The latest report on Digital Banking Platform Market by Infinium Global Research gives complete coverage of the Digital Banking Platform Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2020 to 2026. In addition, the study covers deep dive into key product and applications trends in the regional markets of Digital Banking Platform such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
We are Now Including the Impact Analysis of the COVID-19 on this Premium Report and the Forecast Period of this Report Shall be Revised to 2020-2026. The Section on the Impact of COVID-19 on this Market is Included in the Report for Free.
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Rising Adoption of Smartphones and Tablets as well as the Cumulative Demand for Streamlining Business Processes are the Factors Boosting the Growth
In the past few years, banks all across the globe have witnessed a substantial surge in the number of accounts being opened a year. In order to avoid any other human errors and to complete the task more professionally without an overwhelming lot of time, most of the banks have adopted a digital banking platform. Additionally, the current concern over the spread of coronavirus is expected to have a positive impact on the digital banking platform market. The physical banking distribution will be far less relevant in the wake of the COVID-19 outbreak; digital customer experience will be a prime area of differentiation and competition for financial institutions.
The COVID-19 epidemic is likely to spur a widespread and systematic refurbishing of high-impact digital journeys in the banking segment, such as customer onboarding and product origination, to provide a truly outstanding digital experience to their customers. Another key factor likely to accelerate is the transformation of digital banking from servicing to engagement. Once the COVID-19 outbreak halts, customers will have been familiar to spend considerably less time in branches. This means that banks will need to sell more products through digital channels to reimburse for the reduction in sales acquired through branches.
The increasing demand among banks to provide enhanced customer experience along with the growing adoption of cloud-based platforms to obtain higher scalability are some of the significant factors contributing to the growth of the digital banking platforms market. This platform removes long queues outside the banks. Furthermore, the rising adoption of smartphones and tablets as well as the cumulative demand for streamlining business processes are the factors boosting the growth of the digital banking platforms market. In addition, digitization in banking have helped enhance their services and upsurge their profit which is shifting financial institution attention toward the digital banking, hence, propelling the digital banking platform market growth.
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Escalating Adoption of Artificial Intelligence and Machine Learning in the Digital Banking Platform is Offering a Lucrative Opportunity for the Industry
Apart from these, banks are looking for an approach to condense the banking costs without compromising the quality of the service. Various vendors in order to cope up with the speed are developing smart and intelligent banking platforms. This is estimated to help the market grow exponentially. Moreover, the escalating adoption of artificial intelligence and machine learning in the digital banking platform is offering a lucrative opportunity for the market. On the other hand, a security and compliance concern in digital lending platform hinders the growth of the digital banking platform market.
Among the geographies, the North America region is expected to hold the largest share in the global digital banking platform market as countries such as the U.S. and Canada are the front-runners of the adoption of new technology in the banking sector. These nations have a major dominance, with sustainable and well-established economies, which empower them to intensely invest in R&D activities, thereby contributing to the development of innovative technologies in the digital banking platforms market. However, with the growing adoption of blockchain technology is improving security, especially in the BSFI sector; several organizations are adopting digital banking platforms. This factor is propelling the market’s growth in the Asia Pacific region.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Digital Banking Platform.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2026.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.