Retail Core Banking Systems Market Opportunities by 2031
The Retail Core Banking Systems Market size is projected to reach US$ 55.07 billion by 2031 from US$ 14.69 billion in 2023. The market is expected to register a CAGR of 18% in 2023–2031. Increasing technological advancements are likely to remain key retail core banking systems market trends.
Retail Core Banking Systems Market Analysis
Due to the banking system's quick adoption of cutting-edge technology, the global market for retail core banking solutions is growing significantly and is predicted to do so in the future. A core banking system is a network of bank branches that enables customers to access a variety of financial services and keep an eye on their accounts from any location in the world.
Moreover, information technology (IT) is being applied by banks and FinTech companies to enhance the sustainability and growth of their respective businesses. Core banking technology offers ways to satisfy customers, enhance bank transaction performance, and adapt quickly to changing business needs. Technology also enables banks to streamline processes, cut down on delays, improve reporting and compliance, and provide client’s simple access.
Retail Core Banking Systems Market Overview
Retail core banking systems give banks the tools they need to better service their clients via digital channels for personal or consumer banking. By allowing clients to access credit and move money safely, these technologies improve customer money management. The use of retail banking systems helps banks to raise capital at cheap costs, establish a stable clientele, and maintain effective customer relationship management (CRM), all of which are anticipated to drive the market for retail core banking systems. Additionally, the growing consumer demand for mobile and net banking is supporting the market's expansion.
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Retail Core Banking Systems Market: Strategic Insights
Market Size Value in US$ 6,529.83 Million in 2021 Market Size Value by US$ 11,410.83 Million by 2027 Growth rate CAGR of 9.5% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Retail Core Banking Systems Market: Strategic Insights
| Market Size Value in | US$ 6,529.83 Million in 2021 |
| Market Size Value by | US$ 11,410.83 Million by 2027 |
| Growth rate | CAGR of 9.5% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Retail Core Banking Systems Market Drivers and Opportunities
Growing Customer Preference for Mobile and Net Banking
Future growth in the retail core banking solutions market will be largely attributed to the growing demand from customers for mobile and net banking. With the help of mobile banking, customers may access and manage their bank accounts as well as carry out other financial tasks using their portable devices, such as smartphones or tablets. A banking service known as "net banking" enables users to access a variety of banking resources and carry out financial transactions via the Internet. In order to guarantee more seamless channel operations, the retail core banking solution is utilized to link net banking services with the bank's conventional operating channels.
Increasing Digitalization
Future growth in the retail core banking solutions market is largely attributed to the banking industry's increasing digitalization. In the banking, financial services, and insurance (BFSI) sector, "digital transformation" refers to the integration of digital technologies and tactics to improve client experiences, streamline business processes, and boost industry competitiveness. Multi-channel banking is supported by retail core banking solutions, giving users access to services via a variety of channels, including ATMs, mobile apps, online banking, and more. Thus, increasing digitalization is anticipated to present new opportunities for the retail core banking systems market players during the forecast period.
Retail Core Banking Systems Market Report Segmentation Analysis
Key segments that contributed to the derivation of the retail core banking systems market analysis are offering and deployment type.
Offering (Solutions and Services), and Deployment Type (Cloud and On-Premises) and Geography
- Based on the offering, the retail core banking systems market is bifurcated into solutions and services.
- By deployment type, the market is segmented into cloud and on-premises. The cloud segment held the largest share of the market in 2023.
Retail Core Banking Systems Market Share Analysis by Geography
The geographic scope of the retail core banking systems market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. In terms of revenue, North America accounted for the largest retail core banking systems market share. Because of major ongoing technological advancements in core banking solutions and adoption by major companies, such as Canadian Western Bank and HSBC Holdings plc, the dominance is expected to persist over the projected period.
Retail Core Banking Systems Market Report Scope
Retail Core Banking Systems Market News and Recent Developments
The retail core banking systems 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 for speech and language disorders and strategies:
- In April 2023, Oracle FS was updating the core banking software of Ethiopia-based OMO Bank in collaboration with Profinch, Oracle's FLEXCUBE implementation partner, and incorporating new anti-money laundering (AML) and fraud prevention technologies.
(Source: Oracle, Press Release)
- In Oct 2023, a fintech startup called Sopra Banking Software (SBS) introduced a cutting-edge Software-as-a-Service (SaaS) core banking platform. This platform is an Al-enabled, fully cloud-native solution that operates in real-time.
Retail Core Banking Systems Market Report Coverage and Deliverables
The “Retail Core Banking Systems Market Size and Forecast (2021–2031)” 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
Offering and Deployment Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global retail core banking systems market was estimated to be US$ 14.69 billion in 2023 and is expected to grow at a CAGR of 18% during the forecast period 2023 - 2031.
Growing customer preference for mobile and net banking and increasing digitalization are the major factors that propel the global retail core banking systems market.
Increasing technological advancements are anticipated to play a significant role in the global retail core banking systems market in the coming years.
The key players holding majority shares in the global retail core banking systems market are Oracle Corporation, SAP SE, Tata Consultancy Services Limited, Finastra International Limited, and Capital Banking Solutions.
The global retail core banking systems market is expected to reach US$ 55.07 billion by 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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