In the core banking industry, customer-centric solutions emphasize customizing services to each individual requirements and preferences. These solutions put an emphasis on improving the overall customer experience by providing features such as real-time transaction updates, customized product suggestions, user-friendly mobile banking interfaces, and proactive financial advice based on client behavior and preferences.
Customer-centric banking in the digital era means being equally accessible on a variety of channels, including mobile, the internet, voice-enabled chatbots, and smart home automation devices to establish a seamless Omni channel offering. Integrating financial services (such as loans, insurance, and payments) into consumers' daily routines is the next stage. Financial institutions are consequently making more investments in customer-centric core banking products. These solutions use innovative technology to collect data on client behavior and preferences, including artificial intelligence (AI), machine learning, and data analytics. Banks can use these insights to provide more individualized and engaging customer experiences, as well as to give proactive financial advice and customized goods and services. The necessity of remote account administration, seamless digital transactions, and individualized financial counseling has highlighted the significance of customer-centric core banking solutions even more.
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Data Bridge Market Research analyzes that the Global Core Banking Solutions Market is expected to grow at a CAGR of 10.6% in the forecast period of 2024 to 2031 and is expected to reach USD 33,432.63 million by 2031 from USD 15,110.90 million in 2023. The enterprise customer solutions segment is projected to propel the market growth due to the rising adoption of core banking solutions and services.
Key Findings of the Study
Increasing Demand and Adoption for Core Banking Solutions
Operating software for financial institutions is based on core banking, which is a constantly changing field in banking technology. It is the engine that keeps credit unions, banks, and other financial institutions running so they can handle client accounts, transactions, and offer a variety of financial services. One factor propelling the market for core banking solutions is the growing need for core banking techniques. Core banking solutions that are more customer-focused and efficient are replacing traditional banking practices as the financial environment rapidly transitions to a digital economy. An increasing number of customers are choosing digital and mobile banking experiences, financial institutions need to streamline their operations, and businesses must adjust to competitive markets and shifting regulatory environments. These reasons have combined to create a rise in demand.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Year
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2022 (Customizable to 2016–2021)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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Type (Enterprise Customer Solutions, Deposits, Loans, Mortgages, Transfer, Payments and Withdrawal, Currency Exchange, and Others), Offering (Software and Services), Deployment Mode (Cloud and On Premises), Enterprise Size (Large Enterprises and Small and Medium Enterprises (SMES)) Channel (ATMs, Internet Banking, Mobile Banking, Bank Branches, and Others), Function (Account Management, Transaction Processing, Risk Management, Customer Relationship Management, Reporting and Analytics, Product Management, Loan Management, Compliance Management, and Others), End User (Banks, Credit Unions and Community Banks, and Other Financial Institutions
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Countries Covered
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U.S., Canada, Mexico, Germany, Italy, U.K., France, Switzerland, Spain, Russia, Turkey, Belgium, Sweden, Norway, Denmark, Finland, Poland, Netherlands and Rest of Europe, China, India, South Korea, Japan, Thailand, Australia, Singapore, New Zealand, Indonesia, Malaysia, Philippines, Vietnam and Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, Saudi Arabia, U.A.E., South Africa, Egypt, Qatar, Bahrain, Kuwait, Oman, Israel and Rest of Middle East and Africa
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Market Players Covered
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FIS (U.S.), Bricknode (Sweden), Jayam solutions (India), Forbis (U.K.), NCR VYOIX Corporation (U.S.), HCL Technologies Limited (India), Unisys (U.S.), Infosys Limited (India), TATA Consultancy Services Limited (India), Jack Henry & Associates, Inc. (U.S.), SAP (Germany), Oracle (U.S.), Capgemini (France), nCino (U.S.), Finastra (U.K.), Fiserv Inc. (U.S.), Nelito Systems Pvt. Ltd (India), Mambu (Netherlands), Chetu Inc. (U.S.), Backbase (Netherlands), Capital Banking Solutions (Lebanon), IBM (U.S.) and among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis
Global core banking solutions market is segmented into seven notable segments based on type, offering, deployment model, enterprise size, channel, function, end user.
- On the basis of type, the market is segmented into into enterprise customer solutions, deposits, loans, mortgages, transfer, payments and withdrawal, currency exchange and others
In 2024, the enterprise customer solutions segment is expected to dominate the global core banking solutions market
In 2024, the enterprise customer solutions segment is expected to dominate the market with a market share of 24.39% due to the rising demand of core banking solutions.
