Core Banking Solutions Market Size 2023 - An Understanding of the Market Divergences and its Trends

Core Banking Solutions Market Size

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.

On the other hand, factors such as unawareness among businesses towards the advent banking technologies, lack of synchronization between worldwide industry expectations and core banking solution are likely to restrict the market growth.

The Market will observe more innovations transpiring on the public cloud which is already with the stretched scale and data. And a real-time big data analytics on-premise will soon be difficult. Companies such as Accenture, IBM and Google are abreast in providing next-generation databases and storage on the public cloud. Giant Banks are confronted with the prominent challenges of advent technologies but still need to rely on the no longer suffice the purpose. To tackle these challenges and build a bridge between legacy IT and a digital future Banks require skills and scalable resources. The good news is; these banks are acknowledging the need to implement the concepts such as open banking and fintech innovations, where investments are well-adjusted against margin pressures further driving it by competition and regulations like GDPR or PSD2.

Worldwide Core Banking Solutions Market — Competitive Landscape

The market of Core Banking Solutions appears to be fiercely competitive & fragmented owing to the presence of numerous matured & small key players accounting for a substantial market share. These market players try to gain competitive advantage through strategic partnership, acquisition, expansion, collaboration, product & technology launch. They invest heavily in the R&D to develop a technology that is completely on a different level compared to their competition.

Key Players

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).

Latest Industry News

• Infosys Finacle, a part of Infosys’ product subsidiary EdgeVerve Systems, has introduced Digital Engagement Suite for banks. This omnichannel solution, helps banks onboard, sell, service and engage customers with tailored experiences. 3 OCT 2018
• Duco, the enterprise software as a service (SaaS) company has signed an agreement with Societe Generale, a French bank that is also the global provider of financial services deploying Duco’s platform. 9 OCT 2018

More Information@ https://www.marketresearchfuture.com/reports/core-banking-solutions-market-3208

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