Global Retail Central Banking Solutions Market Report 2022:


Dublin, Jan 31, 2023 (GLOBE NEWSWIRE) — The “Industry Trend Analysis Report, Global Retail Banking Solutions Market Share and Size by Component, by Mode of Deployment (Cloud and On-Line)” facilities), by organization size (large enterprises and SMEs), by application, by regional outlook and forecast, 2022 – 2028″ added the report to offering.

The global market size for retail basic banking solutions is expected to reach $7.4 billion by 2028, increasing at a market growth of 9.8% CAGR during the forecast period.

One of the key aspects influencing market growth is how well retail core banking solutions help customers manage their finances through a secure channel and provide flexibility in accessing their bank accounts. In addition, the use of retail core banking solutions provides low-cost financing to banks, assists in their establishment, and maintains efficient customer relationship management (CRM), which is expected to fuel market expansion over the course of the coming year. projection year. The sector is also growing due to customer demand for online and mobile banking.

Banks are under pressure to implement better tactics that can offer their customers easy payment options due to increasing competition from different mobile payment wallets and other Fintech applications, which are expected to fuel the growth of the market. Competitors in the market are also focusing on new product launches to maintain a competitive advantage.

Market growth factors

Increase in applications of IoT solutions in the banking sector

Due to their many high-performance and productivity-enhancing uses, networked technologies such as edge computing and IoT devices are gaining significant popularity in the global marketplace. Additionally, many vendors are producing IoT devices, driving the penetration of linked devices in the contemporary business environment. Radio Frequency Identification (RFID), Bluetooth Low Energy, Near Field Communication (NFC), Wireless Low Energy Technology, LTE-A, Radio Low Energy protocols, and Wi-Fi-direct are standard protocols and technologies used by IoT systems.

Growing demand for a better customer experience

IoT impacts banking customer service in several ways. Customers receive timely information and a personalized experience. Visitors can make an appointment and check it on their smartphone due to the connectivity of the device. Customers now know when it is their turn to queue instead of waiting at the counter. In addition, the bank keeps a record of each client’s appointments, the services they use each time they check in, and any questions they may have.

component perspective

Based on Component, the Mainstream Retail Banking Solutions Market is categorized into Solution (non-services) and Services. The Services segment recorded the significant revenue share in the retail core banking solutions market. Modern banks need multiple complex systems to work together to ensure reliability and continuous service delivery. The basic retail banking model ensures that all systems are managed at the same time and have exceptional ease of use, full functionality, bug fixes and timely updates.

Outlook Deployment Mode

Based on the mode of deployment, the market for retail central banking solutions is categorized into cloud and on-premises. The local segment accounted for the substantial share of revenue in the retail core banking solutions market during 2021. The banking organization favors local solutions due to their many benefits. One of these benefits is the total reduction of risk because the data is controlled and hosted on private servers.

Organization Size Perspective

Based on the size of the organization, the market for basic retail banking solutions is categorized into large enterprises and small and medium enterprises. In 2021, the Small and Medium Business segment showed the considerable revenue share in the market. The segment is expected to grow due to the increasing need of SMEs to adapt their operations and financial facilities and their growing demand for flexibility. The growing SME ecosystem is also accelerating the desire of SMEs to install retail core banking products, which is likely to accelerate growth in the segment.

Application perspective

Based on the application, the market for retail central banking solutions is divided into regulatory compliance, risk management, digital banking, and others. In 2021, the regulatory compliance segment acquired the largest revenue share in the market. The dominance could be attributed to the importance of customer data protection in the banking industry. Every data breach or Internet attack could cause irreversible damage to a business. One advantage of a bespoke solution is the ability to provide additional layers of protection.

regional overview

Based on geography, the retail basic banking solutions market is categorized into North America, Europe, Asia Pacific, and LAMEA. North America led the retail core banking solutions market with the largest share of revenue in 2021. Due to continued significant technological advances in core banking solutions and acceptance by well-known firms such as Canadian Western Bank and HSBC Holdings plc , dominance is expected to last beyond the projection period.

Key Market Players
List of Companies Profiled in the Report:

  • oracle corporation
  • Fiserv, Inc.
  • Temenos AG
  • Tata Consultancy Services Limited
  • SE from SAP
  • infosys limited
  • Fidelity, Inc. National Information Services (FIS)
  • Jack Henry & Associates, Inc.
  • Silverlake Axis Ltd

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