The core banking solution market is poised for significant growth, with a projected steady (CAGR) of 4.6% from 2017 to 2027. This surge is indicative of the increasing reliance on advanced technology and digitization within the banking sector. Core banking solutions play a pivotal role in transforming traditional banking processes, offering a comprehensive suite of services that enhance operational efficiency, customer experience, and overall competitiveness for financial institutions.
As the global financial landscape continues to evolve, the demand for robust and integrated core banking solutions is expected to rise, driven by the imperative for streamlined operations, enhanced customer engagement, and compliance with regulatory standards. This positive trajectory underscores the pivotal role that technology plays in shaping the future of banking, positioning the core banking solution market as a key player in driving innovation and resilience within the financial services industry.
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Key Takeaways from the Core Banking Solution Market Report:
Key stakeholders in the core banking solution market would do well to focus their attention on emerging economies such as India whose governments are aggressively courting foreign direct investment and offering ample untapped opportunities. Increasing the footprint by expanding in emerging economies is naturally increasing the bank’s customer base and core banking solution vendors must provide accurate and fully featured products that enable banks to handle skyrocketing customer data coupled with banking operations.
Furthermore, financial institutions and large banks have flown the globalization wave and now offer 24/7 availability to their customers. Core banking solution providers can be beneficiaries of this by delivering one-stop centralized solutions that monitor the bank’s global network along with ensuring anytime, anywhere customer accessibility.
End Users – Banks Have Maximum Need of Core Banking Solutions:
Banks have the largest share in the core banking solution market and are likely to remain so for some time. Banks have a market attractiveness index of 5.0 by end-users, substantially more than that of financial institutions in the core banking solution market. The bank segment is predicted to grow with the highest CAGR of 5.6% from 2017 to 2027. Branchless banking is a new trend that should benefit the core banking solution market as it allows banks to cater to the requirements of their customers in far-off rural areas who are unable to access physical banks. This is particularly relevant in underserved emerging economies such as APEJ and Latin America.
Competition Dashboard in the Core Banking Solution Market:
The companies are SAP SE, Oracle Corporation, Infosys Limited, FIS (Fidelity Information Services), Tata Consultancy Services Private Limited, Misys, HCL Technologies Limited, Temenos Group AG, Capgemini, Infrasoft Technologies Ltd., IBM Corporation, Nelito Systems Ltd., COBISCORP, and Wipro Limited.
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Core Banking Solution Market Segmentation:
By End User:
- Banks
- Financial Institution
- Others
By Component:
- Software
- Services
By Region:
- North America
- Western Europe
- Eastern Europe
- Latin America
- APEJ
- Japan
- MEA
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