Global Digital Banking Platform Market Sees Significant Growth With Mobile Adoption And Digital Services Demand

(MENAFN- GlobeNewsWire - Nasdaq) Dublin, April 04, 2024 (GLOBE NEWSWIRE) -- The "Digital Banking Platform Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets's offering.

The digital landscape of banking is experiencing transformative growth, propelled by technological advancements and consumer expectations. A new comprehensive market study highlights the current trends and opportunities within the global digital banking platform market.

Marked by the pervasive adoption of mobile devices and an increasing demand for digital banking services, the market reflects a substantial User-Generated Content in consumption patterns. Digital finance is no longer a convenience but a necessity, especially with the ongoing global energy transition leading to renewed technologies shaping financial transactions.

Key Findings of the Study

  • The market value is estimated at USD 7.38 billion in 2022, with a projected CAGR of 13.82% through 2028, signaling a robust upward trajectory.
  • Mobile and smartphone adoption is identified as a significant market driver, providing convenience and accessibility that caters to the modern on-the-go lifestyle.
  • Consumer demand for 24/7 digital services has become more prominent, particularly in light of the recent global pandemic, reinforcing a market shift towards digital efficiencies.
  • Cloud-based deployment (Cloud) is gaining traction due to cost reduction, scalability, and decreased reliance on physical infrastructures.

Market Challenges and Responses

The report underscores security concerns and regulatory compliance as notable challenges within the market. The sensitive nature of financial data and stringent regulatory standards necessitate robust cyber defenses and adaptive compliance measures to sustain market expansion and retain customer trust. Financial institutions are leveraging cutting-edge security protocols to address these issues and uphold the integrity of digital banking platforms.

Emerging Trends

Mobile-First Strategies and Open Banking Experiences

A mobile-first approach is revolutionizing the market by prioritizing smartphone optimization, thus enhancing user experiences. Open banking, enabled by Application Programming Interfaces (APIs), fosters innovation and integration, offering customers a more unified and personalized banking landscape. These trends demonstrate an increasing push towards banking that is not only digital but also interconnected and customer-centric.

Regional Variations and Prospects

North America is taking the lead in market growth due to the prevalence of established financial institutions and the adoption of secure, blockchain-enabled digital baking models. The expansion of mobile banking in regions with limited physical banking infrastructure signifies the potential for substantial market growth, financial inclusion, and cross-border financial services.

Implications for the Industry

This analysis of the global digital banking platform market illustrates the sector's potential for sustained growth, with technological advancements and changing consumer behaviors driving innovation. Financial institutions are poised to redefine the banking experience, offering seamless, secure, and sophisticated platforms that align with user expectations in the digital age.

With this understanding, stakeholders can navigate the complexities of the market dynamics, remaining agile and customer-focused as the future unfolds.

A selection of companies mentioned in this report includes, but is not limited to:

  • Appway AG
  • CREALOGIX Holding AG
  • EdgeVerve Systems Limited
  • Fiserv, Inc.
  • Oracle Corporation
  • SAP SE
  • Sopra Steria
  • Tata Consultancy Services Limited
  • Temenos Headquarters SA
  • Worldline SA

For more information about this report visit

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