Core banking software market is anticipated to grow at a considerable CAGR of 8.5% during the forecast period. The rising adoption of artificial intelligence in the banking sector is expected to fuel the market. The integration of AI in banking processes helps to advance their visualization competencies, resolve customer inquiries and make complex data usable. These technologies support in growing connectivity and deliver advanced security control to banks and financial institutes. The AI-based core banking solutions provide real-time insights to end-users and assist in improving network security, speeding up a digital business, and providing a better customer experience.
The growing acceptance of such technologies is generating opportunities for companies in the market. For instance, in May 2021, Fern Software launched Quantum AI, a loan decision engine powered by Salesforce Einstein Artificial Learning technologies, which can rapidly and accurately determine loan decisions for any financial institution. Quantum AI uses financial institution’s customer loan portfolios to support financial services inputs from open banking and Credit Referencing Agencies (CRAs) to determine loan decisions efficiently. Quantum AI executes various decision flows to identify trends based on historical data to accurately generate loan predictions after the submission of loan applications with a 92.7% prediction accuracy rate. The adoption of such technology may result in raising loan volume and reducing operational costs. Owing to such advantages provided by AI-based technologies banks are ready to accept new banking solutions and contribute to the growth of the core banking software market.
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Market Coverage
- The market number available for – 2021-2029
- Base year- 2021
- Forecast period- 2023-2029
Segment Covered-
- By Solution Type
- By Service Type
- By Deployment Type
- By End User
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape– 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.
Core Banking Software Market Report by Segment
By Solution Type
- Enterprise Customer Solutions
- Loans
- Deposits
By Service Type
- Professional Service
- Managed Service
By Deployment Type
- On-premise
- Cloud
By End User
- Banks
- Financial Institutes
- Others (Credit Unions)
A full Report of Core Banking Software Market is Available @ https://www.omrglobal.com/industry-reports/core-banking-software-market
Core Banking Software Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East & Africa
Company Profiles
- C-Edge Technologies
- Computer Services, Inc.
- EdgeVerve Systems Ltd.
- Fern Software Ltd.
- FIS
- Fiserv, Inc.
- HCL Technologies Ltd.
- IBM Corp
- Infrasoft Technologies Ltd
- Jack Henry & Associates, Inc
- Microsoft Corp
- NCR Corp.
- SAP SE
- Tata Consultancy Services Ltd.
- Unisys Corp
- VSoft Technologies Pvt. Ltd.
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