Digital Banking Platforms Market

Digital Banking Platforms Market by Banking Type (Retail Banking and Corporate Banking), Banking Mode (Online Banking and Mobile Banking), Deployment Type (On-Premises and Cloud), and Region - Global Forecast to 2023

Report Code: TC 6733 Nov, 2018, by marketsandmarkets.com

[111 Pages Report] The digital banking platforms market is projected to grow from USD 3.3 billion in 2018 to USD 5.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.2% from 2018 to 2023. The research study that has been conducted on the digital banking platforms market involved the extensive use of secondary sources, directories, and databases, such as Hoovers, Bloomberg Businessweek, and Factiva, to identify and collect information relevant to the market. The primary sources were mainly industry experts from the core and related industries, distributors, service providers, technology developers, and technologists from companies and organizations related to all the segments of this industry’s value chain. In-depth interviews of various primary respondents, including key industry participants, Subject Matter Experts (SMEs), industry consultants, and C-level executives have been conducted to obtain and verify critical qualitative and quantitative information pertaining to the market, as well as, to assess the growth prospects of the market.

Digital Banking Platforms Market

Secondary research

The market shares of companies in the digital banking platform market have been determined using secondary data made available through paid and unpaid sources and by analyzing the product portfolios of major companies operating in the market. These companies have been rated based on the performance and quality of their products. These data points have been further validated by primary sources.

Secondary sources that have been referred for this research study on the digital banking platforms market include the financial statements of companies offering digital banking platforms and information from various press releases and investor presentations of companies; whitepapers, journals, and certified publications; and articles from recognized authors, directories, and databases. The secondary data has been collected and analyzed to arrive at the overall size of the market that has been further validated by the primary respondents.

Primary research

Extensive primary research was conducted after acquiring knowledge about the current scenario of the digital banking platforms market through secondary research. Several primary interviews were conducted with the market experts from both demand and supply sides across 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. This primary data was collected through questionnaires, emails, and telephonic interviews.

Digital Banking Platforms Market

To know about the assumptions considered for the study, download the pdf brochure

Digital Banking Platforms Market Size Estimation

Both top-down and bottom-up approaches have been used to estimate and validate the size of the market.

The research methodology that has been used to estimate the size of the market includes the following details:

  • Key players in this market have been identified through secondary research and their market shares have been determined through primary and secondary research.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
  • All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data on the market.

Data Triangulation

After arriving at the overall size of the digital banking platforms market from the market size estimation process explained above, the total market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for various market segments and sub-segments, the data triangulation and market breakdown procedures were implemented wherever applicable.

Report objectives

  • To define, describe, segment, and forecast the digital banking platforms market by banking type, banking mode, deployment type, and region
  • To forecast the market size of various segments of the market with respect to 5 major regions, namely, North America, Europe, APAC, MEA, and Latin America, along with major countries in each of these regions
  • To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall market
  • To provide detailed information about the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
  • To profile the key market players; generate a comparative analysis based on their business overviews, service offerings, regional presence, business strategies, and key financials; and provide companies in-house statistical tools required to understand the competitive landscape
  • To track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities in the market

Scope of the Report

Report Metrics

Details

Market size available for years

2018–2023

Base year considered

2017

Forecast period

2018–2023

Forecast units

Value (USD Million)

Segments covered

Banking Type, Banking Mode, Deployment Type, and Region

Geographies covered

North America, Europe, APAC, MEA, and Latin America

Companies covered

Appway (Switzerland), Backbase (Netherlands), CREALOGIX (Switzerland), ebanklT (England), EdgeVerve (India), Intellect Design Arena (India), Finastra (UK), ieDigital (England), ETRONIKA (Lithuania), Fidor (Germany), Fiserv (US), Halcom (Slovenia), NETinfo (Cyprus), Kony (US), NF Innova (Austria), Oracle (US), SAB (France), SAP (Germany), Sopra (France), Tagit (Singapore), TCS (India), Technisys (US), Temenos (Switzerland), BNY Mellon (US), and Worldline (France)

This research report categorizes the market based on banking types, banking modes, deployment types, and regions.

