The Core Banking Solution Market is expected to have a value of just under US$ 7.6 billion in 2017 and exhibit the highest market attractiveness of 5.0 for the period from 2017 - 2027.
New research report offers a comprehensive analysis of the “Core Banking Solution Market: Banks End User Segment to Lead in Terms of Value Share Throughout the Forecast Period: Global Industry Analysis 2012 - 2016 and Opportunity Assessment 2017 - 2027 “The main objective of this report is to deliver insightful information and clear-cut facts pertaining to the growth trajectories of the market.
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Branch Less Banking to Impact Core Banking Solution Market
It is quite challenging for banks in emerging economies to establish a physical presence to cater to the immense needs of an underserved populations in rural areas. Branch less banking offers a good solution to this predicament and banks have invested in mobile banking, net banking, and email banking to be available to any customers with the tap of a button.
Banks are now able to tap customers in far-flung rural areas and thereby increase banking frequency.
There is a strong likelihood of some customers avoiding the use of banks because of the difficulties faced in terms of travel and time with branch based transactions. Therefore, banks are providing their customers ample choice and easy access via smartphones and companies involved in the core banking solutions market should take this into account.
Banks Dominate the Core Banking Solution Market by End Users
Banks have a commanding position in the core banking solutions market and are poised to gain massive BPS over the course of the forecast period. The banks segment is expected to have a value of just under US$ 7.6 billion in 2017 and exhibit the highest market attractiveness of 5.0 for the period from 2017 to 2027.
The financial institution segment is roughly half the size of banks in the core banking solutions market. Nonetheless, a CAGR of 4.6% from 2017 to 2027 makes it unwise to ignore financial institutions entirely in the core banking solutions market.
Banks Focussing on Consumer Analytics to Foster Loyalty
Nowadays, banks have begun to prioritize customer behavioural analysis through big data. This is one of the biggest trends in the core banking solutions market and customer data analytics is essentially studying the customer’s data provided to the respective bank.
Customer data analytics functions as the base for modifying the core banking solution to cater to changing customer requirements. Key stakeholders in the core banking solutions market are trying to develop new and innovative technologies that increase their customer base while entrenching loyalty amongst the current ones, primarily by way of exhaustive consumer analytics.
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Customer Satisfaction and Retention Critical in Core Banking Solution Market
As a result of cutthroat competition in the banking sector, retail banks now face the challenge of customer retention and core banking solutions are the link between banks and their customers in ensuring this is addressed. Core banking solutions allow banks to perform an effective customer analysis while simultaneously enabling customers to carry out their usual banking transactions.
Customer satisfaction is improved with the core banking solutions and the latter go a long way in reducing customer effort.
North America and Europe have Well-Developed Financial Infrastructure
North America and Europe have a robust financial infrastructure in place with New York and London being the global capitals of financial transactions. The Western Europe banks segment is anticipated to have a value of almost US$ 3 billion by end 2027 that should make it roughly twice the size of financial institutions at that time.
A similar potential exists in the North America banks segment as is it predicted to push past US$ 3.1 billion in end 2027.
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