Global Retail Core Banking Solution Market Report 2022: Growing Demand for Improved Customer Experience Drives Innovation
DUBLIN, Jan. 31, 2023 /PRNewswire/ -- The "Global Retail Core Banking Solution Market Size, Share & Industry Trends Analysis Report By Component, By Deployment Mode (Cloud and On-premise), By Organization Size (Large Enterprises and SMEs), By Application, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
Increase in applications for IoT solutions in banking sector
IoT impacts banking customer service in various ways. Customers receive timely insights and a personalized experience. Visitors can make an appointment and verify it in their smartphone due to device connectivity. Customers now understand when it is their turn to stand in line rather than wait at the counter. Additionally, the bank maintains a record of each customer's appointments, the services they utilize each time they come in and any questions they may have.
Based on Component, the Retail Core Banking Solution Market is classified into Solution (without services) and Services. The Services segment registered the significant revenue share in the Retail Core Banking Solution Market. Modern banks need several complex systems to work together to ensure continuous service delivery and reliability. The retail core banking services model ensures that all the systems are managed at once and have outstanding usability, complete functionality, bug fixes, and timely upgrades.
Deployment Mode Outlook
Based on Deployment Mode, the Retail Core Banking Solution Market is classified into Cloud and On-premise. The on-premises segment accounted for the substantial revenue share in the Retail Core Banking Solution Market during 2021. The banking organization favors on-premise solutions because of their many benefits. One of these benefits is total risk reduction because the data is controlled and hosted on private servers.
Organization Size Outlook
Based on Organization size, the Retail Core Banking Solution Market is classified into Large Enterprises and Small & Medium Enterprises. In 2021, the Small and Medium Enterprises segment showcased the considerable revenue share in the market. The segment is anticipated to rise due to S.M.E.s' evolving need to adapt their operations and financing facilities and their growing demand for flexibility. The increasing S.M.E. ecosystem is also accelerating the desire for S.M.E.s to install retail core banking products, which will likely accelerate the segment's growth.
Based on application, Retail Core Banking Solution Market is divided into Regulatory Compliance, Risk Management, Digital Banking, and Others. In 2021, the regulatory compliance segment acquired the highest revenue share in the market. The dominance might be attributed to the importance of client data protection in the banking industry. Every data breach or internet attack could cause irreversible harm to a business. One advantage of a tailored solution is the capacity to provide extra protection layers.
Based on geography, the Retail Core Banking Solution Market is categorized into North America, Europe, Asia Pacific, and LAMEA. North America led the Retail Core Banking Solution Market with the largest revenue share in 2021. Due to significant continuous technological advancements in core banking solutions and acceptance by well-known firms like Canadian Western Bank and HSBC Holdings plc, the dominance is predicted to last over the projection period.
Key Market Players
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SOURCE Research and Markets