Smart Banking Market

Smart Banking Market - Global Forecast to 2027

Report Code: UC 6156 Apr, 2024, by marketsandmarkets.com

The global smart banking market size is projected to grow from USD 543.2 million in 2022 to USD 678.4 million by 2027, at a compound annual growth rate (CAGR) of 4.5% during the forecast period. Using smart banking solutions will increase advanced transaction capabilities and availability of chatbots for 24/7.

Smart Banking Market

Driver: Growing adoption of customer data platform (CDP)

Utilizing integrated customer data is a challenge for bank marketers. With the use of CDPs, marketing teams can resolve identities, communicate pertinent stories, and tailor product suggestions to compete in a crowded market. Furthermore, it supports banks with data governance so that marketing teams can create campaigns that increase lead stream through integrated and connected systems. Additionally, data governance supports banking initiatives by assisting banks in the management, storage, processing, and sharing of client data. For personalization, CDPs provide data-driven insights that let marketers foresee user intent. A CDP offers companies the foresight to anticipate client needs and to understand channel preferences so that the appropriate content can be introduced in advance.

Challenge: Rising incursions from fintech companies

The ability of banks to take deposits backed by the regulating body is perhaps their most significant competitive advantage over less regulated businesses, since it gives them the sole right to supply the product that continues to be the core of people's financial lives, the checking account. As a result, startups frequently decide to focus on more peripheral aspects of the banking industry, such as credit cards, which historically have been a high-margin product for banks, and various payment gateway by a newly built app. Companies that let customers refinance their credit card debt into less expensive personal loans posed the first threat from rival businesses.

Key players in the market

The major players in the global Smart banking market are IBM (US), Huawei (China), Virtusa (US), Sinodata (China), Hundsun (China), Sunyard (China), Parsa Technologies (India), KingTeller Tech (China), ebankIT (Portugal), PayStand (US), Backbase (Netherlands), Elliptic (UK), GoodLeap (US), Betterment (US), AlphaSense (US), Copper Banking (US), Personetics (US), Thought Machine (UK), TymeBank (South Africa), Chengdu Santai Electronics (China), and Info- Vision Research Systems (Philippines).

Recent Developments:

  • In May 2022, ebankIT partnered with Horizon Platform to support digital transformation of financial institutions to successfully launch their new ebankIT platforms. . The companies will deliver an enhanced consumer experience for Retail, SMBs, and Corporate banking.
  • In July 2022, Huawei launched its Cloud Native Core Banking solution which is designed to serve as a foundation for agile innovation in the both the traditional and new digital banking industries.

TABLE OF CONTENTS

1 INTRODUCTION
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION
    1.3 MARKET SCOPE
           1.3.1 MARKETS COVERED
           1.3.2 GEOGRAPHIC SCOPE 
           1.3.3 INCLUSIONS AND EXCLUSIONS
           1.3.4 YEARS CONSIDERED
    1.4 CURRENCY 
    1.5 LIMITATIONS
    1.6 SUMMARY OF CHANGES 
    1.7 STAKEHOLDERS

2 RESEARCH METHODOLOGY
    2.1 RESEARCH DATA
           2.1.1 SECONDARY DATA
                    2.1.1.1 Secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Primary interviews with experts
                    2.1.2.2 List of key primary interview participants
                    2.1.2.3 Breakdown of primaries
                    2.1.2.4 Primary sources
                    2.1.2.5 Key industry insights
    2.2 MARKET SIZE ESTIMATION
           2.2.1 BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
           2.2.3  SMART BANKING MARKET ESTIMATION: DEMAND-SIDE ANALYSIS
           2.2.4  MARKET ESTIMATION: SUPPLY-SIDE ANALYSIS
           2.2.5 GROWTH FORECAST ASSUMPTIONS
    2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
    2.4 RESEARCH ASSUMPTIONS 
           2.4.1  FACTOR ASSESSMENT

3 EXECUTIVE SUMMARY

4 PREMIUM INSIGHTS
    4.1 ATTRACTIVE OPPORTUNITIES IN THE GLOBAL SMART BANKING MARKET
    4.2 MARKET, BY COMPONENT
    4.3 MARKET, BY TYPE AND REGION

