Retail Core Banking Solutions Market Trends and Growth by 2031

The retail core banking solutions market is projected to grow from US$ 4.38 billion in 2023 to US$ 10.78 billion by 2031; it is expected to expand at a CAGR of 10.2% from 2023 to 2031. Multiple factors, such as the increasing global emphasis on digitalization and cashless transactions, the proliferation of NFC-enabled smartphones and wearables, and the growing demand for convenient and secure payment options, are driving the market. Additionally, the market is being expanded in functionality and reach by the ongoing evolution of NFC technology and its integration with other developing technologies like mobile wallets and the Internet of Things (IoT).

Retail Core Banking Solutions Market Analysis

The rise in the necessity to deliver improved banking services to the retail industry and the increase in the need to incorporate a core banking system in the retail industry boosts the growth of the market. Furthermore, the increasing requirement to integrate conventional banking systems into a data center or centralized server drives the growth of the market. As leading tech firms continue to concentrate on advanced technology, the banking and financial sectors are showing indications of acceptance and optimism towards Artificial Intelligence (AI). Moreover, numerous banks are progressively attempting to use AI to streamline risk control procedures, including regulatory compliance and fraud prevention.

Retail Core Banking Solutions Market Overview

• The retail core banking solutions help customers manage their finances through a secure channel and enable flexibility in accessing their bank details, which is one of the key factors propelling the market growth. Furthermore, the application of retail core banking solutions offers low-cost funding for banks, helps them create a solid foundation, and maintains efficient customer relationship management, all of which are projected to fuel market growth during the forecast period. Moreover, the market is growing due to the surging customer demand for net and mobile banking.

Retail Core Banking Solutions Market Driver

Growing Adoption of Mobile Payments to Drive the Retail Core Banking Solutions Market

• Numerous non-traditional businesses are agile, customer-focused, and technology-driven, including technology providers, retailers, and Fintech start-ups. To provide customers with improved accessibility, service, and affordability, they are employing leading-edge technologies by emphasizing the several lucrative aspects of their value chains, including mobile payments.
• The industry players are focusing on new product launches to keep a competitive edge in the market. For instance, in January 2024, Temenos announced the launch of end-to-end Temenos Enterprise Services on Temenos Banking Cloud to enable banks to deploy software solutions in just 24 hours and significantly reduce modernization costs. With Temenos Enterprise Services, banks of all sizes can launch a Minimum Viable Product (MVP) and get a flying start by having a build and test environment within 24 hours.

Retail Core Banking Solutions Market Report Segmentation Analysis

• The digital banking segment is projected to witness the fastest growth over the forecast period. The growth is attributed to the several advantages related to digital banking, including lower operating costs and increased revenue.
• The on-premise segment is anticipated to observe significant growth over the forecast period. The financial institution selects on-premise solutions as it has numerous advantages to offer. One such benefit is the comprehensive risk management as it is hosted on private servers and offers control over the data.

Retail Core Banking Solutions Market Share Analysis By Geography

The scope of the Retail Core Banking Solutions market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America dominated the retail core banking solutions market share in 2023. The supremacy in the market is projected to continue over the forecast period due to substantial ongoing technology advancements in core banking solutions and implementation by prominent players such as Oracle Fiserv, Inc., among others.

Retail Core Banking Solutions Market Report Scope

The "Retail Core Banking Solutions Market Analysis" was carried out based on component, deployment, enterprise size, application, and geography. On the basis of component, the market is bifurcated into solution and services. On the basis of deployment, the market is divided into cloud and on-premise. Based on enterprise size, the market is divided into small & medium enterprises and large enterprises. Based on application, the market is segmented into regulatory compliance, risk management, digital banking, and others. On the basis of geography, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Retail Core Banking Solutions Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Retail Core Banking Solutions market. Some of the recent key market developments are listed below:

• In 2022, as part of its next growth phase strategy, Credgenics, the key provider of SaaS-based technology solutions for debt resolution and loan collections to non-banking finance, banks, and Fintech lenders internationally, announced its entrance in Indonesia. To increase its clientele, the company partnered with Core Banking Solution (CBS) and system integrator providers in Indonesia. [Source: Credgenics, Company Website]

Retail Core Banking Solutions Market Report Coverage & Deliverables

The Retail Core Banking Solutions market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Retail Core Banking Solutions Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
• Detailed company profiles.

REGIONAL FRAMEWORK

Retail Core Banking Solutions Market Report Analysis

MARKET PLAYERS

Retail Core Banking Solutions Market Report Scope