According to a research report “Digital Banking Platforms Market by Component (Platforms and Services), Banking Type (Retail Banking, Corporate Banking, and Investment Banking), Banking Mode (Online Banking and Mobile Banking), Deployment Type, and Region – Global Forecast to 2026″ published by MarketsandMarkets, the global Digital Banking Platforms market size is expected to grow USD 8.2 billion in 2021 to USD 13.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period. The digital banking platforms market is gaining traction due to the increasing adoption of smartphones is contributing to the growth of the digital banking platforms market. Countries such as India, Indonesia, South Africa, and China have seen high growth in smartphone sales in the last few years. According to the GSM Association (GSMA) Mobile Economy 2020 report, there will be 7.1 billion smartphone connections by 2025 from 5.2 billion in 2019. The adoption rate would increase from 65% to 80% by 2025.
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Acquisitions and consolidations to unlock market potential
Financial institutions are modifying their operational procedures to offer customers premium services and enhance account management due to the proliferation of digital channels and intense competition in the market. Many organizations provide integrated digital banking solutions to incorporate online or mobile banking platforms. Temenos (US), Finastra (England), Oracle (US), EdgeVerve (India), and TCS (India) are among the key players in the digital banking platforms market. Other startup companies include Backbase (Netherlands), ebankIT (England), and Apiture (US).
The collaboration between banks and FinTech firms involves an interchange for consumer targeting. This engagement provides access to one another’s customer base, allowing them to expand their target markets by tapping into previously unexplored consumer groups. Third-party developers can develop products and solutions for bank customers using banking-as-a-platform (BAAP). They can now enhance platform capabilities while the system controls authentication and data sharing. This also allows banks to expand their contacts network and attract new clients. Consequently, banks can access a sizable market due to their recognizable brand value and extensive “Know Your Customer” research.
Acquisitions and their Impact on Digital Banking
- In September 2022, Newtek, an internally managed business development company (BDC), selected the Apiture Digital Banking Platform to support the digital capabilities of Newtek Bank. With this strategy, Newtek plans to leverage Apiture’s business banking and account opening solutions in combination with Newtek’s existing suite of business and finance solutions and the Newtek advantage to deliver a suite of financial and business solutions and services to independent business owners.
- In May 2022, HCL Technologies UK Limited, a wholly-owned subsidiary of HCL Technologies (HCL), signed a definitive agreement to acquire Confinale AG, a digital banking and wealth management consulting specialist and Avaloq Premium Implementation Partner. With this acquisition, HCL’s digital wealth and asset management capabilities have significantly strengthened, along with its presence in the global investment banking industry.
- In February 2022, Fiserv, Inc., a leading global provider of payments and financial services technology, signed a definitive agreement to acquire Finxact, Inc., developer of the cloud-native banking solution that is powering digital transformation throughout the financial services sector. Through this acquisition, Fiserv will create a streamlined path for clients to offer digital solutions to their customers. In addition, Finxact will also enhance its ability to support a growing number of financial institutions and business clients.
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Resultingly, many banks and financial organizations have created new business lines and strategies to promote the expansion of digital channels. They have adopted different approaches to accelerate digital banking transformation for clients. FinTech firms also aim to partner with incumbents to increase scale and customer reach.
Key and innovative vendors in Digital Banking Platforms market are Alkami (US), Apiture (US), Appway (Switzerland), Backbase (Netherlands), BNY Mellon (US), CR2 (Ireland), EdgeVerve (India), ebankIT (England), Finastra (UK), Fiserv (US), Intellect Design Arena (India), Mambu (Germany), MuleSoft (US), nCino (US), NCR (US), NETinfo (Cyprus), Oracle (US), SAP (Germany), Sopra Banking Software (France), TCS (India), Technisys (US), Temenos (Switzerland), TPS (Pakistan), Velmie (US), and Worldline (France).
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