On the basis of banking types:

  • Retail Banking
  • Corporate Banking

On the basis of banking modes:

  • Online Banking
  • Mobile Banking

Digital Banking Platforms Market research report on the basis of deployment types:

  • On-premises
  • Cloud

On the basis of regions:

  • North America
  • Europe
  • APAC
  • MEA
  • Latin America

Available Customization

Along with the market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for this report:

Regional Analysis

  • Further breakdown of the North American digital banking platforms market into countries
  • Further breakdown of the European market into countries
  • Further breakdown of the APAC market into countries
  • Further breakdown of the MEA market into countries
  • Further breakdown of the Latin American market into countries

Company Information

  • Detailed analysis and profiles of additional market players (up to 5)

The digital banking platforms market is projected to grow from USD 3.3 billion in 2018 to USD 5.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.2% from 2018 to 2023. The growing demand among banks to deliver enhanced customer experience, the increasing adoption of cloud-based platforms to obtain higher scalability, the rising adoption of smartphones and tablets, and the increasing demand for streamlining business processes are some of the most significant factors contributing to the growth of the market.

Based on banking types, the retail banking segment is expected to be the largest contributor to the digital banking platforms market during the forecast period

Based on banking types, the market has been classified into retail banking and corporate banking. Retail banking has emerged as an essential enabler in the market in translating the banking models across the globe. Digital revolution has led to a disrupted marketplace, along with the changing customer behaviour and expectations, emerging competitors, and innovative technologies. The segment is expected to lead the market during the forecast period, owing to the need to meet retail customers’ elevated expectations of personalization and align these expectations in line with the growing multiplication of channels.

Based on banking modes, the mobile banking segment is expected to grow at a higher CAGR during the forecast period

Based on banking modes, the market has been segmented into online banking and mobile banking. The mobile banking mode offers an intuitive and secure mobile banking experience to retail and corporate banks. It also offers a responsive User Interface (UI) and supports the banks’ customers’ in their entire banking journey, right from onboarding to transactional banking requests, on their mobile devices. Banks are rapidly adopting mobile banking platforms, owing to their changing preference toward mobile banking. This helps drive the business growth of the mobile banking segment.

Based on deployment types, the on-premises deployment type is expected to contribute a significant share for the growth of the market during the forecast period

Based on deployment types, the market has been segmented into on-premises and cloud. The on-premises deployment type is gaining traction among financial service providers. On-premises deployment of digital banking platforms empowers enterprises with the power to manage risks, business processes, industry policies, and compliances. This deployment type provides organizations with the ownership of their private individual data and the digital rights associated with the data of private individuals.

Digital Banking Platforms Market

North America is expected to account for the largest market size during the forecast period

Based on regions, the digital banking platforms market has been segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. Out of these regions, the North American region is estimated to hold the largest market in 2018. The early adoption of technologies and the high focus on innovation in the region are leading to the growth of the market in North America. Furthermore, the increasing use of digital banking platforms in countries, such as the US and Canada, is driving the growth of the market in the North American region.

Key players operating in the digital banking platforms market include Appway (Switzerland), Backbase (Netherlands), CREALOGIX (Switzerland), ebanklT (England), EdgeVerve (India), Intellect Design Arena (India), Finastra (UK), ieDigital (England), ETRONIKA (Lithuania), Fidor (Germany), Fiserv (US), Halcom (Slovenia), NETinfo (Cyprus), Kony (US), NF Innova (Austria), Oracle (US), SAB (France), SAP (Germany), Sopra (France), Tagit (Singapore), TCS (India), Technisys (US), Temenos (Switzerland), BNY Mellon (US), and Worldline (France).

Backbase is one of the leading FinTech software providers. The company’s omnichannel customer engagement orchestration platform helps its customers streamline their digital interactions across channels. The company empowers its clients to renew their legacy systems and create frictionless customer experiences. It focuses on offering customer-centric solutions and helps its customers in bringing about digital transformation in their businesses. The company was awarded the title of “the most innovative banking software company” at the European FinTech Awards 2016. is the company is strongly focused on adopting inorganic growth strategies, such as partnerships, to strengthen position in the digital banking platforms market.

