Regional Analysis
Regionally, the global Core Banking Solutions Business has been segmented into the Asia Pacific, North America, South America, Europe, the Middle East & Africa.
North America is leading the market in terms of market share in the global core banking solution market. The US is the main market for core banking solutions. The country has attracted international investors since it has a higher number of financial institutions than any other country. The North American market is mainly dominated by local players, resulting in major entry barriers. However, as a result of the huge growth in the region, foreign investors are increasingly inclined to join the US market. Core banking solutions have also been widely deployed by medium and large banks with assets worth more than USD 1 billion.
Europe holds third place in the market. Western European banks have become an evident provider of core banking solutions due to their digital transformation. Western Europe has also seen strong core banking over the years due to open banking, public cloud banking, and AI, which have changed the industry to the core. Some CBS providers include Avaloq, EdgeVerve Systems, Enterprise ERI, and EVRY, among others. In Eastern Europe, it has been noted that Spain is increasingly promoting Fintech. For example, Orange Bank uses Mambu fintech to provide the core system in order to ensure hassle-free banking services to its customers.
Key Players
The industry giants in the global core banking solution market are Jayam Solutions Private Limited (India), Infosys Limited (India), UNISYS (US), SAP SE (Germany), Fiserv, Inc. (US), HCL Technologies Limited (India), Tata Consultancy Services (India), Oracle Financial Services Software Limited (India), Capgemini SE (France), Temenos Group AG (Switzerland), and Fidelity National Information Services, Inc. (US).
Industry News
In January 2020, Fidelity National Information Services announced the launch of the FIS modern banking platform for providing enhanced customer experience. This platform uses componentized, cloud-first, and API-supportive architecture.
In January 2020, Fidelity National Information Services collaborated with Union Bank, a member of MUFG Americas Holdings to offer next-generation core banking solutions to the bank. Union Bank will use the FIS modern banking platform to encourage innovation and meet the emerging needs of its clients.
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Market Synopsis
According to Market Research Future (MRFR), the global core banking solution market is projected to reach USD 9,359.89 million at a CAGR of 5.4% from 2020 to 2030 (forecast period). The report offers a meticulous and reliable analysis of the impact of the COVID-19 pandemic on the global core banking solution market.
Nowadays, banks are strongly focused on customer interaction and engagement to ensure customer loyalty and are innovative in addressing critical problems, making them simpler for their customers. Core Banking Solutions (CBS) is proving to be a successful tool for achieving customer satisfaction and, therefore, loyalty. At the same time, banks have also begun to understand the effectiveness and value of CBS and are gradually embracing and implementing these solutions. This increases the uptake of CBS and, as a result, increases its market size on the global platform.
Core Banking Solutions (CBS) promote online, centralized real-time banking. Through which all information and transaction details of an account holder are maintained on a network server and can be accessed from any location by the account holder. Over the last few years, banks and financial institutions have witnessed phenomenal transformations in services, offerings, and overall operations, due to the technological developments that have brought these improvements in the banking services environment landscape to the core.
Market Dynamics
The market is powered by factors such as the rising need for banks to provide improved customer services due to the rapidly evolving consumer market and the growing need to link conventional banking systems to a centralized server or data center. Nevertheless, the lack of awareness and infrastructure in rural areas of developing countries is one of the significant issues facing companies, which is also hindering the market growth.
Market Segmentation
The global core banking solution market has been segmented into components and deployment.
By component, the global core banking solution market has been segmented into solution and service. The solution segment had a larger market share of 65.81% in 2017; the market is projected to attain the highest CAGR of 5.99% during the forecast period. The service segment is expected to have a CAGR of 4.82%. Among the solutions, account processing has led the market with a market share of 34.95%, while solutions for deposit and enterprise customers are expected to report the highest CAGR of 7.44% and 7.34%, respectively.
By deployment, the global core banking solution market has been segmented into on-premise and on-cloud. The on-premise segment accounted for a higher market share of 69.22% in 2017, and the market is projected to achieve a CAGR of 5.20% during the assessment period. The on-cloud segment is expected to attain the highest CAGR of 6.47% during the assessment period.
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