IMARC Group, a leading market research company, has recently releases report titled “Digital Banking Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global digital banking platform market growth, share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Industry Overview of Digital Banking Platform Market

A digital banking platform (DBP) is a cutting-edge financial service provider that leverages web-based services, process automation, and application programming interfaces (APIs) to offer seamless digital financial services to customers. With the flexibility to access it through laptops, desktops, and mobile phones, users can easily manage and control their financial operations. The DBP revolutionizes traditional banking by digitizing various services, making tasks like bill payments, loan management, cash withdrawals, opening deposit accounts, and funds transfers convenient and efficient. It goes beyond basic functionalities and offers bank statements and real-time transaction notifications, enabling users to plan and manage their expenses effectively. Moreover, it promotes cardless payments, adding another layer of convenience and security. As a result of its user-friendly interface and comprehensive range of services, DBPs have gained widespread popularity and become a go-to choice for online and mobile banking operations worldwide.

How big is the Digital Banking Platform Market?

The global digital banking platform market size reached US$ 5.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.5% during 2023-2028.

Digital Banking Platform Market Trends and Drivers:

The market is experiencing robust growth, primarily driven by the widespread internet penetration and smartphone usage, which has significantly improved flexibility and transparency in banking operations. Financial institutions are also embracing cloud-based solutions, leading to high scalability and further fueling market expansion. The integration of artificial intelligence (AI) and machine learning (ML) is another key factor contributing to growth, as it enables efficient payment fraud prevention, risk assessment, streamlined know-your-customer (KYC) checks, and enhanced anti-money laundering (AML) processes. The demand for reliable unified payments interface (UPI) transactions has surged due to the increasing use of third-party applications like Google Pay, Whatsapp pay, PhonePe, and Paytm for real-time payments. Moreover, various government initiatives promoting a cashless economy and extensive research and development (RD) efforts by key industry players are fostering a favorable market outlook worldwide.

What Is Included In Market Segmentation?

The report has been segmented the market into following categories:

Breakup by Component:

• Solutions
• Services

Breakup by Type:

• Retail Banking
• Corporate Banking

Breakup by Deployment Mode:

• On-premises
• Cloud-based

Breakup by Banking Mode:

• Online Banking
• Mobile Banking

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa

Who Are The Key Players/Companies In Home Medical Equipment Market?

Appway AG (FNZ (UK) Ltd.), Fidelity Information Services (FIS), Finastra Limited, Fiserv Inc., Infosys Limited, nCino, NCR Corporation, Oracle Corporation, SAP SE, Sopra Steria, Tata Consultancy Services Limited, Temenos AG, The Bank of New York Mellon Corporation and Worldline.