Smart Banking Market - Global Forecast to 2027
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.
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 PORTER’S 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)
Growth opportunities and latent adjacency in Smart Banking Market