The global core banking software market was valued at $10.5 billion in 2021 and is expected to reach $21.12 billion by 2028, growing at a CAGR of over 10.5% over the forecast period (2022-2028).
Westford, USA, Sept. 1, 2022 (GLOBE NEWSWIRE) — In recent years, a growing number of companies in the core banking software market use core banking software to streamline their operations. The software allows these companies to manage their finances, customer relationships, and marketing efforts all from one platform. This saves time and money and makes it easier for companies to keep track of their finances.
According to SkyQuest’s analysis, many companies in the global core banking software market find core banking software a valuable tool for managing their finances. It helps them stay organized and make efficient decisions about what to spend their money on. The software also makes it easy for businesses to track the activity and progress of their customers. In fact, our recently published market research report shows that core banking software is now used by nearly 89% of all banks in the world. The study also found that for every 10% increase in customer churn rate, there was a corresponding 1.5% drop in revenue in 2021. Through its automation capabilities, CBS can help banks prevent customers from leaving and instead keep them locked in their relationships with customers. the couch.
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SkyQuest Research Reveals Public Cloud is the Most Preferred Choice of Financial Institutions for Deploying Core Banking Software
Public cloud has become an integral part of the modern data center in the global core banking software market. It provides a cost-effective, scalable and more reliable way to store, access and manage the company’s most important banking applications. By using public clouds, banks or NBFCs can reduce their overall technology costs and improve security and disaster recovery planning.
One of the most popular public clouds for core banking is Amazon AWS. Amazon has released many cloud computing innovations, making it an ideal choice for organizations looking for a public cloud to store their most important banking applications. Amazon AWS includes features such as autoscaling, multi-role support, security groups, and quickstart templates that make it easy to get started with the cloud. In addition, AWS integrates with most major banking software platforms, making it easy to move current applications to the cloud.
In 2021, SkyQuest’s core banking software market study found that 85% of financial institutions rated public clouds as their preferred option when deploying core banking software, up from 76% in 2017. The main reasons for this change were that public clouds offer global reach and the ability to deploy on demand. Additionally, 88% of respondents cited a lower total cost of ownership (TCO) as a benefit of using public clouds, compared to 65% who cited this as a benefit of using private clouds.
SkyQuest has identified current trends in the global core banking software market. This will help market participants identify end-user preferences and why they are making the choice. The report would help gain deeper insights about their behavior, key players in the market, their growth strategies, targeting channel, impact of pricing on brand selection, impact of characteristics of purchasing decision making, among others.
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Oracle Corporation, Fiserv, TCS and SAP AG have a 39% share of the global Core Banking Software market
A research analyst at SkyQuest has estimated that Oracle Corporation, Fiserv, TCS and SAP AG will dominate the global core banking software market with a combined market share of 39%. The four companies are expected to benefit from the growth of the banking sector and the shift to digital banking. The report attributes this growth to multiple factors, including the increasing use of mobile apps and cloud-based solutions.
The companies also benefit from their investments in R&D and their dominance in specific markets. Oracle Corporation has a strong presence in ERP systems, while Fiserv is dominant in payment processing. TCS is a leading provider of customer experience software, while SAP is a global leader in business process automation (BPA).
The companies in the global core banking software market are also focusing on expanding their products into new geographies and markets. Oracle Corporation already operates in more than 160 countries worldwide, Fiserv has operations in more than 50 countries, and TCS has operations in more than 80 countries. SAP AG is also expanding its product offering into new geographies, with plans to have products available in 100 countries by the end of 2022.
Our research shows that Oracle Corporation has consistently led the market in global banking software market share and is expected to maintain its strong position over the forecast period thanks to its broad customer base such as HDFC Bank, Westpack, KeyBank, Interbanking, MKB Bank, among others.
SkyQuest has published a report on the global core banking software market. The report would assist the market participants in identifying current growth opportunities, strengths and weaknesses of leading market players, their customer base, market share analysis, competitive landscape, consumer base, revenue generation by each company, growth and marketing strategies and solution they provide to supplier. This information would be helpful in devising growth strategies and gaining a competitive advantage over other competitors.
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Recent Developments in the Global Core Banking Software Market
In August 2022, Bank of Queensland (BOQ) went live with a new cloud-based core banking system. The system was developed by Temenos, a banking technology provider, for its BOQ and Virgin Money brands
In August 2022, Heritage Bank joined a new core banking system
In August 2022, Galoy raised $4 million in funding to launch its open-source core bitcoin banking platform
In August 2022, Savana, a US-based player in the global core banking software market, raised $45 million to digitize banks’ services
In August 2022, Advanced Mobile Factoring Solutions partnered with еfcom and Software Group to develop a simpler working capital financing solution
In August 2022, MANTL announced a partnership with Credit Unions to develop an omnichannel deposit generation platform
SkyQuest has tracked more than 100 key developments in the global core banking software market. These developments would help to gain insights about new product launches, partnerships, joint ventures, new customer acquisition, investments, vision of companies and their growth plans in the near future.
Major Players in the Global Core Banking Software Market:
Oracle Corporation (US)
SAP SE (Germany)
Tata Consultancy Services Limited (India)
Capital Banking Solutions (US)
EdgeVerve Systems Limited (India)
Finastra International Limited (UK)
Fidelity National Information Services, Inc. (US)
Fisher, Inc. (US)
Mambu GmbH (Germany)
Temenos AG (Switzerland)
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