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Dire Requirement to Pace-up with Digitalization Drives Digital Banking Platforms Market

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Published on : Apr 29, 2021

Albany, New York, April 29, 2021: Growing demand from bank for digital platform with intention to provide enhanced customer experience relation to e-payment systems is a key factor likely to drive growth of the global digital platforms market.

A digital banking platform (DBP) helps bank in a transformational process of becoming a digital bank. The digital bank is also, supposedly ecosystem-centric. Further, digital banking platform also, enables bank to achieve business optimization. The platform also provide back-end system that enables rapid development of channels.

Digital banking platform backs real digital transformation through intelligent process planning. It allows authentic human interactions across various touch points in, both, physical and digital world.

Various application of digital banking platform such as aim towards development of set of digital capabilities that are focused to enhance customer engagement, end-to-end process digitalization, revenue growth through advanced analytics, and user-centered design are major factors driving the digital banking platform (DBP) globally during forecast period (2020-2026).

The newly added report “Global Digital Banking Platforms (DBP) Market Size, Status and Forecast 2020-2026” in RMoz repository provides insights about various factors contributing to growth of the market. It also presents information about several challenges and restraining factors that may limit the growth of the global digital banking platforms (DBP) market during the forecast period.

The report consists of 128 pages, each page depicting different aspects of the market growth. In addition, the analysts have used graphs and statistics to present the information in pictorial form.

The market analysts have done in-depth research to provide details of the drivers and trends shaping the market. They have also visited several banks, stakeholders, and other key operators of the global digital banking platforms (DBP) market to get an idea of possible growth rate in coming years.

Initiatives Undertaken By Government Bodies Toward Cashless Economy Pave Opportunity for Expansion of Digital Banking Platform

Further, fast-paced digitalization in developed and developing countries due to wide internet penetration and increase in number of smartphone users are some of the major factors underpinning growth of the market to a larger extent.

In addition, growing investment expenditure for development of IT infrastructure from government bodies across several regions is propelling expansion of the global digital banking platforms (DBP) market. Government bodies in various countries are undertaking several initiatives towards cashless economy. For example, the Indian Government launched a program ‘Cashless, Digital India’ in order to raise awareness regarding and fuel adoption rate of digital platforms for online transaction. Similarly, in year 2019, the Honk Kong Monetary Authority sanctioned eight digital banking licenses in the country under smart banking initiatives.

Such government initiatives are anticipated to boost the growth of digital banking platform in the region.

Further, government expenditure, coupled with technological advancements in overall development of infrastructure development is predicted to pave new opportunities in terms of revenue for stakeholder operating in the digital banking platform landscape during the forecast period.

Moreover, growing public and private alliances is also likely to support expansion of the target market to a certain extent in years to follow.

High Cyber-Attack Risk Followed by Digitalization of Bank Restrain Growth of Target Market

On the other hand, factors such as risk of cyber security attacks and lack of technological infrastructure are likely to pose hindrance to expansion of the global digital banking platform (DBP) market. Also, lack of awareness regarding digital banking in some countries are restraining growth of the market during the forecast period.

Get Sample PDF (including COVID19 Impact Analysis, full TOC, Tables and Figures) of Market Report @ https://www.researchmoz.us/enquiry.php?type=S&repid=2636503

 

Nevertheless, trends such as proliferation of smart devices, extensive availability of internet, advent of 5G in near future, incorporation of IoT and artificial intelligence are presenting lucrative opportunities for growth of the global digital banking platform (DBP) market in coming years.

Some of the key companies operating in the digital banking platform (DBP) landscape are Appway, Oracle, Backbase, BNY Mellon, CREALOGIX, Temenos, Worldline, EdgeVerve, Intellect Design Arena  Systems, Fiserv, Finastra, Sopra, NETinfo, SAP
, and TCS.