Latest News- Core Banking Solutions Market: On-premises is expected to lead the Deployment segment during 2025-2029

The Core Banking Solutions Market is being driven by Technological advancements in core banking solutions

The Core Banking Solutions Market is expected to grow at a CAGR of 19% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 25035.4 million. The global core banking solutions market is experiencing a transformative phase, fueled by the integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies. These advanced technologies are empowering banks to offer hyper-personalized services, streamline operations, and boost customer engagement via digital channels. A notable trend is the implementation of AI-powered chatbots and virtual assistants, which provide round-the-clock assistance and customized financial advice. Utilizing Natural Language Processing (NLP), these tools effectively understand customer queries and deliver contextually relevant responses, enhancing satisfaction and reducing turnaround times. Moreover, AI-driven analytics enable banks to predict customer requirements, propose targeted products, and optimize pricing strategies, thereby fostering customer loyalty in an intensely competitive industry. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Deployment
  • On-premises
  • Cloud-based
• End-user
  • Large enterprises
  • SMEs
• Type
  • Retail banking core
  • Universal banking core
  • Corporate banking core
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Technological advancements in core banking solutions
• Rising need for scalability
• Growing digital transformation

However, the market also witnesses some limitations, which are as follows:

• Concerns about data security and privacy threats within banking system
• High cost of implementing core banking solutions
• Risks associated with data migration

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Market Scope in Core Banking Solutions Market Research Report

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Research Analysis Overview

The Core Banking Solutions Market encompasses advanced technologies and features including database encryption, security audits, penetration testing, and compliance frameworks. It offers financial modeling, portfolio management, and wealth management systems for investment management. Customer segmentation enables personalized banking, while channel integration facilitates branchless and omnichannel banking. Mobile wallet and e-commerce integration ensure payment processing speed, with transaction fees and interest rate calculations for loan servicing. Credit risk assessment, liquidity management, and capital adequacy ratio are crucial for financial stability. Operational efficiency and cost optimization are essential for performance monitoring, with regulatory capital and financial stability key considerations.

Market Research Overview

The Core Banking Solutions market encompasses the provision of transaction processing, core banking systems, payment gateway integration, and customer relationship management services to financial institutions. According to Technavio, the global IT consulting and other services market, which includes this segment, is expected to grow significantly due to increasing government investments in modernizing IT infrastructure, resulting in a heightened demand for IT consulting and implementation services to integrate advanced core banking solutions. This trend is particularly prevalent in underdeveloped regions, where there is a scarcity of IT expertise within government agencies. The integration of core banking systems, payment gateways, and CRM solutions enables financial institutions to streamline operations, enhance customer experience, and ensure regulatory compliance.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/