According to the latest report by IMARC Group titled, “Third-party Banking Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global third-party banking software market grew at a CAGR of around 7% during 2014-2019.
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The third-party banking software helps in performing core banking functions, such as private wealth management and business intelligence services. It also aids in increasing profits, reducing the overall operating costs, understanding the changing consumer demands and facilitating flexible operations. Therefore, it is widely utilized by retail, commercial and trading banks to connect to a desired interbank network and streamline their processes.
Several banking enterprises are currently increasing their geographical reach to expand the customer base. This is escalating the demand for third-party banking software to enhance productivity and operational efficiency. Other than this, these enterprises also offer frequent software updates, which assist in improving the safety and security of financial services and reducing fraud and malpractices. Furthermore, the integration of cloud-based solutions with banking software is also impelling the market growth. Moreover, the introduction of mobile and online banking, along with the rising adoption of consumer-centric core banking, is anticipated to positively influence the demand for third-party banking software in the upcoming years.
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/third-party-banking-software-market
Insights on Market Segmentation:
Market Breakup by Product:
Core Banking Software
Multi-Channel Banking Software
Business Intelligence Software
Market Breakup by Deployment:
Market Breakup by Application:
Market Breakup by End-User:
Retail and Trading Banks
Market Breakup by Region:
Middle East and Africa
The competitive landscape of the industry 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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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.