The growth of the market is governed by various factors such as growing demand for consumer electronics and reliable and safe methods for various financing purposes
The Digital Banking Platform Market is expected to reach USD 28.65 Billion by 2028, according to a new report by Reports and Data. The increase in growth is mainly associated with the increase in consumer electronics like smart phones, laptop among others coupled with the adoption of advanced cloud technology services that allows thousands of customers to access similar resources helping companies to cut down their expenses. Based on statistics, the penetration of advanced cloud based platforms that helps to develop new technology is also a significant factor stimulating market demand.
A digital financing system is a software system practiced to execute, deploy and solve the complications associated with conventional form of financing with the help of technology. The precise implementation of digital financing automates the method practices for various financing purposes. Thus, digital financing is assumed to be adopted at a large scale in the future. Also, it is growing in popularity as it is time saving and customers can operate their services just at the ease of their comfort efficiently. Due to these specialties, the Digital Banking Platform Market is anticipated to have latent growth during the forecast period.
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Deployment Outlook (Revenue, USD Million; 2018-2026)
Solutions Outlook (Revenue, USD Million; 2018-2026)
Services Outlook (Revenue, USD Million; 2018-2026)
Application Outlook (Revenue, USD Million; 2018-2026)
key factors driving the growth of digital Banking platforms and their increasing adoption in both individual and small-to-medium-sized business (SME) segments. The COVID-19 pandemic has indeed accelerated the adoption of these platforms due to the closure of physical bank branches and the demand for contactless transactions. The need for reliable credit evaluation methods has become more crucial as loan defaults have increased during the pandemic.
The integration of artificial intelligence (AI) and machine learning (ML) technology has played a significant role in the expansion of digital Banking platforms. These technologies enable platforms to process and analyze vast amounts of data, leading to more accurate credit decisions and reduced default risks. AI and ML also enhance the overall efficiency of loan processing.
Furthermore, blockchain technology has gained popularity in digital Banking platforms. Its implementation provides secure and transparent loan processing without the need for intermediaries. Blockchain ensures the immutability of records, enhances security, and streamlines the loan approval and disbursal process.
These advancements in technology, along with the convenience offered by online banking services and the widespread use of smartphones and the internet, have contributed to the growth of the digital Banking market. As a result, individuals and SMEs can access credit facilities more easily, with reduced reliance on collateral and faster loan processing times compared to traditional Banking methods.
Regional Markets Highlighted in the Global Digital Banking Platform Market Report:
Top Companies Profiled in the Report:
Ellie Mae, Fiserv, Intellect Design Arena, Nucleus Software, Finantix S.p.A, Newgen Software, Symitar Systems Inc, Sigma Infosolutions, CU Direct, Juris Technologies, FIS Global, Roostify, Mambu, HiEnd Systems, Roostify, Finastra, Argo, Decimal Technologies, Built Technologies, Argo, Rupeepower, TurnKey Lender, Sageworks, Docutech, Tavant Technologies, Temenos, and Pegasystems, HiEnd Systems
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