LONDON--(BUSINESS WIRE)--In response to increased adoption of customer-centric core banking, the Global Third-Party Banking Software Market is expected to grow at a CAGR of 7 percent from 2015-2019, says research firm TechNavio.
In order to provide value-added services to customers, many banks are relying on CRM tools to focus on customer-centric approaches to banking.
“Banks worldwide are witnessing high investment in IT to develop infrastructure, streamline their operations and provide seamless banking services,” says Faisal Ghaus, Vice President of TechNavio.
According to the latest report from TechNavio, banks are increasingly looking to big data solutions to further improve the customer experience. Data analytics give them the opportunity to analyze a customer’s spending patterns, reduce risk and support revenue growth. Big data solutions leverage the capability to implement real-time marketing, prevent frauds, and enhance risk-based pricing.
“Banks handle and interpret the confidential information of customers on a very large scale, and big data analytics helps firms organize and interpret unstructured information to get better customer insights. Increased uptake of big data solutions will ultimately result in growth of the Global Third-Party Banking Software Market through the projected period,” says Ghaus.
TechNavio currently has more than 3000 market research reports on a huge range of topics, including:
TechNavio is a leading global technology research and advisory company.
Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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