Press Release   -

Digital Banking Platform Market to Reach Valuation of USD 14.4 Billion by 2028 – Growing Demand Among Banks for Delivering Enhanced Customer Experience Drives the Market

In terms of revenue, the Global Digital Banking Platform Market is expected to reach USD 14.4 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 10.8% from 2022 to 2028.

The growing demand among banks for delivering enhanced customer experience and the emergence of the Banking as a Service (BaaS) model is anticipated to augment the growth of the market during the forecast period.

Key Highlights from Report:

The retail banking segment held a significant share in 2021. The digital revolution all over the world has changed the banking landscape in addition to customer behavior and expectations. The new ecosystem players, which include FinTechs, open banking, payment services directive, and SWIFT standards, are emanating into the banking industry with productive technology solutions.

The cloud segment is expected to grow at a higher Compound Annual Growth Rate (CAGR) during the forecast period. The companies that are planning to make efficient investments in Digital Banking Platform Markets are expected to shift toward the modern platform by adopting cloud-based solutions rapidly. The various small and medium enterprises in the region are adopting cloud-based Digital Banking Platform Markets owing to reliability and low cost; it also decreases IT requirements and physical storage and obtains significant savings. Many large enterprises adopt cloud-based solutions like the cloud makes operations flexible. The huge adoption of the cloud is mainly propelled by the presence of cloud providers, which are providing affordable and free subscription-based models with rapid setup.

Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. This is due to the growing adoption of technologies in emerging economies, which include Singapore, Australia, India, China, and Japan in the region. The strong banking capabilities which include digital offerings, strong financial positions, and digital structures, are anticipated to propel the growth of the Digital Banking Platform Markets market in the region. Companies in this region would bear from the flexible economic conditions, industrialization, the globalization-motivated policies of the government, and increasing digitalization in the forecast region.

Market Dynamics:

The growing demand among banks for delivering enhanced customer experience is anticipated to augment the growth of the Digital Banking Platform Market in the years to come. This is owing to customer-centric solutions which provide banks with improving customer loyalty by giving elevating services and fast solutions to customer queries. The banks are determined on adapting customer retention policies and attracting new customers by effectively communicating with them.

A Digital Banking Platform Market’s omnichannel capabilities assist banks, which encourage personalized conversations covering multiple channels, which include the voice, web, and mobile. It provides banks with enchanting customers all over the touchpoints. Additionally, monitoring end-to-end customer journeys and tracking all activities assist to create an inclusive view for every customer. Digital banking permits personalization on the scale of 5 and 15% revenue growth for companies in the financial services sector. Consumers anticipate fast-speed and instant transactions, which is making Digital Banking Platform Markets more reliable and efficient to use.

The Banking as a Service (BaaS) model has notably exhibited major growth in the industry. It is a model in which licensed banks integrate their digital banking services directly into the products of other non-bank businesses. This allows a non-bank business to propel its customers with digital banking services, which include mobile bank accounts, debit cards, loans, and payment services, without requiring them to provide a banking license of their own. Banking as service permits Digital Banking Platform Markets to connect directly to the bank systems across APIs. FinTech companies are adapting banking as a service which is an evolving technological trend for building innovative financial services and tailor-made digital strategies.

North America held the largest shares in 2021. The US held the largest share in North America for the Digital Banking Platform Market. Digital Banking Platform Markets permit interactive communication channels that can potentially provide automated delivery of conventional and new banking products and services directly to the customers. On the other hand, online banking solutions, anticipate online banking components rolled out by banks already having brick-and-mortar operations; Digital Banking Platform Markets are financial services that are provided solely online.

About Vantage Market Research:

We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies. The company provides high quality data and market research services. The company serves various enterprises and clients in a wide variety of industries. The company offers detailed reports on multiple industries including Chemical Materials and Energy, Food and Beverages, Healthcare Technology, etc. The company’s experienced team of Analysts, Researchers, and Consultants use proprietary data sources and numerous statistical tools and techniques to gather and analyse information.