Core Banking Solution Market
The core banking solutions market is predicted to reach USD 36,752.6 million by 2030, registering a 14.5% CAGR during the forecast period, 2022–2030. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. The global Core Banking Solutions market is expected to expand significantly during the forecast period, owing to rising demand among banks for improved customer service and the growing need to manage banking operations from a centralized server.
Adoption of a core banking system offers significant improvements such as higher efficiency, lower operational costs, and enhanced customer satisfaction that help banks shift from product-centric to customer-centric operations. Core banking systems centralize banking services in order to provide customers with location-independent banking on their preferred device. It also allows banks to automate multiple stand-alone applications and optimize operational costs. Also, other banking services, such as processing loan applications, opening new accounts, and adding or removing services, have become easier with core banking systems. Additionally, the improved security offered by the core banking system provides an added advantage, helping the banks safeguard confidential customer data.
Furthermore, the integration of technologies such as advanced analytics offers insights that help in developing customized products and services according to the demands of the end user. This helps the banks offer better customer service while increasing customer satisfaction and loyalty. Thus, constantly changing customer demands and a growing need among banks to offer enhanced customer services are driving the demand for core banking solutions in the market.
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Key Players
The key players in the global Core Banking Solutions market are JAYAM SOLUTIONS PRIVATE LIMITED, Unisys, SAP SE, Fiserv, Inc., Infosys Ltd, HCL Technologies Limited, Tata Consultancy Services Limited, Capgemini SE, Oracle Financial Services Software Ltd, Temenos AG, Fidelity National Information Services Inc. and Others
Segmental Analysis
The scope of the global Core Banking Solutions market has been segmented based on component, deployment, organization size, end user and region.
Based on components, the global Core Banking Solutions market is segmented into solutions, and services. The solutions segment is expected to exhibit the fastest CAGR during the projected period.
Based on deployment, the global Core Banking Solutions market is segmented into on-premises and cloud. The cloud segment is anticipated to grow at the highest CAGR owing to the growing benefits of the cloud in core banking also include cost reduction, scalability, and speed of deployment. The reduced costs and reduced overhead of IT infrastructure management is a major reason for moving the core banking infrastructure to the cloud.
Based on the organization size, the market has been segmented into SME’s and large enterprises. SME’s segment is expected to exhibit the fastest CAGR rate during the projected period.
Based on the end user, the market has been segmented into banks and financial institutions. Banks segment is expected to exhibit the fastest CAGR rate during the projected period.
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Regional Analysis
Geographically, the global Core Banking Solutions market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Asia-Pacific is the fastest-growing regional market for global core banking solutions. The penetration of the ‘off the shelf’ core banking system is considerably higher in the region, which further results in the quicker and more rapid deployment of new architectures to encourage digital banking. For instance, Standard Chartered has launched mobile wallet services in Vietnam, while Maybank of Malaysia and the Sage team have collaborated to offer free digital banking to Asian small & medium-sized enterprises. Bank Rayat in Indonesia and JCB have partnered to accept cards, and Magma Fincorp has chosen Nucleus Software for its lending solution.
Furthermore, China is the largest market for core banking solutions owing to continuous initiatives for simplified banking services. Tata Consultancy Services has offered services to one of the Chinese commercial banks, Panzhihua (PZH) Commercial Bank. The bank uses TCS BaNCS solutions such as banking modules for deposits, loans, cards, payments, and reporting. The deployment of this solution guaranteed improved mission-critical business operations, such as finance and logistics, and overall customer service.
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