- Based on offering, the market is segmented into software and services
In 2024, the software segment of the offering segment is expected to dominate the global core banking solutions market
In 2024, the software segment is expected to dominate the market with a market share of 63.48% due to the rising adoption of core banking solutions.
- On the basis of deployment model, the market is segmented intocloud and on premises. In 2024, the cloud segment is expected to dominate the market with a market share of 65.02%
- On the basis of enterprise size, the market is segmented into large enterprises and Small and Medium Enterprises (SMES). In 2024, the large enetrprises segment is expected to dominate the market with a market share of 61.21%
- On the basis of channel, the market is segmented into ATMs, internet banking, mobile banking, bank branches and others. In 2024, the internet banking segment is expected to dominate the market with a market share of 40.49%
- On the basis of function, the market is segmented into account management, transaction processing, risk management, customer relationship management, reporting and analytics, product management, loan management, compliance management and others. In 2024, the customer relationship segment is expected to dominate the market with a market share of 26.18%
- On the basis of end user , the market is segmented into banks, credit unions and community banks, other financial institutions. In 2024, the banks segment is expected to dominate the market with a market share of 54.36%
Major Players
Data Bridge Market Research analyzes TATA Consultancy Services Limited (India), Oracle (U.S.), Finastra (U.K.), Fiserv Inc. (U.S.), IBM (U.S.) as the major core banking solutions market players in the market.
Market Development
- In November 2023, Tata Consultancy Services (TCS) and Australia's main stock exchange, ASX, reached an agreement for the provision of a next-generation clearing and settlement platform to support the Australian market use TCS's flagship product, TCS BaNCS for Market Infrastructure to facilitate the shift. The current cash equity clearing and settlement platform used by ASX will be replaced by the TCS product. The new platform is expected to be implemented in two releases and will run on an innovative technological stack with TCS BaNCS for Market Infrastructure. This has helped the company to offer services on a global level.
- In September 2023, IBM announced that in addition to addressing the business development of the Core Banking Solution (CBS) workloads for the bank, it has partnered with Indian Bank to expedite the modernization route of the latter with flexible and secure compute infrastructure for the deployment of new front-end banking applications. This has aided in the business expansion of the corporation.
- In July 2023, the research and advisory firm Celent chose FIS for three XCelent Awards in the areas of "Advanced Technology," "Customer Base," and "Breadth of Functionality." The XCelent awards were developed by Celent to assist financial institutions in comparing solution providers and comprehending the vendor ecosystem. The cloud-native core banking platform of the company, FIS Modern Banking Platform, was acknowledged by Celent for its cutting-edge technology in the financial services sector.
- In April 2023, HCL Technologies Limited and Temenos extended their collaboration to speed up banks' and other financial institutions' digital transformation. Temenos' open platform for composable banking and its cutting-edge enterprise solutions with this latest partnership, which include wealth management, digital banking, and core banking, are combined with HCLTech's vast cloud hosting, implementation, and integration capabilities. This has helped the company to grow and expand in parallel.
- In January 2023, Tata Consultancy Services Limited declared that TCS BaNCS for Banking and Wealth Management has been chosen by CTBC Bank, Taiwan, to digitally revolutionize its operations and propel its future expansion. The bank will be able to offer specialized financial services in retail, wealth, and corporate banking, including money trusts, trade finance, and international remittance, thanks to TCS BaNCS' next-generation digital core. This has helped the company to provide more services to its customers.
Regional Analysis
Geographically, the countries covered in the global core banking solutions market report are the U.S., Canada, Mexico, Germany, Italy, U.K., France, Switzerland, Spain, Russia, Turkey, Belgium, Sweden, Norway, Denmark, Finland, Poland, Netherlands and Rest of Europe, China, India, South Korea, Japan, Thailand, Australia, Singapore, New Zealand, Indonesia, Malaysia, Philippines, Vietnam and Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, Saudi Arabia, U.A.E., South Africa, Egypt, Qatar, Bahrain, Kuwait, Oman, Israel and Rest of Middle East and Africa.
As per Data Bridge Market Research analysis:
North America is the dominant and fastetst growing region in the global core banking solutions market during the forecast period
North America is expected to dominate the market due to the higher level of investments by U.S. manufacturers and the increasing advancement in the banking solutions in the U.S. North America will continue to dominate the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the growing adoption of advanced banking solutions in this region. Also, due to the rising customer centric solutions and services in this region. In addition to this, the rising demand for digital transformation and expansion of fintech ecosystem are expected to propel the market growth in this region.
For more detailed information about the global core banking solutions market report, click here – https://www.databridgemarketresearch.com/reports/global-core-banking-solutions-market
