Banking industry has undergone a paradigm shift over the years and they are known to have leaned on technology heavily to increase their profit margins, improve operations and better serve customers. One of the emerging trend in that direction is leveraging third-party banking software. It helps them to reduce operational costs and enhance profits by understanding customers changing demands and facilitating flexible operations.
A third-party banking software can serve as a multi-channel banking software, core banking software, private wealth management software and business intelligence software solution. Commercial banks are installing third-party banking software solutions to connect to a desired interbank network as well as to other modular software. Retail banks and trading banks use it to streamline their operations.
Global third-party banking software market is driven by growing necessity to increase productivity and operational efficiency of banking industry. In addition, growing demand for standardized activities in the banking sector and increased adoption of customer-centric core banking propels the growth of the market. However, concerns regarding information security and high costs of moving from legacy systems to the new automated systems limits the growth of this market. Furthermore, increasing implementation of online banking and mobile banking by customers which shows high level of inclination towards accessing their account details and perform financial actions by using their laptops, smartphones, tablets and emerging trends such as patch management is expected to provide numerous opportunities for this market to grow.
The third-party banking software market is segmented on the basis of product type and application. Product type segment covered in this study include core banking software, multi-channel banking software, bi software, private wealth management software. Based on application, the market is segmented into risk management, information security, business intelligence, and training and consulting solutions. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global third-party banking software market is dominated by key players such as Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Tata Consultancy Services Limited., Infosys Limited, Capgemini, Accenture., NetSuite Inc., and Deltek, Inc.
Key Benefits
- The study provides an in-depth analysis of the global third-party banking software market and current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided.
- Porters Five Forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global market is provided to determine the market potential.
Third-Party Banking Software Market Report Highlights
| Aspects | Details |
 By Product |
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 By Market Application |
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 By Geography |
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 Key Market Players | Deltek, Inc, NetSuite Inc., Accenture., Infosys Limited, IBM Corporation, Microsoft Corporation, Oracle Corporation, Tata Consultancy Services Limited., SAP SE, Capgemini |
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