Digital Banking Platform Market By Component (Solutions, Services) , By Deployment Model (On-Premises, Cloud) By Type (Retail Banking, Corporate Banking) By Mode (Online Banking, Mobile Banking) : Global Opportunity Analysis and Industry Forecast, 2024-2032
Digital Banking Platform Market
The digital banking platform market was valued at $30.4 billion in 2023 and is projected to reach $168.3 billion by 2032, growing at a CAGR of 20.9% from 2024 to 2032.
A digital banking platform is an online system that facilitates the operation of financial services via internet. The aim of building an online platform is to provide a seamless banking experience to consumers at the comfort of their home and reduce dispensable crowds in banks & financial institutions. The key functions performed by a digital banking platform include account management, fund transfer, mobile banking, and automated bill payments.
Increase in requirement for round-the-clock banking services among consumers is a significant driver of the digital banking platform market. Moreover, the ease and speed of online banking is boosting the adoption of digital banking platforms considerably. For the advancement of banking services, the trend of utilizing the capabilities of generative AI in banking operations is gaining notable prominence. Generative AI is inclining banks toward conversational finance by crafting human-like texts and offering personalized insights through data analytics. The availability of chatbots and virtual assistants is helping users to navigate the digital banking platforms effortlessly.
However, rise in online banking activities poses notable concerns pertaining to cyberthreats, deterring various consumers from adopting the platforms. Hence, vulnerability to cyberattacks hampers the growth of the market. Furthermore, resistance toward change among a large consumer base acts as a major restraint for the market. On the contrary, increase in interest toward banking services among generation Z is poised to present lucrative opportunities for the digital banking platform market. According to a national survey conducted by Morning Consult—a business intelligence company—on behalf of the American Bankers Association in 2023, approximately 57% of total generation Z used banking apps to avail financial services in the U.S. This number is further projected to increase in coming years and open new avenues for the digital banking platform market.
Segment ReviewThe digital banking platform market is segmented into component, deployment model, type, mode, and region. On the basis of component, the market is bifurcated into solutions and services. Depending on deployment model, it is divided into on-premises and cloud. As per type, it is classified into retail banking and corporate banking. By mode, it is categorized into online banking and mobile banking. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of component, the solution segment was the highest shareholder in 2023.
Depending on deployment model, the on-premise segment accounted for a high market share in 2023.
As per type, the retail banking segment dominated the market in 2023.
By mode, the online banking segment acquired a high stake in the market in 2023.Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe major players of the global digital banking platform market include Appway, Cor Financial Solution Ltd., Edgeverve, FIS Global, Fiserv, Inc., nCino Inc., Oracle Corporation, SAP SE, Temenos, Vsoft Corporation, Alkami Technology Inc., Finastra, Urban FT Group, Inc., Sopra Banking Software, and Tata Consultancy Services. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy ComponentSolutions
Services
By Deployment ModelOn-Premises
Cloud
By TypeRetail Banking
Corporate Banking
By ModeOnline Banking
Mobile Banking
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Thailand
Malaysia
Indonesia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Argentina
Rest of LAMEA
Key Market PlayersAppway
Cor Financial Solution Ltd.
Edgeverve
FIS Global
Fiserv, Inc.
nCino Inc.
Oracle Corporation
SAP SE
Temenos
Vsoft Corporation
Alkami Technology Inc.
Finastra
Urban FT Group, Inc.
Sopra Banking Software
Tata Consultancy Services