Digital Banking Platform Market to Gain High Momentum Driven by … – Digital Journal

PRESS RELEASE

Published June 15, 2023

Market Scope & Overview

According to SNS Insider, the value of the Digital Banking Platform Market was USD 18.94 billion in 2022. It is projected to grow at a compound annual growth rate (CAGR) of 12.1% from 2023 to 2030, reaching USD 47.24 billion.

A digital banking platform refers to an online or mobile-based platform that enables individuals and businesses to conduct various financial transactions and manage their accounts electronically. It offers a range of digital banking services that are accessible anytime and anywhere through internet-connected devices such as smartphones, tablets, and computers.

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Major Key Players Included in the Report are:

Market Analysis

One of the key factors driving the growth of the digital banking platform market is the increasing adoption of smartphones and internet connectivity worldwide. With the proliferation of mobile devices, more and more individuals are gaining access to digital banking services. This trend is particularly prominent in emerging economies where traditional banking infrastructure may be limited. The convenience and accessibility provided by digital banking platforms have resulted in a surge in their usage.

Impact of Recession

While recessions pose challenges for various industries, the digital banking platform market has the potential to thrive amidst economic uncertainty. By emphasizing cost efficiency, accelerating adoption, enhancing security measures, meeting evolving customer expectations, and fostering healthy competition, digital banking platforms can leverage the opportunities that arise during recessions. As individuals and businesses increasingly turn to digital financial services, the market is poised for growth, cementing its position as a key player in the future of banking.

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Segmentation Analysis

As the digital banking platform market continues to evolve, the on-premises and retail segments are projected to dominate due to their unique strengths and advantages. On-premises solutions offer enhanced security, customization, and regulatory compliance, making them ideal for large financial institutions. The retail segment, on the other hand, focuses on meeting the evolving demands of retail customers, offering a seamless and omni-channel banking experience while promoting financial inclusion. By understanding the significance of these segments, financial institutions can make informed decisions to embrace digital transformation and deliver cutting-edge banking services to their customers.

Market Segmentation and Sub-Segmentation Included are:

By Type:

By Software:

By Banking Type:

By Service Type:

Regional Status & Analysis

The regulatory landscape plays a vital role in shaping the digital banking platform market. North America has established a favorable regulatory environment that promotes innovation while ensuring the security and privacy of customer data. Regulatory bodies in the region, such as the Office of the Comptroller of the Currency (OCC) in the United States and the Office of the Superintendent of Financial Institutions (OSFI) in Canada, have taken proactive measures to encourage the adoption of digital banking platforms.

Conclusion

The future prospects of the market are highly promising. The continued adoption of digital channels, advancements in technology, and changing customer expectations will drive the growth and innovation in this space.

Frequently Asked Questions

Table of Contents Major Key Points

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Digital Banking Platform Market to Gain High Momentum Driven by ... - Digital Journal