The Digital Banking Platform Market size is estimated at USD 10.14 billion in 2024, and is expected to reach USD 19.56 billion by 2029, growing at a CAGR of 14.04% during the forecast period (2024-2029).
The banking industry is going through a digital transformation quickly, and consumers want smart mobile devices and digital banking services. These are some of the main things that are driving the market's growth.
The market for digital banking platforms is moving toward fragmentation. This is because of the entry of companies and solutions into the market, creating a fragmented landscape within the digital banking ecosystem. However, with technological advancements and product innovation, midsize to smaller companies are increasing their market presence by securing new contracts and partnerships.
In January 2023, Axis Bank collaborated with OPEN to provide its clients, who include SMEs, freelancers, homepreneurs, influencers, and others, with a completely native digital current account. This collaboration gives the larger business community access to Axis Bank's comprehensive banking experience and OPEN's end-to-end financial automation capabilities for business administration, such as payments, accounting, payroll, compliance, expenditure management, and other services.
In November 2022, Capco and Savana announced that they would work together in a strategic way to speed up the transformation of banks and drive continuous innovation in digital products. This partnership will support banks in overcoming the technical challenges they face in meeting evolving customer expectations and needs for seamless modern omnichannel experiences.
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