LONDON--(BUSINESS WIRE)--The third-party banking software market is expected to grow by USD 3.04 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Digital payments are growing at a rapid pace across the global banking industry. For instance, digital payments are expected to constitute almost 90% of the total money spent in Canada by 2030. Hence, various enterprises in the banking industry across the globe are offering digital payment solutions to improve day-to-day processes and gain a competitive advantage over their rivals. For instance, in June 2017, Quisk, a global provider of digital payment services, launched a new digital payment platform in the UAE. The platform will be set up at all point of sale (POS) terminals across the country. It is integrated with the core banking software of all the banks in the UAE. With the increase in digital payments, the demand for third-party banking software is also expected to increase significantly during the forecast period.
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As per Technavio, the need for greater customer satisfaction will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Third-Party Banking Software Market : Increased Need For Greater Customer Satisfaction
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 the option to manage their bank accounts from anywhere and at any time. It also enables enterprises to manage customer data systematically and securely and build customers’ trust. All these factors will lead to the growth of the market over the forecast period.
“Factors such as the partnerships between regulated financial institutions and alternative finance companies, along with rise in the number of digital wallets will have a positive 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 application (core banking software, asset and wealth management software and other banking software), end-user (retail users and corporate users), deployment (on-premises and cloud-based), and geography (North America, APAC, Europe, South America and MEA).
The European region led the third-party banking software market in 2019, followed by North America, APAC, South America and MEA. During the forecast period, the European region is expected to register the highest incremental growth due to the growth of the banking industry in the region.
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Some of the key topics covered in the report include:
- Core banking software
- Asset and wealth management software
- Other banking software
- Retail users
- Corporate users
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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