Core Banking Solutions Market Size
Core Banking Solutions (CBS) as a process facilitates online centralized banking in real-time. Through this process all the information & transaction details of an account holder are maintained on the network server to allow the holder to access his account online literally from anywhere. Over the past few years Banks and Financial Institutions have transformed phenomenally in terms of services, offerings and overall operations. Thanks to the technological advancements that have brought about these changes in the landscape of the Banking services environment to the core.
Today, banks are more focused on the customer interaction & engagement to ensure customer loyalty. They are innovatively dealing with the critical issues simplifying them for their customers. The Core Banking Solutions are proving to be effective for achieving customer satisfaction and hence loyalty. Simultaneously, banks also acknowledging the efficacy & importance of CBS, are increasingly adopting & implementing these solutions. Which in turn, augments the uptake of CBS resultantly increasing its market size on the global platform.
Acknowledging the exponential traction the market is perceiving currently, Market Research Future (MRFR) recently published a brilliant study report giving out the complete market insight up till 2023. In its report MRFR asserts that the global Core Banking Solutions market will gain accruals of USD 13 Billion by 2023 with a CAGR of 4 % throughout the forecast period (2017–2023). This growth mainly attributes to the technological advancements.
Other predominant factors that foster the market growth of CBS include; augmented customer demand for advanced banking technologies that offer cost effective solutions allowing them to manage their accounts in real time, conveniently & more efficiently. Besides, the growing need of operating customer accounts from single server is one of the key propeller of the market growth. CBS sufficing this customer demand has proven to be far more effective in achieving customer satisfaction loyalty & hence assuring a good business for the banks. This resultantly, augments the uptake of CBS furthering the market size.
On the other hand, factors such as unawareness among businesses towards the advent banking technologies, lack of synchronization between worldwide industry expectations and core banking solution are likely to restrict the market growth.
The Market will observe more innovations transpiring on the public cloud which is already with the stretched scale and data. And a real-time big data analytics on-premise will soon be difficult. Companies such as Accenture, IBM and Google are abreast in providing next-generation databases and storage on the public cloud. Giant Banks are confronted with the prominent challenges of advent technologies but still need to rely on the no longer suffice the purpose. To tackle these challenges and build a bridge between legacy IT and a digital future Banks require skills and scalable resources.
More Information@ https://www.marketresearchfuture.com/reports/core-banking-solutions-market-3208
Worldwide Core Banking Solutions Market — Competitive Landscape
The market of Core Banking Solutions appears to be fiercely competitive & fragmented owing to the presence of numerous matured & small key players accounting for a substantial market share. These market players try to gain competitive advantage through strategic partnership, acquisition, expansion, collaboration, product & technology launch. They invest heavily in the R&D to develop a technology that is completely on a different level compared to their competition.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
Contact:
Market Research Future
+1 646 845 9312
Email: [email protected]
Core Banking Solutions Market SizeThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Core Banking Solutions Market Size.
The growth sectors of the Core Banking Solutions Market Size are identified with precision for a better growth perspective.Core banking is defined as the service that is delivered by a group of networked bank branches to customers.
These services include all important banking activities like account access, debts, loans, money transactions, and payments.
Market Research Future (MRFR) has published and released a research report about the global core banking solutions market that estimates growth for this market with 4% CAGR (Compound Annual Growth Rate) during the forecast period between 2017 and 2023.
It observes the strategies of the key players in the market and follows the competitive developments like joint ventures, new product developments, mergers and acquisitions, research and the developments (R & D) in the market.The major factors that are enhancing the market growth for core banking solutions include cost-effective solutions, customer demand for advanced banking technologies, and the growing need of operating customer accounts from a single server.
The restraints that can restrain the growth of the market include lack of awareness among enterprises of modern banking technologies and no synchronization between core banking solution and global industry expectations.The global core banking solutions market has been segmented on the basis of deployment, solution, service, and lastly, region.
Core Banking Solutions Market The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Core Banking Solutions Market.
The growth sectors of the Core Banking Solutions Market are identified with precision for a better growth perspective.Core banking is defined as the service that is delivered by a group of networked bank branches to customers.
These services include all important banking activities like account access, debts, loans, money transactions, and payments.
Market Research Future (MRFR) has published and released a research report about the global core banking solutions market that estimates growth for this market with 4% CAGR (Compound Annual Growth Rate) during the forecast period between 2017 and 2023.
It observes the strategies of the key players in the market and follows the competitive developments like joint ventures, new product developments, mergers and acquisitions, research and the developments (R & D) in the market.The major factors that are enhancing the market growth for core banking solutions include cost-effective solutions, customer demand for advanced banking technologies, and the growing need of operating customer accounts from a single server.
The restraints that can restrain the growth of the market include lack of awareness among enterprises of modern banking technologies and no synchronization between core banking solution and global industry expectations.The global core banking solutions market has been segmented on the basis of deployment, solution, service, and lastly, region.
Global Core Banking Solution Market Research Report: By Deployment (On-Premise and Cloud), by Component (Solution and Service) and Region (North America, Europe, Asia-Pacific, the Middle East & Africa and South America) - Forecast till 2025Market OverviewGlobal Core Banking Solution Market is estimated to reach USD 9,359.89 Million by 2025, recording a CAGR of 5.61% during the forecast period (2019–2025).The global Core Banking Solution market is expected to grow due to the rising demand for improved customer service, as well as the increasing need to manage banking operations efficiently.
Core banking is defined as the service delivered by a group of networked bank branches, where the customers can perform all the banking activities such as money transactions, payments, loans, debts, and accessing accounts from any location through a device of their choice.
Core banking is similar to retail banking and most banks consider retail customers as their core banking customers.
Additionally, the country’s banking industry is becoming increasingly digitalized, and it is projected that by 2022, the US banks are likely to invest heavily in technology for banking.Europe is expected to hold the third position (in terms of market share) in the overall market during the forecast period.
In Europe, the rest of Europe accounted for the largest share in the year 2018.
Italian banking is increasingly encouraging the growth of fintech.
The recent biggest ATM security data breach in India is an alarming situation where banks need to focus on safeguarding their systems to avoid similar breach in future.What is the Current Scenario?3.2 million debit cards in India were “compromised” due to a major security breach, termed as India’s biggest ATM security breach.
The banks denied responsibility for the huge mishap in the Indian banking sector.
Banks floated out SMSes to their customers to change their ATM PINs (Personal Identification Number) and even blocked ATM cards, to avoid further damage.
This episode came to light when banking customers raised complaints about unauthorized usage of their money from locations of China and US.
About 2.6 million cards on Visa and Mastercard platform while 6 lakhs on RuPay, asper the reports.
Of all the banks that suffered a hit, SBI, HDFC Bank, ICICI Bank, YES Bank and Axis Bank had the worst.How ATM security breach Happened?Hitachi provides ATM, POS (point of sale) and other services to white collar banks.
