DUBLIN--(BUSINESS WIRE)--The "Global Third-party Banking Software Market 2018-2022" report has been added to ResearchAndMarkets.com's offering.
Global third-party banking software market to grow at a CAGR of 8.38% during the period 2018-2022.
The latest trend gaining momentum in the market is advent of open banking paradigm. The second most important trend for the third-party banking software market is the expected shift toward open banking platforms through the implementation of open application programming interfaces (APIs) across banking industries. The APIs would enable third-parties as well as stakeholders to cooperate and share information via multitudes of use cases. This would allow banks and allied software vendors to generate new revenue streams and deliver an enhanced customer experience. An open banking
One of the major drivers for this market is the increasing adoption of customer-centric perspective. Most modern businesses are becoming customer-centric in a bid to retain customers in the face of disruption, high competition, and increasingly fragmented markets. The banking industry is no exception. The end-customers want a 24/7 personalized experience that is tailored to their specific requirements. This requires the banking business to be data-driven, concentrate on analytics, develop smart insights from data, and hence, align itself with the end-customers' requirements. The modern customer constantly demands a seamless banking experience. This trend of customer-centricity promotes the adoption of third-party banking software solutions.
One of the major factors hindering the growth of this market is the high switching costs from legacy systems. Banking organizations have already invested in setting up their traditional legacy IT infrastructure. The costs that were involved in the setting up of the systems are referred to as sunk costs. Hence, the adoption of third-party banking software brings forth high switching costs as the sunk costs are hard to recover for an organization. The huge cost involved in the complete overhaul of the organization's IT capabilities while adopting third-party banking software is a challenge.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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