San Francisco, 16 January 2030: The Report Digital Banking Platform Market Size, Share & Trends Analysis Report By Deployment (On-Premise, Cloud), By Mode, By Component (Platform, Service), By Service, By Region, And Segment Forecasts, 2022 - 2030

The global digital banking platform market size is anticipated to reach USD 107.1 billion by 2030, registering a CAGR of 20.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. The rise in internet users and the customers’ shift from traditional to online banking are key drivers for market growth. Furthermore, an expansion in the use of cloud-based platforms is expected to boost the digital banking platform market by providing greater scalability. Additionally, the banking industry is anticipated to benefit from increased use of artificial intelligence and machine learning in digital banking platforms, as well as from an increase in creative banking services and corporate investors.

However, problems with security and compliance in digital lending platforms are partially impeding the full-scale growth of the global market. On the other hand, the COVID-19 pandemic accelerated the growth of e-commerce, in turn increasing the scope of digital banking. For instance, as per Ecommerce Europe, the percentage of e-shoppers in Europe increased from 60% in 2017 to 71% in 2020. Whereas, the share of e-commerce GDP in the total European GDP increased from 3.11% in 2017 to 4.29% in 2020. Hence, the demand for digital banking platforms is likely to expand owing to the growth of online shopping and digital transaction volumes.

Asia Pacific held the largest market share in 2021 and is anticipated to witness the fastest growth of CAGR of 21.1% during the forecast period. This is attributed to the larger population and increased digitalization in the region. New firms such as Tonik Digital Bank, Inc., Anywhere 2 go Co., Ltd., and Cashfree Payments India Private Limited are fundamentally altering the banking industry by redefining the sector for both individuals and businesses. For instance, in June 2022, Cashfree Payments India Private Limited introduced its tokenization solution ‘Token Vault’ which is capable of exchanging and making use of information in card tokenization.

Globally, North America is the second largest market by revenue and is expected to expand at a compound annual growth rate (CAGR) of 19.9% from 2022 to 2030. The adoption of cloud-based solutions is enhancing in the North American region especially, in the business verticals that are pertaining to the finance and banking sectors. Banks are currently adopting cloud-based digital banking platform solutions due to their inexpensive start-up costs and quick updates, and this trend is anticipated to continue throughout the forecast period.

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The demand for digital banking is growing because of the increased penetration of smartphones, computers, internet connectivity, IoT devices, and Artificial Intelligence (AI). Several advantages result from banks' paradigm change from traditional networks to digital and automated platforms, including increased productivity, cost reductions, and increased income prospects. In addition, the recent growth in cloud computing and storage has increased the significance of such technologies in the digital banking platform market.

Digital Banking Platform Market Report Highlights

• The online banking segment accounted for 80.7% of the market share in 2021 and is anticipated to exhibit a CAGR of 20.1% in the forecast period. This is due to the rising demand for smart mobile devices as well as a shift in consumer preference from traditional to digital channels
• By deployment, cloud-based digital banking held 28.7% of the market share in 2021 in terms of revenue and is anticipated to grow at the highest CAGR of 20.7% in the projected period. The adoption of cloud technology and SaaS is expected to be crucial for the future of the banking industry
• By component, the service segment is expected to be the fastest-growing segment with a CAGR of 21.1% from 2022 to 2030 with professional service being the largest sub-segment by revenue
• In August 2021, Salt Edge Limited and Finastra entered a partnership to provide instant Payments Service Directive 2 (PSD2) & global Open Banking compliance for a secure, open and personalized banking experience
• In August 2021, Christian Financial Credit Union entered a partnership with NCR Corporation to offer a cutting-edge and complete digital banking platform that includes tools for credit monitoring, money management solutions, and card restrictions and notifications

The onset of COVID-19 pandemic has led to an increase in online banking activities, compelling both individual customers and businesses that had previously opposed internet banking, to move towards digital banking as their new standard practice. Besides this, the rising demand for consumer electronics products like laptops, cell phones, and PCs is mostly a result of technological advancements and consumer tastes in both developed and emerging nations. Customers frequently use devices to access numerous digital services in the contemporary environment. A significant number of consumers now utilize mobile apps or mobile browsers to access their bank accounts.

Banks can shift to digital ecosystems using easily deployable and customized solutions to digital banking platforms. Interactive mobile banking websites and applications help to boost client loyalty by enhancing customer service. Rising smartphone demand is expected to increase the number of digital banking consumers, which will, in turn, increase the need for digital banking platform solutions soon.

Digital Banking Platform Market Report Scope

Banks are collaborating more often with fintech firms and outside apps. This is a win-win situation for both parties as it allows flexible money management for consumers and enhances the user experience without requiring the bank to completely redesign its system. Additionally, it offers stability and a chance for businesses to attract new clients, thus contributing to the growth of digital banking platform market.