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

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). 

One of the major drivers of the global digital banking platform market is the rapidly increasing adoption of the same services by financial institutions. On the other hand, raising demand for convenience and security in the banking experience drives the market from the consumer side. The digital banking platform aim to transform the traditional process and service associated with banking through the power of technology and digital channels. It improves customer experience, enhance operational efficiency of any financial institution, and offer frictionless, safe banking across all digital touchpoint. Digital banking platforms help banks adjust to evolving customer expectations and remain competitive in the digital space through self-service capabilities, personalized interactions, and advanced analytics.  

The global digital banking platform market dynamics are heavily influenced by the younger generation, more precisely by Gen Z or Digital Natives. The surge in mobile banking adoption—20.7 million in 2020 to 47.8 million by 2026—is induced by their preferences towards managing finances through digital channels. Banks are shifting their offerings as much as possible to favor this generation's needs, putting the user at the heart of product designing and seamless experience to win and retain customers across generations. The fact that, globally, everyone now has access to at least one smartphone and an internet connection has caused democratic access to banking services and has fueled the growth of digital banking platforms. 

The active online banking users have followed a steep growth curve and are further expected to increase by 16.2 percent in the period 2022 through 2024. The growth of mobile banking has been exponential, and lately, it was reported that 89 percent of all customers use their smartphones to execute banking operations, which clearly states that smartphones are acting as the principal driver of demand for digital banking platforms.

US Digital Banking Platform Market is poised to grow at a sustainable CAGR for the next forecast year.