Top 5 Digital Banking Platforms: Companies Profiling and Statistics Review 2024
RELEASE DATE: Jul 2024 Author: Spherical Insights Request Free Sample
Overview
A digital banking platform helps a bank start the transformative journey towards becoming a digital bank focused on ecosystems. A DBP additionally allows banks to accomplish business optimization. Global digital banking platform market is expected to grow from USD 21.2 Billion in 2021 to USD 220.1 Billion by 2030, at a CAGR of 29.7% during the forecast period 2021-2030. The banking industry has been greatly affected by technological advancements like artificial intelligence, blockchain, and cloud computing.
Competitive Landscape
Providing a robust digital channel experience benefits banks globally. Banks need a reliable solution that provides a consistent user experience on all platforms and devices, while also providing the necessary information for smart decision-making. The players are implementing tactics such as forming alliances to stay competitive in the market. Major companies in the market such as Finastra, Fiserv, Intellect Design Arena, NCR Corporation, Appway, COR Financial Solution Ltd., Edgeverve, FIS Global, Fiserv, Inc, nCino, Oracle Corporation, SAP SE, Temenos, and Vsoft Corporation, and MuleSoft are forming strategic partnerships and collaborations to grow their business. For instance, Finastra partnered with Salt Edge Limited, a fintech company. By partnering together, in August 2021, Finastra hopes to improve the efficiency of compliance with PSD2 and other banking regulations for EMIs and banks worldwide.
Driving Financial Inclusion: The Rise of Digital Banking in the Global Market
By the heads of the G20 nations and the representatives of the international financial sector standard-setting bodies (SSB) from more than 50 countries dedicated to promoting financial inclusion at both a global and national level. Banks and various non-banks are now providing digital financial services to reach new customers, particularly those who have been excluded or underserved. They are utilizing the same digital strategies that have been used to enhance access for existing customers in the formal financial sector. Moreover, in 2021, Asia Pacific had the largest market share of 30.5% and is projected to have the highest compound annual growth rate (CAGR) of 21.1% in the upcoming period. Asia's market for digital banking is on track for unparalleled growth. The sector is being greatly impacted by new digital firms, completely transforming banking for individuals and businesses as the need for mobile and online options grows. There is a great opportunity for current players and newcomers to get involved as regulators increase license allocations and establish standards for a new era in banking.
The report provides a summary of the global top trends and future prospects for the global digital banking platform market based on historical data sets (current trends, industry statistics, and emerging trends shaping the digital banking platform industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global digital banking platform trends and future prospects for global regions in 2024 and 2025. This data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions.
Growth Factors and Emerging Trends in the Digital Banking Platform Market
- Increase in utilization of Machine Learning and Artificial Intelligence in Digital Banking Platform.
Digital banking has undergone significant transformation over many years due to the rise of innovative technologies. Moreover, the increasing use of AI and ML in digital banking is creating a profitable chance for the industry. Moreover, numerous banks and financial firms are implementing AI-driven banking solutions to offer customers quicker and more effective services. Furthermore, many banks are incorporating machine learning techniques to anticipate and prevent fraud in their banking systems, enhancing security measures. Continuous advancements are always being created, leading to multiple chances for the industry.
- Increasing interest from banks in providing improved customer service.
Focusing on customer needs helps banks boost customer loyalty through better services and efficient problem-solving for customer issues. Banks prioritize implementing customer retention strategies and acquiring new customers through efficient communication methods. The omnichannel features of a digital banking platform enable banks to engage in customized interactions through various channels such as voice, web, and mobile. It allows banks to interact with customers at all points of contact. Observing complete customer journeys and monitoring all actions aids in building a comprehensive perspective for each customer. Digital banking enables customization on a level that results in a revenue increase of 5 to 15% for financial services companies. Consumers demand quick transactions, leading to digital banking platforms becoming more dependable and effective.
Opportunities and Future Prospects in the Digital Banking Platform Market
Rise of the Banking as a Service (BaaS) concept.
