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.
The regional segmentation of the global core banking solutions market segments the market into continent-based regional markets namely Asia Pacific, North America, Europe and Rest of the World (RoW). Among all regional markets, North America region holds the highest market share in core banking solutions market. The reasons for the market growth in this region include technological advancement and large-scale adoption of advanced core banking solution software by most important banks in the region. Small and medium enterprises in North America are also implementing these solutions for efficient flow of banking activities. The most important country-specific markets in this region are the United States of America (USA) and Canada. Many key players in this market are based in the USA.
Europe is another prominent regional market due to the implementation of core banking solutions by banks. The most important country-specific markets in this region are France, Germany, and the United Kingdom (UK). Due to rising technological advancement, Asia Pacific has the potential of becoming a powerful market. The strongest economies in this region are China, India, and Japan. In Asia Pacific, most of the key market players are based in India.
Key Players
The key players in the global core banking solutions market include Capgemini SE (France), Fidelity National Information Services Inc. (USA), Fiserv, Inc. (the USA), HCL Technologies Limited (India), Infosys Limited (India), Misys (UK), Oracle Financial Services Software Limited (India), SAP SE (Germany), Tata Consultancy Services (India), and Temenos Group AG (Switzerland).
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Core Banking Solutions Market SizeCore Banking Solutions (CBS) as a process facilitates online centralized banking in real-time.
Over the past few years Banks and Financial Institutions have transformed phenomenally in terms of services, offerings and overall operations.
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.
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.
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.
