Switzerland)', 'EdgeVerve Systems Ltd. (India)', 'Avaloq (Switzerland)', 'Profile Software (Greece)', 'Technisys (US)', 'ERI Bancaire (Switzerland)', 'Mambu (Germany)'

Which region accounted for the largest share in Digital Banking Platform Market?

In 2023, Asia Pacific emerged as the dominant region in the global digital banking platform market, with the highest CAGR of 14.0%. With India and Japan emerged as the dominating countries with revenue share of USD 1.78 billion and USD 8.50 billion respectively. This region is on the edge of explosive growth, with new digital market players entering the market and disrupting the industry every day as it reinvents the banking system for consumers and businesses. The expansion is powered by the new demand for mobile and online banking alternatives. The opportunities for existing players and new entrants alike look particularly bright, with regulators doling out licenses and setting standards for a new generation of banking. Most notably, this is a potential that an India-based digital banking platform startup, WeRize, has been able to successfully tap into. WeRize has delivered over 1,000 financial products to small cities. In the most recent funding round, WeRize declared USD 8 million to put forward the appetite for fresh and innovative digital banking solutions in this region.

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Digital Banking Platform Market Size, Share, Growth Analysis, By Deployment(On-Premise, and Cloud), By Type(Retail Banking, Corporate Banking, and Investment Banking), By Region - Industry Forecast 2024-2031

Digital Banking Platform Market Competitive Landscape

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Digital Banking Platform Market Size, Share, Growth Analysis, By Deployment(On-Premise, and Cloud), By Type(Retail Banking, Corporate Banking, and Investment Banking), By Region - Industry Forecast 2024-2031

Digital Banking Platform Market Competitive Landscape

Digital Banking Platform Market Report Snapshots

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Who are the key vendors in the Digital Banking Platform Market?

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