“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 (United States), SAP (Germany), Sopra Banking Software (France), TCS (India), Technisys (United States).
Digital Banking Platforms Market by Component (Platforms and Services), Bank Type (Retail Banking, Corporate Banking, and Investment Banking), Banking Mode (Online Banking and Mobile Banking), Deployment Type, and Region – Forecast world until 2026
According to a research report “Digital Banking Platforms Market by Component (Platforms and Services), Bank Type (Retail Banking, Corporate Banking, and Investment Banking), Banking Mode (Online Banking and Mobile Banking), Deployment Type, and Region – Global forecasts until 2026″ published by MarketsandMarkets, the global digital banking platform market size is expected to grow from USD 8.2 billion in 2021 to reach USD 13.9 billion by 2026, at a compound annual growth rate (CAGR) of 11.3% during the forecast period.
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The digital banking platform market is gaining momentum owing to the increasing adoption of smartphones and is contributing to the growth of the digital banking platform market. Countries like India, Indonesia, South Africa, and China have seen strong growth in smartphone sales over the past few years. According to the Mobile Economy 2020 report by the GSM Association (GSMA), there will be 7.1 billion smartphone connections by 2025 compared to 5.2 billion in 2019. The adoption rate would increase from 65% to 80% d 2025.
Acquisitions and consolidations to unlock market potential
Financial institutions are changing their operational procedures to provide customers with premium services and improve account management due to the proliferation of digital channels and intense competition in the market. Many organizations offer integrated digital banking solutions to integrate online or mobile banking platforms. Temenos (US), Finastra (England), Oracle (US), EdgeVerve (India) and TCS (India) are some of the key players in the digital banking platform market. Other startups include Backbase (Netherlands), ebankIT (England) and Apiture (USA).
Collaboration between banks and FinTech companies involves an exchange for consumer targeting. This engagement provides access to each other’s customer base, allowing them to expand their target markets by tapping into previously unexplored consumer groups. Third-party developers can develop products and solutions for bank customers using the bank as a platform (BAAP). They can now enhance the capabilities of the platform while the system controls authentication and data sharing. It also allows banks to expand their network of contacts and attract new customers. Therefore, banks can tap into a significant market due to their recognizable brand equity and extensive “Know Your Customer” research.
Acquisitions and their impact on digital banking:
- In September 2022, Newtek, an internally managed business development company (BDC), selected the Apiture digital banking platform to support Newtek Bank’s digital capabilities. With this strategy, Newtek plans to leverage Apiture’s banking and account opening solutions in combination with Newtek’s existing suite of business and financial solutions and the Newtek Advantage to provide a suite of financial solutions and services and businesses to independent business owners.
- In May 2022, HCL Technologies UK Limited, a wholly owned subsidiary of HCL Technologies (HCL), signed a definitive agreement to acquire Confinale AG, a digital banking and wealth management advisory specialist and Avaloq Premium Implementation Partner. With this acquisition, HCL’s wealth and digital asset management capabilities have been significantly strengthened, as well as its presence in the global investment banking industry.
- In February 2022, Fiserv, Inc., a leading global payment technology and financial services provider, signed a definitive agreement to acquire Finxact, Inc., developer of the cloud-native banking solution that is powering transformation digital across the financial services industry. Through this acquisition, Fiserv will create a streamlined path for customers to deliver digital solutions to their customers. In addition, Finxact will also strengthen its ability to support a growing number of financial institutions and commercial customers.
As a result, many banks and financial organizations have created new business lines and strategies to foster the expansion of digital channels. They have taken different approaches to accelerate digital banking transformation for customers. FinTech companies also aim to partner with incumbents to increase their scale and customer base.
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