Recent developments

  • Backbase partnered with SGBL Group, one of the leading banks in the Middle East. As a part of this partnership, Backbase supported SGBL Group in revamping its legacy systems while also creating frictionless customer experience to meet the Group’s goal of digital transformation strategy.
  • EdgeVerve Systems, a subsidiary of Infosys, launched Finacle Digital Engagement Suite, an advanced omnichannel solution suite that helps banks onboard, sell, service, and engage customers with tailored experiences.
  • Finastra expanded its presence in the Middle East with a new office in Riyadh, Saudi Arabia. This expansion helps the company support technological and financial innovations in line with Vision 2030, the Kingdom’s transformation plan.
  • TCS signed an agreement with Transamerica, one of the leading providers of life insurance, retirement, and investment solutions. As per this agreement, TCS helps Transamerica in undergoing a digital transformation of its US insurance and annuity business lines.

Key Questions answered in this report

  • How will the drivers, challenges, and future opportunities for the digital banking platforms market affect its dynamics and the subsequent market analysis of the associated trends?
  • What are the key sustainability strategies adopted by leading players operating in the market?
  • Which of the talent and technology gaps of organizations can affect business operations?
  • What is the level of preparedness of enterprises to deal with unforeseen business risks?
  • Where and to what extent organizations need to implement digital banking platforms?

Table of Contents

1 Introduction (Page No. - 14)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
    1.4 Years Considered for the Study
    1.5 Currency
    1.6 Stakeholders

2 Research Methodology (Page No. - 17)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Breakdown of Primaries
                    2.1.2.2 Key Industry Insights
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Research Assumptions
    2.4 Limitations of the Study

3 Executive Summary (Page No. - 23)

4 Premium Insights (Page No. - 26)
    4.1 Attractive Market Opportunities in the Market
    4.2 Digital Banking Platforms Market, By Banking Type, 2018–2023
    4.3 Market, By Banking Mode, 2018–2023
    4.4 Market, By Deployment Type, 2018–2023
    4.5 Market Investment Scenario

5 Market Overview and Industry Trends (Page No. - 29)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Growing Demand Among Banks to Deliver Enhanced Customer Experience
                    5.2.1.2 Increasing Adoption of Cloud-Based Platforms to Obtain Higher Scalability
                    5.2.1.3 Rising Adoption of Smartphones and Tablets
                    5.2.1.4 Increasing Demand for Streamlining Business Processes
           5.2.2 Restraints
                    5.2.2.1 Difficulty in Integrating Digital Banking Platforms With Legacy Systems
           5.2.3 Opportunities
                    5.2.3.1 Recent Advancements in AI
                    5.2.3.2 Increased Cross-Selling and Upselling
                    5.2.3.3 Growing Need to Meet the Compliance Requirements of New Data Laws and Regulations
           5.2.4 Challenges
                    5.2.4.1 Increasing Security Concerns
    5.3 Opportunities for the Digital Banking Platform Providers
    5.4 Industry Trends
           5.4.1 Use Case 1: Backbase
           5.4.2 Use Case 2: Appway
           5.4.3 Use Case 3: Finastra

6 Digital Banking Platforms Market, By Banking Type (Page No. - 34)
    6.1 Introduction
    6.2 Retail Banking
           6.2.1 Increased Demand for Offering Enhanced Customer Services to Retail Consumers to Boost the Growth of the Retail Banking Type
    6.3 Corporate Banking
           6.3.1 Increased Need for A Digital Banking Platform to Boost the Growth of the Corporate Banking Type

7 Market, By Banking Mode (Page No. - 38)
    7.1 Introduction
    7.2 Online Banking
           7.2.1 Increased Usage of Internet Via the Web-Based Mode to Boost the Growth of Online Banking
    7.3 Mobile Banking
           7.3.1 Increasing Usage of Mobile Devices to Access Banking Services to Boost the Growth of Mobile Banking

8 Market, By Deployment Type (Page No. - 42)
    8.1 Introduction
    8.2 On-Premises
           8.2.1 Growing Security Concerns to Boost the Demand of On-Premises Deployment
    8.3 Cloud
           8.3.1 Cost-Effectiveness of the Cloud-Based Deployment Type to Boost the Growth

