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Digital Banking Platform Market size was valued at USD 25.18 Billion in 2022 and is poised to grow from USD 30.44 Billion in 2023 to USD 138.96 Billion by 2031, at a CAGR of 20.9% during the forecast period (2024-2031).

The digital banking platform market is highly competitive and comprises several prominent players vying for market share. These companies offer a wide range of digital banking solutions and strive to provide innovative and customer-centric platforms to financial institutions worldwide. The competitive landscape is characterized by intense competition, technological advancements, strategic partnerships, and continuous product development. To gain a competitive edge, players in the market are focused on continuous innovation, investing in research and development, and expanding their product portfolios to address the evolving needs of financial institutions. Strategic partnerships and collaborations with fintech firms and financial institutions are also common in the market, allowing companies to leverage each other's strengths and enhance their market position. 'Finastra (UK)', 'FIS (US)', 'Temenos (Switzerland)', 'Oracle (US)', 'Infosys (India)', 'Appway (Switzerland)', 'SAP SE (Germany)', 'Tata Consultancy Services (India)', 'Capgemini (France)', 'IBM (US)', 'Sopra Banking Software (France)', 'Intellect Design Arena Ltd (India)', 'Backbase (Netherlands)', 'CREALOGIX (Switzerland)', 'EdgeVerve Systems Ltd. (India)', 'Avaloq (Switzerland)', 'Profile Software (Greece)', 'Technisys (US)', 'ERI Bancaire (Switzerland)', 'Mambu (Germany)'

Customers worldwide are increasingly embracing digital banking services for their convenience, accessibility, and personalized experiences. Banks are responding by offering comprehensive digital banking platforms that enable customers to perform a wide range of financial activities online or through mobile applications. For example, JPMorgan Chase, one of the largest banks in the United States, reported a significant increase in digital adoption, with approximately 75% of their customers actively using digital banking services in 2022.

Artificial Intelligence (AI) and Machine Learning (ML):AI and ML technologies are playing an increasingly significant role in digital banking platforms. These technologies enable banks to provide personalized customer experiences, automate processes, detect fraud, and optimize risk management. For example, Bank of America uses AI-powered virtual assistants to enhance customer interactions and provide personalized recommendations. AI and ML are expected to continue transforming the digital banking platform market by driving innovation and improving operational efficiencies.

In 2022, Asia Pacific emerged as the dominant region in the digital banking platform market, holding a significant share of 30.5%. This region is poised for remarkable expansion as new digital firms disrupt the sector and reshape banking experiences for individuals and businesses. The increasing demand for mobile and online banking alternatives is driving this growth. The market presents exceptional opportunities for both existing players and new entrants, as regulators allocate licenses and define standards for a new era of banking. Notably, WeRize, an India-based digital banking platform startup, has successfully tapped into this potential by offering financial products to over 1,000 small cities. In a recent funding round, WeRize raised USD 8 million, showcasing the appetite for innovative digital banking solutions in the region.

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Global Digital Banking Platform Market

Product ID: SQMIG45A2134