According to the latest report by IMARC Group titled, “Third-party Banking Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global third-party banking software market grew at a CAGR of around 7% during 2014-2019. The third-party banking software helps in performing core banking functions, such as private wealth management and business intelligence services. It also aids in increasing profits, reducing the overall operating costs, understanding the changing consumer demands and facilitating flexible operations. Therefore, it is widely utilized by retail, commercial and trading banks to connect to a desired interbank network and streamline their processes.
Several banking enterprises are currently increasing their geographical reach to expand the customer base. This is escalating the demand for third-party banking software to enhance productivity and operational efficiency. Other than this, these enterprises also offer frequent software updates, which assist in improving the safety and security of financial services and reducing fraud and malpractices. Furthermore, the integration of cloud-based solutions with banking software is also impelling the market growth. Moreover, the introduction of mobile and online banking, along with the rising adoption of consumer-centric core banking, is anticipated to positively influence the demand for third-party banking software in the upcoming years.
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Insights on Market Segmentation:
Market Breakup by Product:
- Core Banking Software
- Multi-Channel Banking Software
- Business Intelligence Software
- Others
Market Breakup by Deployment:
- On-premises
- Cloud-based
Market Breakup by Application:
- Risk Management
- Information Security
- Business Intelligence
- Others
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/third-party-banking-software-market
Market Breakup by End-User:
- Commercial Banks
- Retail and Trading Banks
Market Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being Accenture, Capgemini, Deltek, IBM, Infosys, Microsoft Corporation, NetSuite Inc., Oracle Corporation, SAP, Tata Consultancy Services, etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Why Should You Build a Mobile Banking App?The main reason for developing a mobile banking app is competitiveness.
An application stands out among numerous ordinary tools, as it has turned into the most convenient and effective channel of interaction with customers.Today’s consumer would rather choose a bank with a convenient website, Internet banking, a user-friendly mobile application and speedy services; indicators such as interests and deposit rates, or the place of a bank in some ratings, are placed on the back burner.
Hence, to win the loyalty of clients and remain competitive, a bank should be mobile.Some statistics to prove the increasing popularity of banking apps: Mobile banking users are expected to exceed 1.75 billion by 2019, representing 32% of the global adult population, according to Juniper research.45% of respondents named convenience the main reason they started using mobile payments, Statista found out.As of June 2018, the financial business is in the top of the most popular Android app categories worldwide, taking 53% of the market share.Statista also provided data on the availability of the world’s leading payment providers Apple Pay, Samsung Pay and Android Pay in global regional markets.
It turned out that the Asia-Pacific region has the highest number of total active markets across all three payment systems.
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