5 MARKET OVERVIEW
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           5.2.1 DRIVERS
           5.2.2 RESTRAINTS
           5.2.3 OPPORTUNITIES
           5.2.4 CHALLENGES
    5.3 INDUSTRY TRENDS
           5.3.1 ECOSYSTEM: SMART BANKING MARKET
           5.3.2 CASE STUDIES
                    5.3.2.1 Use Case 1
                    5.3.2.2 Use Case 2
                    5.3.2.3 Use case 3
                    5.3.2.4 Use Case 4
                    5.3.2.5 Use Case 5
           5.3.3 PATENT ANALYSIS
                    5.3.3.1 Methodology
                    5.3.3.2 Types of Patents
                    5.3.3.3 Innovation And Patent Applications
                               5.3.3.3.1 Top applicants
           5.3.4 VALUE CHAIN ANALYSIS
           5.3.5 PORTERíS FIVE FORCES ANALYSIS
                    5.3.5.1 Threat of new entrants
                    5.3.5.2 Threat of substitutes
                    5.3.5.3 Bargaining power of suppliers
                    5.3.5.4 Bargaining power of buyers
                    5.3.5.5 Intensity of competitive rivalry
           5.3.6 TRENDS/DISRUPTIONS IMPACTING BUYERS/CLIENTS
           5.3.7 PRICING ANALYSIS
                    5.3.7.1 Pricing models and indicative price points
           5.3.8 TECHNOLOGY ANALYSIS
                    5.3.8.1 Artificial Intelligence
                    5.3.8.2 Internet of Things
           5.3.9 KEY CONFERENCES AND EVENTS IN 2022-2023
           5.3.10 KEY STAKEHOLDERS AND BUYING CRITERIA
           5.3.11 REGULATORY LANDSCAPE
                    5.3.11.1 REGULATORY BODIES, GOVERNMENT AGENCIES AND OTHER ORGANIZATIONS

6 SMART BANKINGMARKET SIZE, BY COMPONENT
    6.1 INTRODUCTION
           6.1.1 COMPONENT: MARKET DRIVERS
    6.2 SOLUTION
    6.4  SERVICES

7 SMART BANKINGMARKET SIZE, BY TYPE
    7.1 INTRODUCTION
           7.1.1 TYPE: MARKET DRIVERS
    7.2 CLOUD-BASED
    7.3 WEB-BASED

10 SMART BANKINGMARKET SIZE, BY VERTICAL
     10.1 INTRODUCTION
             10.1.1 VERTICAL: MARKET DRIVERS
     10.2 IT/TELECOMMUNICATION
     10.3 HEALTHCARE
     10.2 TRANSPORTATION
     10.3  EDUCATION
     10.2 GOVERNMENT
     10.3  OTHERS

11 SMART BANKINGMARKET SIZE, BY REGION
     11.1 INTRODUCTION
     11.2 NORTH AMERICA
             11.2.1 NORTH AMERICA: PESTLE ANALYSIS
             11.2.2 UNITED STATES
             11.2.3 CANADA
     11.3 EUROPE
             11.3.1 EUROPE: PESTLE ANALYSIS
             11.3.2 UNITED KINGDOM
             11.3.3 GERMANY
             11.3.4 FRANCE
             11.3.4 REST OF EUROPE
     11.4 ASIA PACIFIC
             11.4.1 ASIA PACIFIC: PESTLE ANALYSIS
             11.4.2 CHINA
             11.4.3 JAPAN
             11.4.4 INDIA
             11.4.4 REST OF ASIA PACIFIC
     11.5 MIDDLE EAST AND AFRICA
             11.5.1 MIDDLE EAST AND AFRICA: PESTLE ANALYSIS
             11.5.2 SAUDI ARABIA
             11.5.3 UNITED ARAB EMIRATES
             11.5.4 SOUTH AFRICA
             11.5.4 REST OF MIDDLE EAST AND AFRICA
     11.6 LATIN AMERICA
             11.6.1 LATIN AMERICA: PESTLE ANALYSIS
             11.6.2 BRAZIL
             11.6.3 MEXICO
             11.6.4 REST OF LATIN AMERICA

