The global market for core banking solutions is being driven by the rising adoption of technology in the financial sector to streamline everyday operations such as monitoring transactions and solving customer queries. Core banking solution is software-driven and allows users to manage multiple branches of a bank account through a centralised system, which is significantly aiding the industry growth. In addition, small and medium enterprises are increasingly adopting core banking solutions to provide enhanced customer service and streamline their operations by providing a platform to securely manage their accounts. This is augmenting the growth of the industry. Furthermore, owing to the surging demand for mobile applications and digital banking services, banks and other financial institutes have adopted the latest technologies to assist customers in banking services with features like online KYC, internet banking, and online document verification, among others, hence contributing to the market growth.
Finastra Limited, a global leader in the market for core banking solutions, in January 2020 announced that TONIK, the first digitally licensed bank of South Asia, adopted Finastra’s Fusion Essence service for its end-to-end core banking capabilities. The core banking solution offered by Finastra Limited aided in TONIK”s retail deposit and customer loans services in the Philippines. Finastra’s Fusion Essence Cloud, driven by Microsoft Azure, is designed to provide agility in order to provide quick and efficient services. In addition to this, the modern, scalable and open capabilities of the solution, along with in-built analytics, aided in gaining consumer insights, which further helped TONIK to enhance customer relations. The low-cost installation, ease, and speed of deployment of Fusion Essence software further strengthened TONIK’s position in the Asia Pacific region, thus contributing to the overall market growth of core banking solutions. The market is further anticipated to be propelled by the expansion of market players like Fiserv, Inc. (NASDAQ: FISV) over the forecast period.
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Market Analysis by Component, Deployment Model, Enterprise Size, Type, End User, and Region:
- On the basis of component, the market can be divided into solution and service.
- Based on deployment model, the market can be divided into on-premises and cloud.
- Based on enterprise size, the market can be segmented into large enterprise, and small and medium enterprise.
- On the basis of type, the market can be categorised into enterprise customer solutions, loans, and deposits, among others.
- The market, based on end user, can be divided into banks, credit unions and community banks, and deposits.
- The major regional markets for core banking solutions are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.
Key Findings of the Report:
- The market for core banking technologies is being driven by the rising adoption of advanced technologies such as the Internet of Things (IoT), and big data, among others, in the financial sector.
- The surge in cloud computing technology through software-as-a-service (SaaS) to aid in storing large quantities of customer data and transaction processing is augmenting the market growth.
- The adoption of core banking solutions to remotely manage digital transactions through mobile wallets, UPI, or internet banking, propelled the market growth, especially during the coronavirus pandemic.
- Deployment of core banking solutions by large, and small and medium enterprises to enhance customer relations is invigorating the industry growth.
Key Offerings of the Report:
- The EMR report gives an overview of the global core banking solutions industry for the periods (2018-2023) and (2024-2032).
- The report also offers historical (2018-2023) and forecast (2024-2032) markets for components, deployment models, enterprise sizes, types, end users, and regions of core banking solutions.
- The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.
The major players in the global core banking solutions market are Capital Banking Solutions, EdgeVerve Systems Limited, Finastra Limited, Fiserv, Inc., and Oracle Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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