Core Banking Solutions (CBS) as a process facilitates online centralized banking in real-time. Through this process all the information & transaction details of an account holder are maintained on the network server to allow the holder to access his account online literally from anywhere. Over the past few years Banks and Financial Institutions have transformed phenomenally in terms of services, offerings and overall operations. Thanks to the technological advancements that have brought about these changes in the landscape of the Banking services environment to the core.
Today, banks are more focused on the customer interaction & engagement to ensure customer loyalty. They are innovatively dealing with the critical issues simplifying them for their customers. The Core Banking Solutions are proving to be effective for achieving customer satisfaction and hence loyalty. Simultaneously, banks also acknowledging the efficacy & importance of CBS, are increasingly adopting & implementing these solutions. Which in turn, augments the uptake of CBS resultantly increasing its market size on the global platform.
Acknowledging the exponential traction the market is perceiving currently, Market Research Future (MRFR) recently published a brilliant study report giving out the complete market insight up till 2023. In its report MRFR asserts that the global Core Banking Solutions market will gain accruals of USD 13 Billion by 2023 with a CAGR of 4 % throughout the forecast period (2017-2023). This growth mainly attributes to the technological advancements.
Other predominant factors that foster the market growth of CBS include; augmented customer demand for advanced banking technologies that offer cost effective solutions allowing them to manage their accounts in real time, conveniently & more efficiently. Besides, the growing need of operating customer accounts from single server is one of the key propeller of the market growth. CBS sufficing this customer demand has proven to be far more effective in achieving customer satisfaction loyalty & hence assuring a good business for the banks. This resultantly, augments the uptake of CBS furthering the market size.
The regional segmentation of the global core banking solutions market segments the market into continent-based regional markets namely Asia Pacific, North America, Europe and Rest of the World (RoW). Among all regional markets, North America region holds the highest market share in core banking solutions market. The reasons for the market growth in this region include technological advancement and large-scale adoption of advanced core banking solution software by most important banks in the region. Small and medium enterprises in North America are also implementing these solutions for efficient flow of banking activities. The most important country-specific markets in this region are the United States of America (USA) and Canada. Many key players in this market are based in the USA.
Europe is another prominent regional market due to the implementation of core banking solutions by banks. The most important country-specific markets in this region are France, Germany, and the United Kingdom (UK). Due to rising technological advancement, Asia Pacific has the potential of becoming a powerful market. The strongest economies in this region are China, India, and Japan. In Asia Pacific, most of the key market players are based in India.
The key players in the global core banking solutions market include Capgemini SE (France), Fidelity National Information Services Inc. (USA), Fiserv, Inc. (the USA), HCL Technologies Limited (India), Infosys Limited (India), Misys (UK), Oracle Financial Services Software Limited (India), SAP SE (Germany), Tata Consultancy Services (India), and Temenos Group AG (Switzerland).
Global Core Banking Solutions Market is estimated to grow by 4% of CAGR, Core Banking Solutions…
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
Market Research Future
+1 646 845 9312