About Banking System Software
The global banking system software will continue to rise due to the digitalization in almost each and every sector in today's time. The banking system software acts as the central nervous system of the banking sector which helps in improving the day to day operations within the banks and between the bank and user. The software supplies the infrastructure to build, deploy and administer the financial products. It mainly stores the data of account holders in compliance with local law, along with handling financial transaction processing and accounting. The software manages all other operations as well such as online and mobile banking, customer self-service portal and all other transactions.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Banking System Software is a fragmented market due to the presence of a large number of established competitors. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are also planning strategic activities like partnerships, collaboration, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
SAP SE (Germany), Oracle Corporation (Oracle FLEXCUBE) (United States), Finacle (Infosys) (India), Fidelity National Information Services, Inc. (United States), Finastra (United Kingdom), Temenos AG (Switzerland), Tata Consultancy Services (TCS BaNCS) (India), Alacra, Inc.(United States), Sopra Steria Group SA (France), Megasol Technologies (Corniche) (Sweden) and NF Innova (Austria) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Intrasoft Technologies (India).
Segmentation Overview
AMA Research has segmented the market of Global Banking System Software market by Type (Corporate Banking System Software, Investment Banking System Software, Private Banking System Software and Retail Banking System Software) and Region.
On the basis of geography, the market of Banking System Software 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). If we see Market by Deployment, the sub-segment i.e. Cloud Hosted will boost the Banking System Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Operating System, the sub-segment i.e. Windows will boost the Banking System Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Features, the sub-segment i.e. Cash Management will boost the Banking System Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Pricing Model, the sub-segment i.e. Monthly Payment will boost the Banking System Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Number of Mobile and Online banking System Software and Introduction of AI-driven Technologies
Market Growth Drivers:
Growing Digitalization in Every Industry and Need for Faster and Efficient Management of Banking Operations While Reducing the Human Errors
Challenges:
Competition from Tech Startups
Restraints:
Risk of Malware and Cyber Attacks and Technical Issues Due to Large Traffic
Opportunities:
Technological Advancements in Banking System Software for Improved Customer Experience and Government Spendings on Banking Sector will Boost the Banking System Software
Market Leaders and their expansionary development strategies
On 29th January 2020, Temenos and Google Cloud announced their strategic partnership to boot the Banks' Digital Transformation in the Cloud. With this partnership, Temenos's full suite banking software and applications will be available on the Google Cloud which will help banks to grow faster in the market, new business development models and achieve business benefits.
On 21st January 2020, Temenos launched the banking-as-a-service platform in the US to speed up digital transformation. It is designed to offer a range of services like digital onboarding, personal financial management, know-your-customer verification and support for artificial intelligence. This launch of front-to-back SaaS products for digital banks will revolutionize the software banking landscape in the US wich is the highly strategic market for the company.
Key Target Audience
Banking System Software Developers, Banking Industry Associations, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.