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Corporate Banking segment to grow at the highest CAGR during the forecast period
Among the Banking Type segment, Corporate Banking is expected to grow at the highest CAGR during the forecast period. Corporate banking solutions provide banks and corporates with a seamless, connected corporate banking experience and a 360° view of the business. This results in integrating payments, treasury, lending, trade, and supply chain finance, benefiting both customers and corporates. Several organizations are incorporating corporate suites that provide superior features to corporate banks.
Mobile Banking segment is expected to grow at a higher CAGR during the forecast period
Mobile banking platforms offer an intuitive and secure mobile banking experience to retail and corporate banks. The platforms offer a responsive User Interface (UI) and support the bank customers entire banking journey, from onboarding to transactional banking requests, on their mobile devices. Banks are increasingly adopting the mobile banking platform due to the changing customer preference toward mobile banking across all segments. This helps drive the business growth of the mobile banking segment. This is substantiated by the 2018 Mobile Banking Study from Citi Bank. The study revealed that 46% of US consumers have increased their use of mobile banking in the past year. Furthermore, 91% preferred using apps over going to a branch, whereas 68% of millennials said they could see their smartphones replacing their physical wallets.
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Asia Pacific (APAC) region to record the highest growing region in the Digital Banking Platforms market
The APAC countries have seen a rise in the number of FinTech startups, which has led to the disruption in the Digital Banking Platforms ecosystem. However, to keep up with this rapid pace of advancements, traditional banking firms are undertaking digital transformation projects. There is a huge untapped market for the banking industry in India, China, Bangladesh, and several other countries of APAC; this has proven to be a driver for the growth of banking firms in the region. Hence, this motivates bankers to adopt strategies for the digitalization of their services. With the rise in the number of mobile device users, there is also an increasing use of digital banking technologies and online commerce. These factors together are expected to fuel the growth of the digital banking platforms market in the region.
Key and innovative vendors in Digital Banking Platforms market are Alkami (US), Apiture (US), Appway (Switzerland), Backbase (Netherlands), BNY Mellon (US), CR2 (Ireland), EdgeVerve (India), ebankIT (England), Finastra (UK), Fiserv (US), Intellect Design Arena (India), Mambu (Germany), MuleSoft (US), nCino (US), NCR (US), NETinfo (Cyprus), Oracle (US), SAP (Germany), Sopra Banking Software (France), TCS (India), Technisys (US), Temenos (Switzerland), TPS (Pakistan), Velmie (US), and Worldline (France).
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