Technological advancements have had a significant impact on several sectors worldwide. And the banking industry is one of them. With the advent of digital banking platforms, users can seamlessly access banking services anywhere, anytime. In this blog post, we’ll explore the basics of digital banking platforms and their advantages. Also, we’ll cover the major growth drivers and regional analysis of the market.
The digital banking platforms market was valued at USD 21.49 billion in 2022 and is expected to grow to USD 131.65 billion by 2032, growing at a CAGR of 19.9% during the forecast period.
Digital Banking Platforms (DBPs) are complex software solutions allowing banking institutions to provide all their banking services through technological means. DBPs use process automation, web-based services, and APIs to offer a fully digital banking environment. Digital banking platforms come with several features and capabilities, including mobile apps, financial management tools, remote deposits, and real-time transaction alerts.
There are several benefits of using digital banking platforms. Here are some of them:
Fund transfers: One of the most significant benefits of DBPs is the ability to transfer funds. With digital banking platforms, users can seamlessly transfer money to anyone, anytime.
Getting statements: Using DBPs, users can easily download bank statements for any period. There’s no need to visit the bank’s branch to get a printout of the statements.
Paying the bills: DBPs have made it easier to pay utility bills. Whether it’s TV, mobile, electricity, or other phone bills, you can easily pay them via your digital banking platform.
Making investments: With a digital banking platform, users can seamlessly open a Fixed Deposit in just a few minutes. Also, DBPs provide users the option to invest in other instruments too.
To Get Insights on the Digital Banking Platforms Market: Request for a Sample Report
Asia Pacific: The Asia Pacific region is home to numerous fintech startups that have transformed the traditional banking sector by launching innovative DBPs. Also, owing to the high smartphone prevalence and affordable data plans, fintech has been the preferred space for Indian investors and entrepreneurs over the past few years. Furthermore, India has a high fintech adoption rate as compared to several other countries worldwide. All of this is anticipated to drive the growth of the digital banking platforms market in Asia Pacific region.
North America: The region is anticipated to have the highest revenue share over the forecast period. A high level of technology adoption and strong consumer demand for DBPs are some of the primary factors boosting the market demand in the region. Also, significant investments by large banks in the digital banking infrastructure will likely create a favorable environment for the growth of DBPs in North America.
Digital banking platforms have transformed the way people access and use banking services. With DBPs, users can enjoy convenient, personalized, easy-to-use banking services through mobile devices. The growing emphasis from companies on digitizing their financial services is expected to boost digital banking platforms market sales in the coming years.
Attainment of client satisfaction being our motto, we at Polaris are happy to offer you multitude of reasons for why you should select us for your businesses.
Our commitment to our clients lies not only from the inception of our pre-on boarding discussions but also beyond the completion and delivery of our services.
We categorically offer custom-made/ tailored services for our syndicated research reports to provide you insights to meet the strategic requirements of your organization.
On lines of the industry best-practices, we offer our clients the finest in research and consulting services with the most reliable and accurate research findings.