The Digital Banking Platform Market is expected to grow at a CAGR of 11.2% during the forecast period. The rapidly evolving digital transformation in the banking industry, as well as the demand for smart mobile devices and digital banking services among consumers, are some of the major factors driving the growth of the market.
The majority of the banks prefer digital banking platforms, due to the various benefits offered, such as reduced IT cost, fast time to market, open banking, out of the box yet configurable capabilities, omnichannel customer experience, and microservice architecture to name a few. For example, In April 2020, Brattleboro Savings & Loan (BS&L) chose NCR to provide customers and businesses with superior digital banking experience. With the NCR DI platform, the bank is expected to consolidate three vendors that previously supported digital banking into one, simplifying operations and increasing efficiency in the back office.
Though Neo-banks are still a niche market, they are witnessing a higher growth rate in terms of market share and serving customers at around one-third of the cost of traditional banks. Fintechs are targeting lucrative niches in the value chain. Big tech players, with their large customer bases, pose a real threat and a few incumbents are investing heavily in innovation, putting laggards in the shade.
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Key Market Trends
Increasing Adoption of Cloud-Based Platforms to Boost the Market Growth
Cloud technology has significantly changed the way businesses work across various end-user industries, driven by cost efficiencies and economies of scale. The rising adoption of cloud services across the world is fueling the growth in cloud traffic growth. According to Cisco Systems, the global cloud traffic is expected to grow to approximately 14,078 exabytes per year by 2021, as compared to 3,850 exabytes per year in 2016. In 2019, cloud traffic in North America amounted to about 4,860 exabytes per year, which accounted for the largest share.
Many banks prefer cutting the IT infrastructure cost needed for on-Premise setup by leveraging cloud-based services, which enable them to deploy new products and scale infrastructure quickly, cater to the broader customer base with varied needs at a faster speed, manage rapidly increasing real-time payments while ensuring compliance and security standards.
As a subscription fee is made to a SaaS provider, system maintenance costs and legacy technology issues are reduced. Rather than spending a small fortune on IT, SaaS provides banks with the ability to reallocate budgets so they can focus on innovation, customer satisfaction, and business growth.
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