Increasing Demand for Enhanced Banking Processes Boosts Growth in Digital Banking Platforms (DBP) Market

Published On : 07 Dec 2018

A surge in use of smartphones, laptops, computers, and other such devices is primarily driving growth in the global digital banking platforms (DBP) market. Rapidly increasing digitization and its adoption in myriad banking applications is also making this market grow expansively. Such a rise is mainly being witnessed by banks and other financial institutions through public as well as private channels. In addition, a widespread gain in huge amounts of data related to banking processes and a consequent need for storing as well as processing that data is majorly driving growth in the global digital banking platforms (DBP) market.

Encouraging Processes from Governments to Improve Banking Solutions Boosts Growth

Furthermore, management and controlling the space taken by numerous banking and transactional processes is highly complicated, and needs to be dealt in a smart and efficient manner. And as the digital banking methodologies can help achieve this, the associated market is projected to witness splendid expansion during the next few years. Many governments are encouraging the development of digital banking platform. In addition, rapid strides are taken by several players to facilitate funding for improving research in order to enable positive development in banking procedures. These are key factors driving growth in the global digital banking platforms (DBP) market.

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Europe and North America Holds Leading Position Owing to Quality Banking Processes

This market is mainly spread across North America, Asia Pacific, the Middle East and Africa, Latin America, and Europe from a regional perspective. An early adoption of technologies coupled with widespread focus on innovations with regards to banking platforms in North America is majorly causing growth of the market in the region. Furthermore, the increasing use of digital banking platforms in countries such as the US and Canada, is also driving this domain in North American to progress a fantastic pace.

With the availability of excellent banking services in European regions, the global digital banking platforms (DBP) market is witnessing extensive growth in this geographical extent too. Moreover, increasing demand for quality financial activities and processes in Asia Pacific has also made the market portray a distinct presence in this region.

The global digital banking platforms (DBP) market depicts the presence of a highly fragmented market. Such a diverse scenario mainly exists due to the presence of innumerable small, medium, and large-scale players in the digital banking platforms market. In this distributed vendor landscape, most prominent businesses are pouring large investments to improve research and development-based activities. The companies are also developing new solutions and products to provide exemplary digital banking platform-based services. Backbase, EdgeVerve Systems, Temenos, Finastra, TCS, Appway, NETinfo, Worldline, SAP, BNY Mellon, Oracle, Sopra, CREALOGIX, Fiserv, and Intellect Design Arena, are key players operating in the global digital banking platforms (DBP) market.

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