Latest News- Third-Party Banking Software Market: Core banking software is expected to lead the Type segment during 2025-2029

The Third-Party Banking Software Market is being driven by Growing use of digital payment solutions

The Third-Party Banking Software Market is expected to grow at a CAGR of 6.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 10.56 billion. In today's digital age, customers in the banking sector are increasingly utilizing mobile devices and technology to engage with financial institutions and access banking services. This shift has resulted in an explosion of customer data within enterprises in the banking industry. By leveraging third-party banking software with advanced analytics capabilities, financial institutions can effectively harness this data to make informed decisions, enhance operational efficiency, mitigate risks, and gain valuable customer insights. Ultimately, this empowers banks to drive profitability, optimize performance, and deliver superior customer experiences. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Core banking software
  • Omnichannel banking software
  • Business intelligence software
  • Wealth management software
• Deployment
  • On-premises
  • Cloud
• Application
  • Risk Management
  • Information Security
  • Business Intelligence
• Service Model
  • Managed Services
  • Professional Services
  • Implementation Services
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • 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 need for greater customer satisfaction
• Need for enhanced efficiency in banking operations

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

• Issues related to data privacy and security
• Interoperability issues
• Stringent regulations and compliance requirements for third-party banking software

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Market Scope in Third-Party Banking Software Market Research Report

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Research Analysis Overview

The Third-Party Banking Software Market is witnessing significant growth due to the integration of embedded finance, digital wallets, and fintech startups. Challenger banks and blockchain technology are driving innovation, while open APIs ensure seamless integration and data security. Risk management and regulatory compliance are prioritized with cloud security and customer journey mapping. Agile methodologies, continuous integration, and delivery enable quick market response. Microservices and service-oriented architectures provide flexibility, while API security, data encryption, and multi-factor authentication ensure data protection. Customer segmentation, marketing automation, and data-driven decision making enhance customer experience. Biometric authentication, e-commerce integration, payment gateways, and merchant services expand offerings. Digital identity verification streamlines customer onboarding, and customer support remains a key focus.

Market Research Overview

The Third-Party Banking Software Market is a segment of the larger Global IT Application Software Market, focusing on solutions designed for financial institutions. This market encompasses businesses specializing in API integration, open banking, financial technology, and customer relationship management (CRM) software. Technavio's market analysis calculates the market size based on the consolidated revenue of these companies, providing cloud-based solutions essential for digital banking services. These firms offer enterprise-level software, enabling seamless integration of various banking applications and ensuring secure data management, ultimately enhancing customer experience.. 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/