9 Digital Banking Platforms Market, By Region (Page No. - 46)
    9.1 Introduction
    9.2 North America
           9.2.1 United States
                    9.2.1.1 US Holds Largest Share of Digital Banking Platform Market in 2018
           9.2.2 Canada
                    9.2.2.1 Increasing Adoption of Advanced It Technologies Drives the Market in Canada During Forecast Period
    9.3 Europe
           9.3.1 United Kingdom
                    9.3.1.1 Strong Presence of Several FinTech Companies is Market in the United Kingdom
           9.3.2 France
                    9.3.2.1 Rising Usage of Online Banking Mode in the Country Drives the Growth of the Market
           9.3.3 Rest of Europe
    9.4 Asia Pacific
           9.4.1 Singapore
                    9.4.1.1 Rapid Adoption of Innovative Digital Technologies Across the Banking Sector Fuelling Growth of the Market in Singapore
           9.4.2 China
                    9.4.2.1 Rapid Changes in the Ecosystem Drives the Adoption of Digital Banking Platforms in Chinese Market
           9.4.3 Rest of APAC
    9.5 Middle East and Africa
           9.5.1 United Arab Emirates
                    9.5.1.1 Technological Advancements in Cloud Computing Have Led to the Adoption of Digital Banking Platforms in UAE
           9.5.2 Kingdom of Saudi Arabia
                    9.5.2.1 Rapid Advancements in IoT has Propelled the Growth of the Market in KSA
           9.5.3 Rest of MEA
    9.6 Latin America
           9.6.1 Brazil
                    9.6.1.1 Entry of FinTech Startups Boost Innovation in Digital Banking Platform in Brazil
           9.6.2 Mexico
                    9.6.2.1 Huge Adoption of Cloud-Based Services Provides Growth Opportunities in Mexico Market
           9.6.3 Rest of Latin America

10 Competitive Landscape (Page No. - 63)
     10.1 Overview
     10.2 Market Ranking Analysis for the Digital Banking Platforms Market
     10.3 Competitive Scenario
             10.3.1 New Service/Product Launches
             10.3.2 Business Expansions
             10.3.3 Mergers and Acquisitions
             10.3.4 Agreements, Collaborations, and Partnerships

11 Company Profiles (Page No. - 70)
(Business Overview, Platforms, Solutions and Services Offered, Recent Developments, MnM View, SWOT Analysis)*
     11.1 Backbase
     11.2 EdgeVerve Systems
     11.3 Temenos
     11.4 Finastra
     11.5 TCS
     11.6 Appway
     11.7 NETinfo
     11.8 Worldline
     11.9 SAP
     11.10 BNY Mellon
     11.11 Oracle
     11.12 Sopra
     11.13 CREALOGIX
     11.14 Fiserv
     11.15 Intellect Design Arena
*Business Overview, Platforms, Solutions and Services Offered, Recent Developments, MnM View, SWOT Analysis Might Not Be Captured in Case of Unlisted Companies.
     11.16 Key Innovators
               11.16.1 NF Innova
               11.16.2 Halcom D.D.
               11.16.3 Tagit Pte Ltd
               11.16.4 ETRONIKA
               11.16.5 Fidor
               11.16.6 Kony
               11.16.7 Technisys
               11.16.8 ieDigital
               11.16.9 ebanklT
               11.16.10 SAB

12 Appendix (Page No. - 106)
     12.1 Discussion Guide
     12.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.3 Available Customizations
     12.4 Related Reports
     12.5 Author Details


List of Tables (34 Tables)

