Press Release

The Digital Banking Platforms(DBP) Market Is Estimated To Record a CAGR of Around 13.77% During The Forecast Period

Global generative AI market

Evolve Business Intelligence has published a research report on the Global Digital Banking Platforms(DBP) Market, 2023–2033. The global Digital Banking Platforms(DBP) market is projected to exhibit a CAGR of around 13.77% during the forecast period of 2023 to 2033.

Evolve Business Intelligence has recognized the following companies as the key players in the global Digital Banking Platforms(DBP) Market: BNY Mellon, Finastra, TCS, Oracle, Intellect Design Arena, SAP, Fiserv, Backbase, EdgeVerve Systems, Sopra.


Market Highlights

Global Digital Banking Platforms(DBP) market is projected to be valued at USD 30.74 Billion by 2033, recording a CAGR of around 13.77% during the forecast period. Digital Banking Platforms (DBP) refer to technological solutions and platforms that enable banks and financial institutions to provide online and mobile banking services to their customers. These platforms leverage digital technologies to facilitate various banking activities, including account management, transactions, payments, transfers, and other financial services. DBPs typically offer a user-friendly interface and a range of features that allow customers to access and manage their accounts conveniently from their computers, smartphones, or other internet-enabled devices. These platforms often integrate with core banking systems, payment gateways, and other third-party services to provide seamless and secure banking experiences. DBPs play a crucial role in the digital transformation of the banking industry, offering enhanced accessibility, convenience, and personalized services to customers while enabling banks to streamline operations and improve customer engagement.

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The COVID-19 pandemic had a profound impact on the Digital Banking Platforms (DBP) market, leading to a significant and transformative shift in the industry. As lockdowns and social distancing measures were implemented, there was a surge in demand for online banking services as people sought safe and convenient ways to manage their finances remotely. DBPs played a critical role in enabling seamless digital banking experiences, allowing customers to access their accounts, make transactions, and utilize various financial services from the comfort of their homes. The pandemic accelerated the adoption of DBPs, with more individuals and businesses embracing digital banking channels. This shift in consumer behavior and increased reliance on digital platforms pushed financial institutions to invest in enhancing their DBPs, offering advanced features such as contactless payments, mobile check deposits, and real-time account monitoring. The pandemic acted as a catalyst for the digital transformation of the banking industry, highlighting the importance of resilient and user-friendly DBPs in ensuring uninterrupted banking services and driving the future of banking towards a more digital-centric approach.

Segmental Analysis

The global Digital Banking Platforms(DBP) market has been segmented based on Types, and Applications.

Based on the Types, the Digital Banking Platforms(DBP) market is segmented into On-premises, Cloud. The Cloud segment is expected to have a larger market share throughout the forecast period.

Based on Application, the global Digital Banking Platforms(DBP) market has been divided into Online Banking, Mobile Banking. The Mobile Banking segment is anticipated to dominate the market.

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Regional Analysis

The Digital Banking Platforms(DBP) market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. North America, particularly the U.S., has been at the forefront of digital banking adoption, driven by advanced technology infrastructure and a high level of digital literacy among consumers. Europe is also a significant market for DBPs, with countries like the U.K., Germany, and France leading the way in digital banking innovation. The Asia-Pacific region, including countries such as China, India, and Japan, is experiencing rapid growth in DBPs, fueled by a large population, increasing internet penetration, and a rising middle class. South America and the Middle East & Africa regions are also witnessing the expansion of digital banking platforms, albeit at a relatively slower pace compared to other regions. Each of these regions presents unique opportunities and challenges for DBP providers, and the market dynamics vary based on factors such as regulatory frameworks, consumer preferences, and technological infrastructure.

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