Digital Banking Platforms Market Size Worth USD 27.02 Billion in 2032 | Emergen Research

The digital banking platforms market revenue growth is driven by major factors such as increasing penetration of advanced technologies in communication and internet connectivity

Vancouver, Jan. 25, 2024 (GLOBE NEWSWIRE) — The global digital banking platforms (DBP) market size was USD 9.14 Billion in 2022 and is expected to register a revenue CAGR of 11.5% during the forecast period. The digital banking platforms market revenue growth is driven by major factors such as increasing penetration of advanced technologies in communication and internet connectivity, shifting preferences toward digitalization along with rapid adoption of cloud-based solutions. Companies that are primarily digital can swiftly adjust to shifting client demands toward digitalization by eliminating outdated methods, adapting to modern technology, and altering products to meet demands of their clientele. A customer-centric approach is becoming increasingly essential for any business to flourish.

Digital banking platforms are utilized by banks, credit unions, and financial organizations to provide consumers with online access to conventional banking operations and activities. Some digital banking systems prioritize loan and wealth management, whilst others concentrate on day-to-day banking operations such as financial transfers, managing savings and checking accounts, and transaction monitoring. Provision of self-service client onboarding by using a web or mobile app without requiring in-person appointments, filling out lengthy paperwork, or waiting longer while interacting with bank branch staff, allows to enroll more consumers and handle client information at a fast pace.

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However, growing concerns for security and compliance issues and lack of digital literacy among users are expected to restrain revenue growth of the digital banking platforms (DBP) market. Also, banks continue to be one of the most popular targets for cyberattacks owing to vast volumes of sensitive customer data stored and potential financial benefit these malevolent people stand to receive if the assaults are successful. According to the Anti-Phishing Working Group (APWG), phishing attacks were most common among financial institutions in the first quarter of 2021. With banks progressively migrating to digital arena to better serve their clients, it is critical to be proactive in countering cybersecurity risks.

Segment Insights

Component Insights:

On the basis of component, the global digital banking platforms market is segmented into services and platforms. The platforms segment is expected to register highest revenue growth rate over the forecast period. Digital banking platforms provide options that are same for everyone but are highly individualized after logging in. As advanced technologies such as Big Data and others are utilized to discover what the user interest, skills, and solutions can best fit the users.

On 26 May 2023, Equitas Small Finance Bank entered into an agreement with IBM for development of a digital banking platform with enhanced security and customer experience. The cloud-native platform of IBM is expected to enable banks to offer digital channels and applications across various technology environments.

Banking Type Insights:

On the basis of banking type, the global digital banking platforms (DBP) market is segmented into corporate banking, retail banking, and investment banking. The retail banking segment is expected to register a significantly fast revenue growth rate over the forecast period. The business benefits of digital retail banking for banks include faster customer acquisition, improved customer experience (and thus customer loyalty), faster development and rollout of new and innovative products and services, lower operational costs, and less reliance on high-cost fixed assets.

On 7 June 2023, Intellect Global Consumer Banking (iGCB), Intellect Design Arena Limited’s consumer banking subsidiary, launched its Open Finance-enabled retail banking platform built on eMACH.ai.

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Regional Insights:

The market in North America accounted for a significantly large revenue share in 2022 owing to rapid digitalization and increasing adoption of advanced technologies including cloud technology by leading market players. Payments have become the most common way for numerous individuals to connect with their banks. In contrast to many American banks, Canadian institutions recognized this early on. Canadian banks swiftly adopted industry e-payment technologies, but the United States continues to rely on rival private-sector technology.

Moreover, various mergers and acquisitions among fintech startups and digital banking platforms are one of the major factors driving revenue growth of the market in this region. On 4 May 2023, Greenwood, which is a digital banking platform in the United States for Black and Latino individuals and companies, recently acquired Kinly for an unknown price.

Market in Asia Pacific is expected to register a significantly fast revenue growth rate over the forecast period. High demand for online and mobile alternatives, as well as increasing license allocations by regulations are providing more opportunities for revenue growth of the market in this region. In an extremely brief period, China’s digital banks have amassed an approximately 5% share of the country’s RMB 5 trillion (USD 700 billion) unsecured consumer loan market and more than 7% of online Small and Medium-sized Enterprises (SME) loans. KakaoBank, which began in South Korea in 2017, gained more than 10 million members in its first year and currently accounts for around 5% of the country’s unsecured consumer credit market.

Scope of Research

Report Details Outcome
Market size in 2022 USD 9.14 Billion
CAGR (2023–2032) 11.5%
Revenue forecast to 2032 USD 27.02 Billion
Base year for estimation 2022
Historical data 2019-2021
Forecast period 2023–2032
Quantitative units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Component, deployment, banking type, mode, and region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Country scope U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
Key companies profiled THE BANK OF NEW YORK MELLON CORPORATION, Alkami Technology, Inc., Apiture, Fiserv, Inc., Finastra, Salesforce, Inc., ebankIT, Oracle, Sopra Banking Software, and nCino
Customization scope 10 hours of free customization and expert consultation

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Major Companies and Competitive Landscape

The global digital banking platforms (DBP) market is moderately fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective digital banking platforms. Some major players included in the global digital banking platforms market report are:

  • The Bank of New York Mellon Corporation
  • Alkami Technology, Inc.
  • Apiture
  • Fiserv, Inc.
  • Finastra
  • Salesforce, Inc.
  • ebankIT
  • Oracle
  • Sopra Banking Software
  • nCino

Strategic Development

  • On 25 April 2023, The U.K.-based digital bank subsidiary of Singapore-based wealth management fintech platform iFAST Corporation (iFAST Corp), iFAST Global Bank (iGB), launched a Digital Personal Banking (DPB) platform. This new platform provides DPB customers from across the world with online personal banking services. Customers will be able to keep, spend, and send currency in six different currencies (GBP, USD, EUR, HKD, SGD, and CNY). This is consistent with iFAST Corp’s goal of implementing a genuinely global company strategy.
  • On 13 March 2023, Orion Innovation, which is a leading digital transformation and product development services provider, announced today the acquisition of Banktech Software Services Ltd., which is a global financial institution’s core banking implementation partner. Banktech will strengthen Orion’s financial services business by providing additional industry experience, open banking solutions, and implementation skills.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global chicory market on the basis of type, plant-part, distribution channel, application, and region:

  • Type Outlook (Revenue, USD Million; 2019-2032)
    • Chicory Instant Powder
    • Roasted Chicory
    • Chicory Inulin
    • Chicory Flour
    • Others
  • Plant-part Outlook (Revenue, USD Million; 2019-2032)
    • Root
    • Leaf
    • Other Parts
  • Distribution Channel Outlook (Revenue, USD Million; 2019-2032)
    • Supermarkets/Hypermarkets
    • Convenience Stores
    • Specialty Stores
    • Online Retailers
  • Application Outlook (Revenue, USD Million; 2019-2032)
    • Food & Beverages (F&B)
    • Dietary Supplements
    • Healthcare & Medicine
    • Cosmetics & Personal care
    • Animal Feed
    • Others
  • Regional Outlook (Revenue, USD Million; 2019–2032)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • France
        • UK
        • Italy
        • Spain
        • Benelux
        • Rest of Europe
    • Asia Pacific
        • China
        • India
        • Japan
        • South Korea
        • Rest of APAC
    • Latin America
        • Brazil
        • Rest of LATAM
    • Middle East & Africa
        • Saudi Arabia
        • UAE
        • South Africa
        • Turkey
        • Rest of Middle East & Africa

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