Digital Banking Platform Market Growth Report and Size by 2031
The digital banking platform market size is projected to reach US$ 13.99 billion by 2031 from US$ 5.61 billion in 2023. The market is expected to register a CAGR of 15.5 % in 2023–2031. The growing need for tailored banking services and regulatory backing for financial inclusion is likely to remain key digital banking platform market trends.
Digital Banking Platform Market Analysis
As the use of mobile phones increases, more people are choosing to use mobile banking due to its convenience. This change has encouraged banks to create digital banking systems that can be used on mobile devices, allowing users to do their banking while on the go. Furthermore, these systems assist banks in making their operations more efficient, cutting expenses, and integrating modern technologies like AI and data analysis to personalize services and improve decision-making.
Digital Banking Platform Market Overview
A digital banking platform is an electronic system available through the Internet or mobile apps, allowing consumers to remotely carry out various banking tasks and financial transactions. These tasks include account management, payments, loan applications, and access to a wide array of banking services. The platform also offers features such as account management, mobile deposits, digital wallets, budgeting tools, and customer support through chatbots or messaging services. The main advantages of digital banking platforms are convenience, accessibility, and efficiency for both clients and banks. Users can conveniently conduct banking transactions without visiting a physical branch, leading to higher customer satisfaction and engagement.
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Digital Banking Platform Market: Strategic Insights
Market Size Value in US$ 3.17 billion in 2018 Market Size Value by US$ 8.67 billion by 2027 Growth rate CAGR of 12.1% from 2019 to 2027. Forecast Period 2019-2027 Base Year 2018
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Digital Banking Platform Market: Strategic Insights
| Market Size Value in | US$ 3.17 billion in 2018 |
| Market Size Value by | US$ 8.67 billion by 2027 |
| Growth rate | CAGR of 12.1% from 2019 to 2027. |
| Forecast Period | 2019-2027 |
| Base Year | 2018 |
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Digital Banking Platform Market Drivers and Opportunities
Increasing Need for Tailored Banking Services to Favor Market
There is an increasing trend where customers seek personalized financial services, leading banks to adopt digital platforms for tailored experiences. Through digital banking, banks can offer specialized financial products and services, enhancing loyalty and customer satisfaction. The rising demand for personalized banking services reflects a shift in consumer preferences toward tailored financial solutions. Customers now desire personalized experiences that meet their specific needs, prompting banks to turn to digital platforms for a more individualized banking experience.
Government and Regulatory Backing for Financial Inclusion
The worldwide effort to promote digital banking is motivated by the understanding of its significant potential to enhance financial inclusion. Through the use of digital platforms, individuals who have historically been barred from the formal financial system, such as those who are unbanked or underbanked, can now access crucial financial services. This extension of financial access not only reduces the disparity between those with and without banking services but also boosts economic growth by enabling more people to engage in the formal economy. Consequently, regulatory backing for digital banking serves not only as a way to enhance financial inclusion but also as a strategy to foster overall economic progress and minimize societal inequalities.
Digital Banking Platform Market Report Segmentation Analysis
Key segments that contributed to the derivation of the digital banking platform market analysis are deployment and type.
- Based on deployment, the market is bifurcated into cloud and on-premises. The on-premises segment held a significant market share in 2023.
- By type, the market is segmented into corporate banking and retail banking. The corporate banking segment held a substantial share of the market in 2023.
Digital Banking Platform Market Share Analysis by Geography
The geographic scope of the digital banking platform market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America, especially the US, boasts one of the highest rates of technology adoption globally. The widespread use of smartphones and strong internet penetration create an ideal environment for the development and dominance of digital banking services. The region's well-established financial infrastructure fosters innovation in digital banking, supported by a mature banking sector, favorable regulatory environment, and substantial investments in fintech firms. Consumers in North America exhibit a strong preference for digital services, including banking, driven by the desire for quick, easy, and secure online banking transactions. This demand motivates banks and financial institutions to continuously enhance their digital platforms.
Digital Banking Platform Market Report Scope
Digital Banking Platform Market News and Recent Developments
The digital banking platform market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- Apiture, a leading provider of digital banking solutions, today announced that NWSB (The New Washington State Bank), a community financial institution serving customers in Southern Indiana since 1908, has selected the Apiture Digital Banking Platform to power its online and mobile banking solutions. NWSB will implement Apiture’s Consumer Banking, Business Banking, Account Opening, and Data Intelligence solutions to deliver a seamless, innovative experience to its retail and business customers.
(Source: Apiture, Company Website, 2024)
- Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., announced today that Elevations Credit Union (“Elevations”) has launched Alkami’s online business and retail banking platform. Following a seamless implementation process, Elevations is now leveraging the platform to grow its retail and business portfolio and gain market share.
(Source: Alkami Technology, Inc., Press Release, 2024)
Digital Banking Platform Market Report Coverage and Deliverables
The “Digital Banking Platform Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and 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/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Deployment and Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The market is expected to reach US$ 13.99 billion by 2031.
The key players holding majority shares in the market are Appway AG, CREALOGIX Holding AG, EdgeVerve Systems Limited, Fiserv, Inc., and Oracle Corporation.
Blockchain for improved security is anticipated to play a significant role in the digital banking platform market in the coming years.
The growing need for tailored banking services and the shift towards mobile banking are the major factors that propel the digital banking platform market.
The market was estimated to be US$ 5.61 billion in 2023 and is expected to grow at a CAGR of 12.1% during the forecast period 2023 - 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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