Table 1 Digital Banking Platforms Market Size, By Banking Type, 2016–2023 (USD Million)
Table 2 Retail Banking: Market Size, By Region, 2016–2023 (USD Million)
Table 3 Corporate Banking: Market Size, By Region, 2016–2023 (USD Million)
Table 4 Market Size, By Banking Mode, 2016–2023 (USD Million)
Table 5 Online Banking: Market Size, By Region, 2016–2023 (USD Million)
Table 6 Mobile Banking: Market Size, By Region, 2016–2023 (USD Million)
Table 7 Digital Banking Platforms Market Size, By Deployment Type, 2016–2023 (USD Million)
Table 8 On-Premises: Market Size, By Region, 2016–2023 (USD Million)
Table 9 Cloud: Market Size, By Region, 2016–2023 (USD Million)
Table 10 Market Size, By Region, 2016–2023 (USD Million)
Table 11 North America: Market Size, By Country, 2016-2023 (USD Million)
Table 12 North America: Market Size, By Banking Type, 2016-2023 (USD Million)
Table 13 North America: Market Size, By Banking Mode, 2016-2023 (USD Million)
Table 14 North America: Market Size, By Deployment Type, 2016-2023 (USD Million)
Table 15 Europe: Digital Banking Platforms Market Size, By Country, 2016-2023 (USD Million)
Table 16 Europe: Market Size, By Banking Type, 2016-2023 (USD Million)
Table 17 Europe: Market Size, By Banking Mode, 2016-2023 (USD Million)
Table 18 Europe: Market Size, By Deployment Type, 2016-2023 (USD Million)
Table 19 Asia Pacific: Digital Banking Platforms Market Size, By Country, 2016-2023 (USD Million)
Table 20 Asia Pacific: Market Size, By Banking Type, 2016-2023 (USD Million)
Table 21 Asia Pacific: Market Size, By Banking Mode, 2016-2023 (USD Million)
Table 22 Asia Pacific: Market Size, By Deployment Type, 2016-2023 (USD Million)
Table 23 Middle East and Africa: Digital Banking Platforms Market Size, By Country, 2016-2023 (USD Million)
Table 24 Middle East and Africa: Market Size, By Banking Type, 2016-2023 (USD Million)
Table 25 Middle East and Africa: Market Size, By Banking Mode, 2016-2023 (USD Million)
Table 26 Middle East and Africa: Market Size, By Deployment Type, 2016-2023 (USD Million)
Table 27 Latin America: Digital Banking Platforms Market Size, By Country, 2016-2023 (USD Million)
Table 28 Latin America: Market Size, By Banking Type, 2016-2023 (USD Million)
Table 29 Latin America: Market Size, By Banking Mode, 2016-2023 (USD Million)
Table 30 Latin America: Market Size, By Deployment Type, 2016-2023 (USD Million)
Table 31 New Service/Product Launches, 2016–2018
Table 32 Business Expansions, 2017–2018
Table 33 Mergers and Acquisitions, 2016–2018
Table 34 Agreements, Collaborations, and Partnerships, 2016–2018
 
 
List of Figures (40 Figures)
 
Figure 1 Digital Banking Platforms Market: Market Segmentation
Figure 2 Global Market: Research Design
Figure 3 Market Breakdown and Data Triangulation
Figure 4 Market: Bottom-Up Approach
Figure 5 Market: Top-Down Approach
Figure 6 Market Assumptions
Figure 7 Digital Banking Platforms Market, 2016–2023
Figure 8 Global Market, By Fastest-Growing Segment
Figure 9 Global Market: Key Country Market Share in Each Region, 2018
Figure 10 The Payment Services Directive Compliance in Europe is Expected to Be Driving the Growth of the Digital Banking Platforms Market
Figure 11 Retail Banking Segment is Expected to Lead the Market During the Forecast Period
Figure 12 Online Banking Segment is Expected to Lead the Market During the Forecast Period
Figure 13 On-Premises Segment is Expected to Hold A Higher Market Share During the Forecast Period
Figure 14 Market: Market Investment Scenario
Figure 15 Market: Drivers, Restraints, Opportunities, and Challenges
Figure 16 Banks It Spending, By Region
Figure 17 Retail Banking Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 18 Mobile Banking Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 19 Cloud Deployment Type is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 20 North America is Projected to Lead the Digital Banking Platforms Market During the Forecast Period
Figure 21 Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 22 North America Digital Banking Platforms Market Snapshot
Figure 23 Asia Pacific Market Snapshot
Figure 24 Key Developments By Leading Players in the Digital Banking Platforms Market During 2016–2018
Figure 25 Market Ranking, 2018
Figure 26 Market Evaluation Framework
Figure 27 Backbase: SWOT Analysis
Figure 28 Temenos: Company Snapshot
Figure 29 Temenos: SWOT Analysis
Figure 30 TCS: Company Snapshot
Figure 31 TCS: SWOT Analysis
Figure 32 NETinfo: Company Snapshot
Figure 33 Worldline: Company Snapshot
Figure 34 SAP: Company Snapshot
Figure 35 BNY Mellon: Company Snapshot
Figure 36 Oracle: Company Snapshot
Figure 37 Sopra: Company Snapshot
Figure 38 CREALOGIX: Company Snapshot
Figure 39 Fiserv: Company Snapshot
Figure 40 Intellect Design Arena: Company Snapshot


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