12 COMPETITIVE LANDSCAPE
     12.1 OVERVIEW
     12.2 KEY PLAYER STRATEGIES/RIGHT TO WIN
             12.2.1 OVERVIEW OF STRATEGIES DEPLOYED BY KEY SMART BANKING SERVICE PROVIDERS
     12.3 REVENUE ANALYSIS OF TOP MARKET PLAYERS
     12.4 MARKET SHARE ANALYSIS OF TOP MARKET PLAYERS
     12.5 KEY COMPANY EVALUATION QUADRANT
             12.5.1 STARS
             12.5.2 EMERGING LEADERS
             12.5.3 PERVASIVE PLAYERS
             12.5.4 PARTICIPANTS
     12.6 COMPETITIVE BENCHMARKING
     12.7 STARTUP/SME EVALUATION QUADRANT
             12.7.1 PROGRESSIVE COMPANIES
             12.7.2 RESPONSIVE COMPANIES
             12.7.3 DYNAMIC COMPANIES
             12.7.4 STARTING BLOCKS
     12.8 COMPETITIVE SCENARIO AND TRENDS
             12.8.1 PRODUCT LAUNCHES
             12.8.2 DEALS
             12.8.3 OTHERS

13 COMPANY PROFILES
     13.1 INTRODUCTION
     13.2 KEY PLAYERS
             13.2.1 IBM
                       13.2.1.1 Business and Financial overview
                       13.2.1.2 Recent developments
                       13.2.1.3 MNM VIEW
                                   13.2.1.3.1 Key strengths/right to win
                                   13.2.1.3.2 Strategic choices made
                                   13.2.1.3.3 Weaknesses and competitive threats
             13.2.2 HUAWEI
                       13.2.2.1 Business and Financial Overview
                       13.2.2.2 Recent developments
                       13.2.2.3 MNM VIEW
                                   13.2.2.3.1 Key strengths/right to win
                                   13.2.2.3.2 Strategic choices made
                                   13.2.2.3.3 Weaknesses and competitive threats
             13.2.3 KINGTELLER TECH
                       13.2.3.1 Business and Financial Overview
                       13.2.3.2 Recent developments
                       13.2.3.3 MNM VIEW
                                   13.2.3.3.1 Key strengths/right to win
                                   13.2.3.3.2 Strategic choices made
                                   13.2.3.3.3 Weaknesses and competitive threats
             13.2.4 HUNDSUN
                       13.2.4.1 Business and Financial Overview
                       13.2.4.2 Recent Developments
                       13.2.4.3 MNM VIEW
                                   13.2.4.3.1 Key strengths/right to win
                                   13.2.4.3.2 Strategic choices made
                                   13.2.4.3.3 Weaknesses and competitive threats
             13.2.5 EBANKIT
                       13.2.5.1 Business and Financial Overview
                       13.2.5.2 Recent Developments
                       13.2.5.3 MnM View
                                   13.2.5.3.1 Key strengths/right to win
                                   13.2.5.3.2 Strategic choices made
                                   13.2.5.3.3 Weaknesses and competitive threats
             13.2.6 BACKBASE
                       13.2.6.1 Business and Financial Overview
                       13.2.6.2 Recent developments
             13.2.7 VIRTUSA
                       13.2.7.1 Business and Financial Overview
                       13.2.7.2 Recent developments
             13.2.8 SINODATA
                       13.2.8.1 Business and Financial Overview
                       13.2.8.2 Recent developments
             13.2.9 SUNYARD
                       13.2.9.1 Business and Financial Overview
                       13.2.9.2 Recent developments
             13.2.10 PARSA TECHNOLOGIES
                       13.2.10.1 Business and Financial Overview
                       13.2.10.2 Recent developments
             13.2.11 PAYSTAND
                       13.2.12.1 Business and Financial Overview
                       13.2.12.2 Recent developments
             13.2.12 ELLIPTIC
             13.2.13 GOODLEAP
             13.2.14 BETTERMENT
             13.2.15 ALPHASENSE
             13.2.16 COPPER BANKING
             13.2.17 PERSONECTICS
             13.2.18 THOUGHT MACHINE
             13.2.19 TYMEBANK
             13.2.20 CHENGDU SANTAI ELECTRONICS
             13.2.21  INFO- VISION RESEARCH SYSTEMS
(The list of players is subject to further modification over the course of research)


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