Core Banking Solutions Market Introduction
The introduction of mobile and web-based applications has transformed the banking system at a tremendous rate. Now, it is no longer a geo-specific activity and customers need not to go to a specific branch for transactions. Core banking solutions are connected with a centralized data center and enable banks to merge their back-office data and self-service operations. Intense competition in the market has influence end users to deploy advanced core banking solution as it helps them to analyze customer data and form effective strategies to retain the customers in the long-run. Additionally, the growing importance of data analytics and predictive analytics across end users are anticipated to influence key vendors to introduce innovative core banking solutions at a regular time interval. Further, demand for advanced core banking solutions is projected to continue throughout the forecast period owing digital transformation across organizations, growing adoption of mobile devices, increase in Internet penetration, and rise in popularity of on-the-go banking services among customers across the globe. This is attributed to maximizing the competitive intensity and will bring massive revenue opportunities for innovators.
Increase in need for advanced technology to improve banking services and customer experience is uplifting the penetration of core banking solutions across the globe. Further, growing need for meeting regulatory compliance and policies are anticipated to drive the core banking solutions market growth at a significant rate. However, it is difficult to integrate the core banking solutions with legacy banking solutions. This leads to a compromise in quality and disruption in the smooth flow of business. In addition, high initial investment and lack of awareness in emerging markets are anticipated to have an adverse effect on the overall core banking solutions market size during the forecast period.
The global core banking solutions market is segmented based on offering, solutions, service, deployment model, end users, and region.
Based on offering, the core banking solutions market is bifurcated into solutions and services. Based on services, the core banking solutions market is segmented into consulting, implementation and integration, training and support, and others. By deployment model, the core banking solutions market is analyzed across cloud-based and on-premise solutions. By end users, the core banking solutions market is bifurcated into banks, financial institutions, and others. Region wise, the core banking solutions market is analyzed across six major geographies such as North America, Latin America, Eastern Europe, Western Europe, Asia Pacific, and Middle East & Africa (MEA).
Core Banking Solutions Market Competitive Landscape
Prominent players in the market are inclined towards entering the strategic alliance with other leading players and introducing innovative solutions to gain competitive advantages. Key vendors analyzed in the core banking solutions industry are Tata Consultancy Services, Capgemini SE, HCL Technologies Limited, Infosys Limited, SAP SE, Temenos Group AG, Infrasoft Technologies Ltd., Oracle Corporation, Fidelity Information Services, and Misys among others.
Major Regions/Countries include:
- Western Europe
- United Kingdom
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- North Africa
- South Africa
- Rest of MEA
This research report on core banking solutions market would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.