The New Era of Digital Banking

Banking CIO Outlook | Friday, November 30, 2018

A recent survey conducted by major players in the global retail banking space including Urban FT, Misys, Kony, Backbase, and Mobilearth led to the production of a through qualitative and quantitative array of data influencing market’s future growth prospects. Including investigations done on past markets, ongoing scenarios, and future prospects, the survey presents a complete overview of the competitive scenario in the global retail banking market. According to the survey, important parameters in banking like end users, products, regions, and shareholders are forces which drive the market towards future. These parameters also help clients prognosticate revenue growth in terms of volume with respect to the market for upcoming years.

A major aspect the survey reported is that the digital banking market is expected to grow at a positive compound rate of 22.04 percent from 2018 to 2023. With the rising focus of major players in comprehending respective back-end supply chain management for faster outcomes at lower costs, and the continual growth of online retail, the marketplace has been experiencing substantial upsurges. Additionally, with the integration of market desirability index in the report particularizing growth, and opportunities in the market, a conclusion can be drawn that the major players of the market are responsible for setting the norms for the production for market components.

It is expected that manufacturers, responsible for increasing sales in the digital banking market, have developed a monopoly in the market based on their manufacturing base, basic information databases, and inefficient competitors. Moreover, based on scattered geographies, the report also pointed out that the digital banking market is still in its exploratory stages in most regions and subsequent investments by countries will most likely re-draw it in the upcoming years.

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