Market Research Report
Third-party Banking Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||945268|
|Published||Content info||112 Pages
Delivery time: 2-3 business days
|Third-party Banking Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: June 18, 2020||Content info: 112 Pages||
The global third-party banking software market grew at a CAGR of around 7% during 2014-2019. The third-party banking software refers to a multi-channel application that performs numerous core banking functions, private wealth management and business intelligence. It is an integrated and customized software solution that outsources and provides end-to-end omnichannel management of banking operations. It is primarily used by commercial, retail and trading banks for improving their interbank network and streamlining their operations. The software aids in minimizing losses due to human errors, maintaining flexibility in operations, improving customer experience and enabling banks to have a competitive edge over other financial institutions.
Significant growth in the banking, financial services and insurance (BFSI) industry is one of the key factors driving the growth of the market. Furthermore, the integration of various cloud-computing applications with banking software is also providing a boost to the market growth. In comparison to the traditionally used manual methods, there is an increasing preference for computerized accounting for bookkeeping and monetary transactions. In line with this, consumers are also more inclined toward accessing their account details and performing financial transactions using their smartphones, laptop and tablets. Additionally, technological advancements, such as the incorporation of big data analytics in third-party banking software, is creating a positive impact on the market. These analytical tools aid in processing large amounts of data and making efficient business decisions to increase profitability and identify market trends, thus enabling access to valuable insights for effective decision-making. Other factors, including the emerging trend of customer-centric core banking and the growing demand for standardized processes in the banking sector, are projected to drive the market further. Looking forward, imarc group expects the market to grow moderately during the next five years.