MarketsandMarkets forecasts the global Digital Banking Platforms market size is expected to grow USD 8.2 billion in 2021 to USD 13.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period. The digital banking platforms market is gaining traction due to growing demand among banks for delivering enhanced customer experience and increasing adoption of cloud-based solutions by financial institutions.
The major vendors covered in the digital banking platforms market include Alkami (US), Apiture (US), Appway (Switzerland), Backbase (Netherlands), BNY Mellon (US), CR2 (Ireland), EdgeVerve (India), ebankIT (England), Finastra (UK), Fiserv (US), Intellect Design Arena (India), Mambu (Germany), MuleSoft (US), nCino (US), NCR (US), NETinfo (Cyprus), Oracle (US), SAP (Germany), Sopra Banking Software (France), TCS (India), Technisys (US), Temenos (Switzerland), TPS (Pakistan), Velmie (US), and Worldline (France). These players have adopted various growth strategies, such as partnerships, business expansions, mergers and acquisitions, partnerships, agreements, and collaborations, new product launches to expand their presence in the digital banking platforms market. Partnerships and new product launches have been the most adopted strategies by major players from 2019 to 2021, which helped them innovate their offerings and broaden their customer base.
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EdgeVerve (India) is a wholly-owned subsidiary of Infosys Ltd., an Indian multinational information technology company. EdgeVerve has adopted both, organic and inorganic growth strategies to enhance its position in the digital banking platforms market. As a part of the organic growth strategies, in July 2021, EdgeVerve announced digital banking SaaS, an offering that would enable the Indian urban cooperative banks to modernize their business and operations. The company also focused on inorganic growth strategies, such as acquisition and partnerships, which facilitated the expansion of their portfolio. In August 2021, EdgeVerve and UBP collaborated to help UBP migrate an on-premise deployment of Finacle digital banking solution suite on the cloud. This transformation would help UBP to be able to benefit from a secure, scalable, and flexible IT infrastructure.
Oracle (US) is another top player in the digital banking platforms market and 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 November 2020, Oracle partnered with Sathapana Limited to offer its core banking system offering called Oracle Flexcube to the latter. This was the first company in Myanmar to implement Oracle technology and network infrastructure. The company implemented Oracle Flexcube in 50+ branches in just 6 weeks, serving 350,000 customers. Similarly, in November 2020, Oracle expanded its business by offering its Flexcube to companies in the Middle East and Africa. These companies include the Gulf Bank of Kuwait, Oman Arab Bank (OAB), Alizz Islamic Bank, and International Commercial bank in Tanzania.
Digital Banking Platforms Market by Component (Platforms and Services), Banking Type (Retail Banking, Corporate Banking, and Investment Banking), Banking Mode (Online Banking and Mobile Banking), Deployment Type, and Region - Global Forecast to 2026
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