The global core banking software market is anticipated to grow at a significant CAGR of 8.5% during the forecast period. The primary factor driving the core banking software market is the growing consumer demand for banking through online channels. As online banking helps to make transactions easy, check account balances, and make transfers with the help of smartphones. Further, it eliminates the need to wait for banking hours to complete their banking task. Banks are involved in bringing more facilities to their existing mobile applications. For instance, in March 2021, ICICI launched an instant EMI facility on its internet banking platform, which is known as EMI @ Internet Banking. The new facility is dedicated to allow pre-approved customers to convert high-value transactions up to Rs. 5 lakh into EMIs. With rising internet banking facilities, customers are expected to further attract towards more banking solutions.
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Impact of COVID-19 Pandemic on Global Core Banking Software Market
The COVID-19 pandemic has spread to almost every country globally. Governments across the globe imposed stringent lockdown which affected every business including the banking sector. However, it resulted in the growth of online banking software as consumers were restricted to stay at their places, and banking transactions cannot be avoided due to which they adopted online banking solutions. Online banking was available before COVID-19, however, it has given a rise in the demand for online solutions after the COVID-19 as many people used online banking services for the first time during COVID-19. According to a survey by Deloitte, out of 1500 working individuals 20% of retail banking customers used at least one online banking service during COVID-19 for the first time. Further, most first-time users agreed to continue the online services after COVID-19, which shows the growth of the banking software market in the future.
Segmental Outlook
The global core banking software market is segmented based on the solution type, service type, deployment type, and end-user. Based on the solution type, the market is sub-segmented into enterprise customer solutions, loans, and deposits. Based on the service type, the market is sub-segmented into the professional service and managed service. Based on the deployment type, the market is sub-segmented into on-premise and cloud. Based on the end-user, the market is sub-segmented into the banks, financial institutes, and others. Out of solution type, enterprise customer solution is expected to witness significant growth during the forecast period.
By Solution Type (Enterprise Customer Solutions, Loans, and Deposits), and
by Service Type (Professional Service and Managed Service),
By Deployment Type (On-premise and Cloud), and by End User (Banks, Financial Institutes and Others)
Market Players Outlook
The major companies serving the global core banking software market include Capgemini., C-Edge Technologies, Computer Services, Inc., EdgeVerve Systems Ltd., Finastra, FIS, Fiserv, Inc., HCL Technologies Ltd., IBM, Infrasoft Technologies, Jack Henry & Associates, Inc, Microsoft, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February 2022, M2P Fintech signed an agreement to acquire BSG ITSOFT, which provides core banking solutions. The acquisition boosts M2P Fintech’s approach to provide a new generation cloud-native platform and positions to offer a fully integrated banking and payments stack that is built on API-first infrastructure.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global core banking software market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market
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