iCrowdNewswire Feb 4, 2021 6:00 AM ET
According to the new research report titled “Retail Core Banking Systems Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the global retail core banking systems market is expected to reach US$ 11,410.83 million by 2027, registering a CAGR of 9.5% during 2020–2027, the forecast period considered in the report.
The scope of study involves understanding the factors contributing to the growth of the market; it also includes estimating and forecasting the revenues and conducting market size analysis, along with spotting significant market players with their key developments.
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North America Accounted for Largest Market Share in 2019
North America is one of the technologically advanced regions in the world due to the early adoption of technologies, government investments in new advancements, and strong growth of economies of different countries. With the rapid digitization in this region, growing customer preference for online and mobile solutions, and the requirement of enhanced resilience and efficiency have driven the demand for retail core banking systems. The Bank of America, an American multinational investment bank and financial services holding company, spent US$ 3 billion on various technology initiatives. At present, Bank of America has 37 million active digital banking users and 27.1 million active mobile banking users.
The US is the largest market for retail core banking systems in North America. As the country owns a huge number of financial institutions, it has been successful in captivating global investors. Since the past few years, owing to changing consumer demands, retail banks are adopting advanced technologies such as Artificial Intelligence (AI), Blockchain, and the Internet of Things (IoT) for various banking solutions. Additionally, the banks in this region are inclined toward investing in cloud-based technologies since the banking industry generates a huge volume of crucial data. The increasing use of Big Data analytics is one of the major trends in the North American retail core banking systems market. This technology is gaining immense popularity in the region since it offers a wide-range analysis and useful insights about the customers. These analytical solutions perform predictive analysis that helps retail banks to assess different strategies and make better informed decisions, which allows them to reduce costs, and enhance performance, profitability, and customer service.
Impact of COVID-19 Pandemic on Retail Core Banking Systems Market
Several developed countries in the world represent a major market for retail core banking systems due to the high adoption of cloud and mobile technologies in their BFSI sectors. The US and developed countries in Europe have also witnessed a growth in the number of fintech. Major countries have increased their contactless limits; thus, the demand for digital banking services has doubled in various countries. The COVID-19 pandemic has boosted the digitization of the banking sector due to drastic changes in customer expectations. Digitalization would support banks stay competitive during the challenging operating conditions that have been introduced by the pandemic.
Key Findings of Study:
There is immense competition in the retail banking industry owing to increasing number of new entrants. Fintech and investment banks are leveraging new channels and technology-enabled platforms to provide core banking services to the clients. AI plays an important role in digitalization and transformation of the advanced business processes. This technology is the foundation of the next-gen BFSI industry. It comprises algorithms, patterns, and predictive insights that provide the ability to learn from recorded data and experiences. Additionally, the technology optimizes customer experiences and transforms business processes. Further, by surging labor productivity, this technology could mitigate operating costs of the BFSI sector.
AI aids optimized user experience and simplifies back-office operations. Customers can communicate with a smart voice-enabled bot, 24/7, to lodge complaints or report issues such as loss of card. With such AI capabilities, banks can rapidly acknowledge and identify customers who have been disconnected from their services. Several leading companies are investing in technology and offering AI-based core banking solutions. For instance, Oracle Corporation offers a cloud platform that provides access to advanced digital channels and financial offerings using AI. The AI-enabled core systems would enable retail banks to automate and streamline the banking process.
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