Global Digital Customer Onboarding Software Market Overview:
Digital Customer Onboarding Software is used to procure new customers ensuring that they access all the services and products contracted in a simple and fast way, incorporating into the company’s customer base. Using digital customer onboarding software managing the client onboarding process for financial services companies has become simple and faster. The financial institutions leverage this software to provide their customers with a streamlined and digital process for pursuing monetary administrations. The software saves the customer data, verifies customer documents, and check these data through a KYC/AML to create customer accounts and facilitates user adoption. An effective customer onboarding software can make or break a business. The growing demand for online service access by customers is driving market growth.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
High Growth Market | Asia Pacific |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Demand to Comply With Know Your Customer (KYC) Regulation
Market Growth Drivers:
Demand For Increase The Conversion Rate And Improve The User Experience, Ease To Speed Things Up With Intelligent Capture and Increasing Use of Digital Customer Onboarding Software by Banking Institutions
Challenges:
Availability of Freeware Alternative Solutions
Restraints:
Security and Privacy Concerns
Opportunities:
Rising Demand For Secure And Compliant Onboarding Solutions, Allow Users To Orchestrate Customer Onboarding Journeys and Rising Use of Cloud-Based Digital Customer Onboarding Software
Competitive Landscape:
Global digital customer onboarding software market is fragmented due to the presence of several software providers. The level of competition among the companies in the digital customer onboarding software market is intense and software providers focus on developing new technologies and offering customization to the customers.
Some of the key players profiled in the report are Akcelerant (United States), Backbase (The Netherlands), Agreement Express Inc. (Canada), Bankingly (Uruguay), EbankIT (Portugal), Fenergo Ltd. (Ireland), Know Your Customer (Hong Kong), Tagit Pte Ltd. (Singapore), Pegasystems (United States), W.UP (Hungary) and Zenoo (United Kingdom). Additionally, following companies can also be profiled that are part of our coverage like Inline Manual (England), Walkme (United States), Nickelled (United Kingdom), Evergage (United States), Userpilot (United States) and WhatFix (United States). Analyst at AMA Research see United States and European Players to retain maximum share of Global Digital Customer Onboarding Software market by 2028. Considering Market by Deployment Mode, the sub-segment i.e. Cloud will boost the Digital Customer Onboarding Software market. Considering Market by Software Subscription, the sub-segment i.e. Monthly will boost the Digital Customer Onboarding Software market. Considering Market by End User, the sub-segment i.e. Banks will boost the Digital Customer Onboarding Software market.
Latest Market Insights:
In June 2023, Backbase, the global leader in Engagement Banking software, has acquired of Nucoro, the UK-based digital wealth platform for an undisclosed amount. The acquisition will allow Backbase to incorporate Nucoro's headless platform capabilities directly into the Backbase Engagement Banking platform, enabling its customers to launch digital end-to-end investment offerings, such as robo-advisory, trading, or hybrid advisory services.
In October 2020, IBM collaborated with Fenergo for providing solutions to financial institutions. IBM introduced IBM Customer Lifecycle Management (CLM) with Fenergo that will implement anti-money laundering (AML) and know-your-client (KYC) regulations.
What Can be Explored with the Digital Customer Onboarding Software Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Digital Customer Onboarding Software Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Digital Customer Onboarding Software
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Digital Customer Onboarding Software market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Digital Customer Onboarding Software market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Digital Customer Onboarding Software Providers, Cloud Service Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and End User Industry.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.