Banking as a Digital Platform Market Scope
Digital Transformation (DX) is an ongoing trend that has been disrupting nearly all business operations for many businesses, including financial services. Banking and Finance sector is also more generally undergoing tremendous digital transformation across nearly all verticals. The digital platform can then be used to deliver custom solutions, services, and experiences to customers. With the help of digitalization, the financial institutions provide applications, development tools, middleware, operating systems, virtualization, servers, storage and networking to banks and other financial services providers., Though banks are not being hit by the novel coronavirus as directly as other retail institutions, they are at the front of public attention. Business loans, mainly to small and medium enterprises, are at risk due to the forced shutdown. In conditions of social distancing raised by COVID-19, consumers may now divide financial institutions into ones they can use without leaving home. The COVID-19 pandemic could be the most serious challenge to financial institutions in nearly a century. As the economic fallout spreads, retail banks find themselves juggling some main concerns that involve concrete steps to reposition now while also recalibrating for the future. Banking and financial institutions were under immense pressure to ensure business-as-usual amidst the lockdown and health crisis. As per the 2017 global findex report by the World Bank, India is home to the world’s second-largest unbanked population with 190 million adults without access to a bank account. With increased penetration of mobile and Internet, the primary focus would accelerate technology-enabled digital financial inclusion. Banks enable its customers to interact over multiple automated and digital channels to offer the optimal channel mix. Banks have considered important factors such as demographics, access to the internet, last-mile connectivity, customer banking behavior patterns, etc. to enable operative adoption by the Indian banking consumers., Steps to be taken: and In order to encourage customers to use existing remote channels and digital products, institutions can launch positive and safety-oriented messaging aimed at reducing reliance on branches for services that are digitally available. Banks can also improve their current digital offerings, identifying key functionalities that can be improved quickly; for example, they can increase the limit for online activities. Institutions in both Italy and China have found that many people are willingly using remote channels and digital offerings. Banks should carefully draw on the lessons that the current situation offers and use them to inform their digital transformation while building a much higher degree of both operative and financial resiliency.
Research Analyst at AMA estimates that European Players will contribute to the maximum growth of Global Banking as a Digital Platform market throughout the predicted period.
CREALOGIX (Switzerland), ebanklT (United Kingdom), Intellect Design Arena (India), Finastra (United Kingdom), ETRONIKA (Lithuania), Fiserv (United States), NF Innova (Austria), Oracle (United States), SAB (France), Appway AG (Switzerland), Backbase (Netherlands), SAP (Germany), Sopra (France), Tagit (Singapore), TCS (India), Technisys (United States), Temenos (Switzerland), BNY Mellon (United States) and Worldline (France) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Kony Inc. (United States), Fidor (Germany), ieDigital (United Kingdom) and EdgeVerve (India).
Segmentation Overview
The study have segmented the market of Global Banking as a Digital Platform market , by Application (Retail Digital Banking, SME Digital Banking and Corporate Digital Banking) and Region with country level break-up.
On the basis of geography, the market of Banking as a Digital Platform has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Banking as a Digital Platform Market Dynamics:
Attributes | Details |
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Growth Drivers | - Growing Digitalization and Internet Penetration
- Rising Need across Banks to Deliver Enhanced Customer Experience
- Growing Adoption of Cloud-Based Platforms
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Influencing Trends | - Digital platforms are becoming the preferred and dominant business model for banks and financial institutions in the future. Digital platforms offer consumers and small businesses the ability to connect to financial and other service providers through an online or mobile channel as an integrated part of their day-to-day activities. For instance, instead now a days the financial institutions are contributing to a larger digital platform that serves the end-to-end home buying experience.
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Restraints | - Low Adoption of Digital Banking Services in Rural Areas in Emerging Countries
- Difficulty in Integration of Services with Legacy Systems
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Road Blocks / Challenges | - Concern Regarding Data Privacy and Cyber Security
- Delivering Quality at Speed and Technology Upgrade
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Gaps & Opportunities | - Advancement in Artificial Intelligence
- Incorporation of Blockchain Technology in Banking System
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Market Leaders and their Expansionary Development Strategies
On January 27, 2020 - Finastra is investing further in Israel with a new office in Kfar Saba, just outside Tel Aviv. The office, which is home to over 330 employees, offers more space for the Finastra team to grow as the company strengthens its position in the country, and provides an ultra-modern workspace to inspire creativity and facilitate collaboration. and On November 27, 2019 - Valiant takes a major step towards open banking with CREALOGIX. The multibanking platform CREALOGIX NovaCore has enhanced online banking for Valiant clients by allowing the SME bank to integrate third-party services and processes.
On January 22, 2020 - Synopsys, Inc. and Finastra has announced a partnership establishing an application security validation program for FusionFabric.cloud, Finastra’s open platform for developing, deploying and consuming financial applications.
Key Target Audience
Banking as a Digital Platform Service Providers, Banking as a Digital Platform Software Providers, Banking and Financial Institutions, Governmental Bodies and Regulatory Bodies
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.