The model of Banking as a Service (BaaS) has experienced significant growth in the digital banking sector. It is a framework where authorized banks embed their digital banking services directly into the offerings of different non-bank companies. This allows a non-bank company to provide digital banking services to its clients, including mobile accounts, debit cards, loans, and payment options, without having to obtain their own banking license. BaaS enables a direct connection between digital banking platforms and bank systems through APIs. Fintech firms are embracing BaaS as a growing tech trend to create creative financial services and personalized digital strategies.
List of Key Companies in the Digital Banking Platform Market
- Appway AG
- Alkami Technology Inc.
- Finastra
- Fiserv, Inc.
- Crealogix AG
- Temenos
- Urban FT Group, Inc.
- Q2 Software, Inc.
- Sopra Banking Software
- Tata Consultancy Service
Top 5 Key Players Profile in the Digital Banking Platform Market
1. Alkami Technology
Headquarters: Plano, TX
Alkami Technology, Inc. is a top provider of cloud-based digital banking solutions for financial institutions in the United States, helping clients grow confidently, adapt quickly, and cultivate successful digital communities. Alkami assists customers in changing through retail and commercial banking, digital account opening, and data and marketing solutions. Alkami is the initial company to receive certification from J.D. Power for delivering an exceptional experience with its mobile banking platform.
2. FINASTRA
Headquarters: Paddington, London
Finastra aims to unleash the potential of finance for all individuals. In April 2024, Finastra, a leading global provider of marketplaces and financial software products, today announced the opening of its Solution Store, a cutting-edge online store that makes it easy for clients to browse and buy Finastra retail lending solutions. The cutting-edge online platform makes solutions available for purchase 24/7, streamlining the procurement process.
3. Fiserv
Headquarters: Milwaukee, Wisconsin
Fiserv, Inc. (NYSE: FI) is a worldwide technology pioneer that facilitates financial institutions and millions of individuals and companies in moving money. Fiserv's goal is to transfer money and information in a manner that impacts the world.
4. CREALOGIX
Headquarters: Zürich
CREALOGIX, is a worldwide fintech company with more than 380 employees across the globe. CREALOGIX technology allows some of the biggest banks and wealth management companies in the world to promote innovation. CREALOGIX objective is to provide excellent technology that simplifies and enhances the lives of customers. CREALOGIX goal is to influence the future of the fintech world.
5. Temenos
Headquarters: Lancy, Geneva
Temenos AG, based in Geneva, Switzerland, specializes in providing enterprise software for banks and financial services. Temenos was founded in 1993 and has been publicly traded on the Swiss stock market since 2001.
Recent Developments
- In February 2024, Velmie introduced its Business Banking Platform to assist financial services providers and FinTechs in expanding their range of products. The platform allows these companies to meet the needs of business clients, such as corporate payroll, automating payments, invoice factoring, using cryptocurrency for payments, and business deposits.
- In February 2024, Segura Bank International, headquartered in Puerto Rico, introduced a new digital banking service for middle to high-income individuals in Latin America, utilizing Temenos' cloud-native core banking platform. Temenos' platform in the cloud will assist Segura Bank International in speeding up the launch of banking products and efficiently growing as it expands across the continent.
- In December 2023, Alkami Technology, Inc. revealed a partnership with Quontic Bank, the innovative digital bank, to integrate the Alkami Digital Banking Platform and transfer the bank's clients to Alkami's unified online banking platform. Having a top-notch web and mobile presence is essential for Quontic Bank, as it operates solely as a digital bank. The Bank's choice to utilize Alkami's Digital Banking Solution reflects its dedication to providing a smooth user experience for its retail clients.
- In January 2023, Temenos has been launched by Next Bank, a digital bank based in Taiwan. With Temenos' open platform, Next Bank is able to efficiently introduce products to the market. Over time, the bank plans to include services like remittance for migrant workers and wealth management tools in foreign exchange offerings. Next Bank, supported by Temenos, plans to quickly grow its user base to around 300,000 within the first nine months of being launched.
- In December 2022, Wells Fargo launched a centralized digital banking platform for its corporate investment and commercial banking customers. By initiating this launch, the company aims to use artificial intelligence and machine learning (AI and ML) to offer customized corporate and commercial financial services to organizations according to their specific requirements.
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