Core banking includes the service provided by a number of networked bank branches to customers so that they can access their accounts and perform all banking activities such as monetary transactions or loan payments. Using core banking solutions software, banks are easily able to monitor and manage the flow of banking activities and manage risk more effectively.
This report analyses the current status of the global core banking solution market, outlines the key market drivers and the bases for market segmentation, and studies the future trends of this industry for 2018-2025, using 2013 -2017 as the historical base.
The core banking solution market is estimated to reach USD 13 billion by 2023, at approximately a 4% CAGR between 2017 and 2023.
The main factors driving growth include an increased customer demand for advanced banking technology, efficient management of customer accounts from any place and at any time, and a growing need to centralize banking services through a single common server. The impediments include lack of awareness among organizations of the latest banking technology and a lack of synchronization between core banking solution and industry expectations.
Request a Free Sample Report, Click Here @ https://www.wiseguyreports.com/sample-request/3232778-global-core-banking-solution-market-size-status-and-forecast-2025
The report has included a profiling of various prominent players in the market and different trends in the manufacturing landscape. It also identifies some of the new market entrants that are shaping the core banking solution market landscape.
The global core banking solution market can be segmented based on the type of product, application, and geographical region.
Based on the type of product, the global core banking solution market can be split into software and services. Banking solution software includes deposits, loans, enterprise customer solutions, and account processing software. Banking services include managed and professional services. It is expected that the software segment will grow at a higher rate during the forecast period.
As per application, the core banking solution market can be split into banks and financial institutions. Of these, banks occupy the largest share in the core banking solution market and are predicted to grow at the highest CAGR of 5.6% from 2017 to 2027. The reason for this growth is because of the increasing adoption of internet banking or mobile banking which allows banks to serve customers even in far-flung rural areas.
North America, Europe, Asia-Pacific, and the Rest of the World (RoW) are the major regions for the core banking solution market across the world. North America is the market leader in the core banking solution market and is predicted to retain its position during the forecast period. Canada and Western Europe are expected to witness a huge growth till the end of 2027 in the core banking solution market.
In the latest industry news, in September 2019, Infosys Finacle, a wholly owned subsidiary of Infosys, announced the successful completion of a global blockchain trial in partnership with R3, one of the leading global enterprise blockchain software providers. Using Finacle Trade Connect, a global business network of banking nodes, the trial was a simulation of financial transactions in the real world.
In May 2019, Infosys Finacle and Global Treasure Bank (GTB), which is a leading commercial bank in Myanmar, successfully implemented the Finacle Core Banking solution at the bank. This will enable the bank to manage the operations of all its 163 branches using a common platform.
Company Name: Wiseguyreports.com
Contact Person: Norah Trent
Email: Send Email
Phone: +1 646 845 9349, +44 208 133 9349