Digital Banking Platforms Market

Backbase (Netherlands) and EdgeVerve (India) are leading players in Digital Banking Platforms Market

The global digital banking platforms market size is expected 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% during the forecast period. The major driving factors for the growth of the digital banking platforms market include 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.

The major digital banking platforms vendors 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). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global digital banking platforms market. Partnerships, collaborations, and new product launches have been the most dominating strategies adopted by the major players from 2016 to 2018, which has helped them innovate their offerings and broaden their customer base.

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Backbase (Netherlands) is one of the leading vendors of the digital banking platforms market. Currently, Backbase is working toward enhancing its market share and presence with the help of the growth strategies, such as partnerships and collaborations, in various regions across the globe. In July 2018, Backbase partnered with Jumio, one of the leading Artificial Intelligence (AI)-powered trusted identity-as-a-service providers. This partnership enabled these 2 companies to offer identity verification services to financial institutions and improve the conversion rate, identify frauds, and meet Know Your Customer (KYC), Anti-Money Laundering (AML), and General Data Protection Regulation (GDPR) compliance mandates, while also enhancing the customer experience.

EdgeVerve, an established company in the market and a wholly owned subsidiary of Infosys Ltd has majorly adopted inorganic growth strategies to diversify its product offerings with the help of innovative technologies. In line with its inorganic growth strategies, in September 2018, EdgeVerve partnered with Australian Military Bank (AMB), one of Australia’s longest serving mutual financial institutions, and announced the go-live of the Finacle banking solutions suite to drive AMB’s ambitious digital transformation program. Finacle has enabled AMB with significant operational benefits and cost efficiencies, along with enhanced security and scalability. In October 2018, 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.

Related Reports:

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

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Report Code
TC 6733
RI Published ON
11/5/2018
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