LONDON--(BUSINESS WIRE)--The third-party banking software market size is expected to post a CAGR of close to 9% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The increased need for greater customer satisfaction will be one of the major drivers of the third-party banking software market growth. The increase in customer base is prompting enterprises to opt for third-party banking software to manage their customers efficiently and provide better customer service. Third-party banking software enables customers to access their bank accounts from any interconnected branch across the world, and it also provides them with an option for managing their bank accounts from anywhere and anytime. It also enables enterprises to manage customer data systematically and securely and build customers’ trust which are factors that will lead to the growth of the market over the forecast period.
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As per Technavio, the incorporation of analytics into third-party banking software will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Third-Party Banking Software Market: Incorporation of Analytics into Third-Party Banking Software
Customers are increasingly embracing mobile devices and digital technologies to interact with enterprises and access banking services. This has led to an exponential growth of customer data within enterprises in the banking sector. The data gathered needs to be analyzed, so as to empower the banking sector to make smarter and faster decisions and improve efficiencies. This is encouraging enterprises to opt for third-party banking with analytics as it helps them drive profitability, improve decision-making, reduce risk, gain valuable insights, and optimize performance. Thus, the incorporation of analytics into third-party banking software will drive the growth of the market during the forecast period.
“Other factors such as the partnerships between regulated financial institutions and alternative finance companies, and growing number of digital wallets will have a significant impact on the growth of the third-party banking software market value during the forecast period,” says a senior analyst at Technavio.
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Third-Party Banking Software Market: Segmentation Analysis
This market research report segments the third-party banking software market by end-user (retail users and corporate users), deployment (on-premises and cloud-based), application (core banking software, asset and wealth management software, and other banking software) and geographical regions (APAC, North America, Europe, MEA, South America).
The European region led the third-party banking software market in 2018, followed by North America, APAC, South America, and MEA respectively. The growth of the third-party banking software market share in Europe can be attributed to several factors such as the growth in the banking industry and the rise in the adoption of digital payments.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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