The retail core banking systems market was valued at US$ 5,652. 32 million in 2019 and is projected to reach US$ 11,410. 83million by 2027; it is expected to grow at a CAGR of 9. 5% from 2020 to 2027.
New York, Jan. 22, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Retail Core Banking Systems Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Offering and Deployment Type" - https://www.reportlinker.com/p06010094/?utm_source=GNW
Retail core banking systems are solutions for personal banking or consumer banking that offers banks the ability to serve their customers through digital channels better.These solutions help customers better manage their money by securely transferring and depositing it and accessing credit.
Other services provided by these solutions include managing mortgages, account information, personal loans, certificates of deposit, debit/credit card, and other financial records. This market evaluates retail core banking systems players based on the various products offered by them to banks for managing retail banking financial transaction management.
The implementation of retail banking system enables low-cost funds for the banks, build a robust base, and maintain efficient customer relation management (CRM), which is expected to propel the demand for retail core banking systems market.Moreover, the increasing demand from customers for net banking and mobile banking is bolstering the market growth.
Further, the rising competition from various mobile payment wallets and other fintech is pushing banks to adopt better solutions that could offer easy payment solutions to the customers, which is expected to drive the market’s growth.
The vendors operating in the retail core banking systems market are focused on new product launches to maintain their competitive edge.For instance, in October 2020, Temenos AG launched Temenos Transact Data Hub.
It is a real-time SaaS (software-as-a-service) platform for core banking.Moreover, based on identifying and analysing multiple market players, the global retail core banking systems market is broadly segmented into offering and deployment.
Based on offering, the market is bifurcated into solutions and services.Based on deployment, the market is categorized into on-premise and cloud.
Some of the key players included in the retail core banking systems market include Avaloq; Fiserv; Inc.; Infosys Ltd.; Oracle Corporation; SAP SE; SopraSteria; Tata Consultancy Services Limited; Temenos Headquarters SA; Intellect Design Arena Ltd; and FIS.
North America is one of the most important regions for the adoption and growth of new technologies due to favorable government policies to boost innovation, the presence of huge industrial base, and the availability of high purchasing power among consumers, especially in developed countries such as the US and Canada.Hence, any impact on the growth of industries is expected to restrain the economic growth of the region.
According to the WHO, presently, the US is the world’s worst affected country due to the COVID-19 outbreak, with 14,397,135 confirmed cases and 278,806 deaths.The US is a prominent market for retail core banking systems.
However, the pandemic fuels the retail core banking system adoption due to the ongoing consumer shift to online and mobile banking tools. The use of mobile banking app and online banking has increased during the pandemic period.
Overall size of the retail core banking systems market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the retail core banking systems market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts and key opinion leaders specializing in the retail core banking systems market. A few of the major players operating in the global retail core banking systems market are Avaloq, Fiserv, Inc., Infosys Ltd., Oracle Corporation, SAP SE, SopraSteria, Tata Consultancy Services Limited, Temenos Headquarters SA, Intellect Design Arena Ltd, and FIS.
Read the full report: https://www.reportlinker.com/p06010094/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001