The global third-party banking software market exhibited moderate growth during 2015-2020. Looking forward, the market expects to grow at a CAGR of around 6% during 2021-2026, according to the latest report by IMARC Group.
The third-party banking software serves as a multi-channel banking, core banking, private wealth management, and business intelligence software solution. It is a highly customized and integrated software that performs and provides end-to-end omnichannel management of several banking operations. Commercial, retail, and trading banks primarily utilize it to improve their currency exchange network and optimize their operations. Apart from this, the software aids in reducing operational costs, minimizing losses due to human intervention, enhancing operational flexibility by understanding evolving customer demands, and providing banks with a strategic advantage over other financial institutions.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Third-Party Banking Software Market Trends:
The widespread adoption of customer-centric core strategies, along with the rising need to improve productivity and operational efficiency in the banking sector is majorly driving the third-party banking software market growth. Additionally, the increasing utilization of digital payment solutions and the incorporation of big data analytics into third-party banking software to process large amounts of data for making accurate business decisions and identify market trends are catalyzing the market growth.
In line with this, the surging partnerships between regulated financial institutions and alternative financial companies are acting as another growth-inducing factor. Due to the proliferation of smartphones, consumers are increasing shifting toward computerized accounting for bookkeeping and monetary transactions. This, in turn, is facilitating the demand for sophisticated, risk-free, compliant, and data-driven software, like third-party banking software, which is creating a positive outlook for the market.
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Market Summary:
- Based on the product, the market has been divided into core banking, multi-channel banking, business intelligence, and other software.
- On the basis of the deployment type, the market has been bifurcated into on-premises and cloud-based.
- Based on the application, the market has been classified into risk management, information security, business intelligence, and others.
- On the basis of the end-user, the market has been segmented into commercial banks and retail and trading banks.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.?
- The competitive landscape of the market has also been examined, with some of the key players being Accenture, Capgemini, Deltek, IBM, Infosys, Microsoft Corporation, NetSuite Inc., Oracle Corporation, SAP, Tata Consultancy Services, etc.
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