Pune, India — (PRESS RELEASE JET) — 10/27/2017 — Core Banking Solutions Market Overview
Banks and Financial Institutions have come a long way in terms of operations, services and offerings. The transformations have been phenomenal. Technological advancements have changed the landscape of the Banking services environment to the core. Banks today are emphasising upon the way they interact or engage with customers to ensure customer loyalty. They are being innovative while tackling the critical issues and simplifying them for their customers. And the Core Banking Solutions are helping banks to achieve customer satisfaction and loyalty. Banks too, acknowledging the importance of these solutions are increasingly adopting and implementing them. The Global Core Banking Solutions Market is growing with the rapid pace; mainly due to the technological advancements.
According to a recent study report published by the Market Research Future, The global market of Core Banking Solutions is booming and expected to gain further prominence over the forecast period. The market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023). The global market of Core Banking Solutions will reach up to USD 13 Billion by the year 2023, by registering a CAGR of 4% during the forecasted period (2017 and 2023).
The Global Core Banking Solutions Market is predominantly driven by the factors such as Customer demand for advanced banking technologies, cost effective solutions which helps them to manage their accounts efficiently with real time. Today, a customer can anytime visit the bank and gain information of their account which leads to the Customer being satisfied with Banking Services and which eventually leads to the increased adoption of Core Banking Solutions of bank for centralized management. The growing need of operating customer accounts from single server is one of the significant factor driving market growth.
However there are some restraints which may affect the market growth including lack of awareness among enterprises of modern banking technologies, no synchronization between core banking solution and global industry expectations.
The Market will observe more innovations transpiring on the public cloud which is already with the stretched scale and data. And a real-time big data analytics on-premise will soon be difficult. Companies such as Accenture, IBM and Google are abreast in providing next-generation databases and storage on the public cloud. Giant Banks are confronted with the prominent challenges of advent technologies but still need to rely on the no longer suffice the purpose. To tackle these challenges and build a bridge between legacy IT and a digital future Banks require skills and scalable resources. The good news is; these banks are acknowledging the need to implement the concepts such as open banking and fintech innovations, where investments are well-adjusted against margin pressures further driving it by competition and regulations like GDPR or PSD2.
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Core Banking Solutions Market – Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of Core Banking Solutions appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. These key players compete based upon pricing, Technology and services.
Vendors and system integrators play a crucial role in helping banks cater to customer needs and demands with efficiencies and introducing new digital technologies by upgrading or replacing their central lending, deposit and payments IT infrastructure. They handle this responsibility of developing and growing the profitable practices, by architecting and delivering core banking technology and business transformation programs and solutions for clients.
Infosys Limited (India), HCL Technologies Limited (India), Tata Consultancy Services (India), Capgemini SE (France), Oracle Financial Services Software Limited (India), Temenos Group AG (Switzerland), Fidelity National Information Services Inc. (U.S.), Misys (U.K.), Fiserv, Inc. (U.S.), and SAP SE (Germany) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Core Banking Solutions Market.
Core Banking Solutions Market – Segments
Global Core Banking Solutions Market is segmented in to 4 Key dynamics for an easy grasp and enhanced understanding.
Segmentation By Service: Comprises – Managed Services and Professional Services.
Segmentation By Deployment: Comprises – On-Cloud, On Premise.
Segmentation By Solutions: Comprises – Enterprise Customer Solution, Account Processing Platforms, Loans, Deposits, and other.
Segmentation By Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
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Core Banking Solutions Market – Regional Analysis
The regional analysis of core banking solutions market is being studied for region such as Asia Pacific, North America, Europe and Rest of the World. North America region accounts for highest market share in core banking solutions market because of large scale adoption of advanced core banking solution software by prime banks in the region. Small and medium enterprises in the region are also implementing this solutions for efficient flow of banking activities. Europe region is one of the prominent players in the market owing to implementation of core banking solutions by banks.
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