What is Digital Banking Platforms Market?
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.
The market study is being classified, by Application (Online Banking and Mobile Banking) and major geographies with country level break-up.
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) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Sopra, CREALOGIX, Fiserv and Intellect Design Arena.
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. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Digital Banking Platforms market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Digital Banking Platforms market by Type, Application and Region.
On the basis of geography, the market of Digital Banking Platforms 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Cumulating Demand for Digital Money among People has Increased the Market Potential of the BaaS
- Rising adoption of retail banking, as well as the third-party registrations
- High Concern Related To Security and Fraud in this Market
- Issues Generating while Obtaining Licenses and Regulatory Compliance
- Rising Fame of Internet Banking is making its way to Drive the Industry Parameters
- High Initial Cost Required by the investors to Invest in BaaS
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”
Key Target AudiencePotential Investors, Government Bodies and Associations, Up and Down Stream Vendors, Private Research Organizations, Developers, End-users and Others
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