Latest News- Digital Banking Platforms Market: Retail banking is expected to lead the Type segment during 2025-2029

The Digital Banking Platforms Market is being driven by Growing use of digital payment solutions

The Digital Banking Platforms Market is expected to grow at a CAGR of 16.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 27800.5 million. Blockchain-as-a-Service (BaaS) is a cloud-based solution that enables organizations to manage and develop distributed ledger systems through a scalable and flexible platform. Microsoft's Ethereum Blockchain-as-a-Service (EBaaS), in collaboration with ConsenSys, offers a cloud-based blockchain development environment. This solution can be implemented via Microsoft Azure, a cloud computing platform, to create and manage blockchain applications. Additional features like Cortana Analytics and Customer Relationship Management Online (CRMOL) can also be integrated with EBaaS. Microsoft caters to corporate and application software developers by providing BaaS for efficient and cost-effective management of distributed ledger technologies. Similarly, IBM's Bluemix cloud computing platform offers cloud solutions for decentralized and distributed ledgers. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Retail banking
  • Corporate banking
• Component
  • Platforms
  • Services
• Service Type
  • Online banking
  • Mobile banking
• Geography
  • North America
    • Canada
    • Mexico
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • South America
  • Middle East and Africa

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

• Growing use of digital payment solutions
• Increased efficiency in banking operations
• Increased need for greater customer satisfaction

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

• Issues related to data privacy and security
• Poor internet connectivity in developing countries
• Interoperability issues

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Market Scope in Digital Banking Platforms Market Research Report

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Research Analysis Overview

Digital banking platforms are leveraging advanced technologies such as artificial intelligence (AI) and machine learning (ML) to enhance customer experience through virtual assistants, voice recognition, predictive analytics, and behavioral biometrics. Regulatory technology (regtech) integrations include transaction monitoring, anomaly detection, compliance automation, and marketing automation. Open source software and microservices architecture enable agile development, while cloud security, system integration, data migration, and third-party risk management ensure platform security and reliability. Additionally, features like customer segmentation, loyalty programs, user engagement, performance optimization, business continuity planning, disaster recovery, compliance testing, and security auditing contribute to the overall success of digital banking platforms.

Market Research Overview

The Digital Banking Platforms market encompasses revenue generated by financial institutions offering mobile banking applications, online banking services, payment gateways, biometric authentication, and fraud detection systems. According to Technavio's market research, this market is segmented into mobile banking apps, online banking security, payment gateways, biometric authentication, and fraud detection systems. The report calculates the market size based on the revenues generated by these specialized financial services providers. It excludes revenues from industries such as casino and gaming, hotel, resorts, and cruise lines; leisure facilities; restaurants; and education services.. 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/