Market Snapshot:
Digital Banking Platforms is a digital marketplace, owned and operated by a bank or another (potentially nonbank) entity, that provides banking and possibly nonbanking services.A digital banking platform (DBP) enables a bank to begin the transformational process of becoming a truly digital bank that is ecosystem-centric. A DBP also enables banks to achieve business optimization.
Highlights from Digital Banking Platforms Market Study
Attributes | Details |
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Study Period | 201-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The key Players profiled in the report are Backbase (Netherlands), EdgeVerve Systems (India), Temenos (Switzerland), Finastra (United Kingdom), TCS (India), Appway (Switzerland), Worldline (France), SAP (Germany), BNY Mellon (United States) and Oracle (United States). Additionally, other players that are part of this comprehensive study are Sopra, CREALOGIX, Fiserv and Intellect Design Arena.
Geographic Breakdown and Segment Analysis
The Global Digital Banking Platforms market presents a comprehensive analysis of the Digital Banking Platforms market by product type (UPI (Unified Payment Interface), Internet Banking., Mobile Banking., Banking Cards., Mobile Wallets., Bharat Interface For Money. and POINT), by end-user/application (Online Banking and Mobile Banking), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Digital Banking Platforms industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Digital Banking Platforms market
Analyst at AMA have segmented the market study of Global Digital Banking Platforms market by Type, Application and Region.
Influencing Trend:
Rising adoption of retail banking, as well as the third-party registrations
Market Growth Drivers:
Cumulating Demand for Digital Money among People has Increased the Market Potential of the BaaS
Challenges:
High Initial Cost Required by the investors to Invest in BaaS
Restraints:
High Concern Related To Security and Fraud in this Market and Issues Generating while Obtaining Licenses and Regulatory Compliance
Opportunities:
Rising Fame of Internet Banking is making its way to Drive the Industry Parameters
Market Developments Activities:
In June 2021 Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys Ltd, on Thursday said it has launched its digital banking software-as-a-service (SaaS) to help Indian urban cooperative banks (UCBs) modernize their business and operations.
October 06, 2022: Infosys Finacle, part of EdgeVerve Systems a wholly-owned subsidiary of Infosys (NSE, BSE, NYSE: INFY), today announced that it has been positioned as a Leader in both The Forrester Wave™: Digital Banking Processing Platforms For Corporate Banking, Q3 2022 and The Forrester Wave™: Digital Banking Processing Platforms For Retail Banking, Q3 2022 reports.
Regulatory Insights:
Recently, the European Commission has found a way to encourage competition and innovation, enabled by technology. Previously, banks were refusing to allow users to export their data to a third party which made innovation based on financial data difficult. PSD2 forces them in part to open up that data and those services to third parties. It is allowing startups in the Fintech industry to play a more important and active role by extending the scope throughout Europe and allowing the use of APIs to “enable payment by directly connecting the merchant and the bank”
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Key Target Audience
Potential Investors, Government Bodies and Associations, Up and Down Stream Vendors, Private Research Organizations, Developers, End-users and Others