$11,410.83 Mn, Retail Core Banking Systems Market Growth Forecast at 9.5% CAGR During 2021 to 2027

 Breaking News
  • No posts were found

$11,410.83 Mn, Retail Core Banking Systems Market Growth Forecast at 9.5% CAGR During 2021 to 2027

December 01
16:16 2021
$11,410.83 Mn, Retail Core Banking Systems Market Growth Forecast at 9.5% CAGR During 2021 to 2027
The Insight Partners
Retail Core Banking Systems Market is emerging with Growing Integration of Big Data Analytics Technology in Retail Banking by 2027

According to The Insight Partners’ latest market study on “Retail Core Banking Systems Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Offering (Solutions and Services) and Deployment Type (Cloud and On-Premise),” the market was valued at US$ 5,652.32 million in 2019 and is projected to reach US$ 11,410.83 million by 2027; it is expected to grow at a CAGR of 9.5% from 2020 to 2027.

Retail core banking systems are solutions for personal banking or consumer banking that offers banks the ability to serve their customers through digital channels better. These solutions help customers better manage their money by securely transferring and depositing it and accessing credit. The implementation of retail banking system enables low-cost funds for the banks, build a robust base, and maintain efficient customer relation management (CRM), which is expected to propel the demand for retail core banking systems market. Moreover, the increasing demand from customers for net banking and mobile banking is bolstering the market growth. Further, the rising competition from various mobile payment wallets and other fintech is pushing banks to adopt better solutions that could offer easy payment solutions to the customers, which is expected to drive the market’s growth.

Get Exclusive Sample Pages of Retail Core Banking Systems Market at https://www.theinsightpartners.com/sample/TIPRE00006768

Several banks in various regions aim to seek precision in their operating models that would help them make data-driven decisions. The retail banking institutions transform their business by implementing retail core banking systems to offer better services to their customers and reduce operational costs. In Europe, cloud- and AI-enabled digital transformation enables banks to provide core banking solutions. APAC is likely to register the highest CAGR in the retail core banking system market during the forecast period. The rising adoption of advanced technologies in the BFSI industry in countries such as China, India, Japan, South Korea, and Australia accelerates the adoption rate of retail core banking systems. Companies are highly investing in mobile and cloud technologies to streamline their business operations. The Big Data analytics is gaining huge popularity in the market as it delivers a wide-range analysis and useful insights about the customers. This technology performs predictive analysis that helps the banks to assess different strategies and tactics, thereby offering them better decision-making abilities; this benefits the banks through the ability to offer better customer service, accompanied with enhanced profitability, increased performance, and reduced costs. The retail core banking system market in other developing regions, such as the MEA and SAM is also projected to grow at a rapid pace due to the increasing government support toward the digitalization of economies in the respective countries.

Impact of COVID-19 on Retail Core Banking Systems Market:

The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in the year 2020 and likely in 2021 also. However, the BFSI industry is still booming amid the global pandemic due to rise in digital banking. The impact of COVID-19 outbreak on the global retail core banking systems market growth in various countries/regions is described in the below sections. The majority of the consumers have increased usage of their mobile banking app and are using online banking more than before the outbreak.

Intensifying Competition in Retail Banking Industry

Several non-traditional companies—including retailers, technology providers, or Fintech start-ups have entered into the retail banking market, and they are consumer-oriented, technology-driven, and agile. They are using innovative technologies to offer customers better affordability, superior service, and easier access. These companies emerging as strong competitors for the traditional banks by targeting the most profitable segments of their value chains, such as mobile payments, or by completely eliminating banking operations with the introduction of peer-to-peer (P2P) forex and lending. Although the number of these non-traditional companies is limited at present, a few of them have already captured a considerable portion of the traditional banking business. For instance, WeChatPay, a Chinese instant messaging platform for P2P and online payments, serves over 900 million active users every month. In late 2019, AliPay and WeChat expanded their services to allow foreign tourists to add their international credit cards in the mobile wallet, enabling them to pay easier mobile payments in the country.

Order a Copy of Retail Core Banking Systems Market Shares, Strategies and Forecasts 2021-2027 Research Report at https://www.theinsightpartners.com/buy/TIPRE00006768

 

 

About Us: The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us: If you have any queries about this report or if you would like further information, please contact us: Contact Person: Sameer Joshi

E-mail: [email protected] 

Phone: +1-646-491-9876

More Research: https://professionaldoordealer.com/author/theinsightpartners/

Media Contact
Company Name: The Insight Partners
Contact Person: Sameer Joshi
Email: Send Email
Phone: +1-646-491-9876
City: Pune
State: Maharashtra
Country: India
Website: https://www.theinsightpartners.com/pr/retail-core-banking-systems-market/