NEW YORK, Jan. 11, 2024 /PRNewswire/ — The third-party banking software market by type (core banking software, omnichannel banking software, business intelligence software, and wealth management software), deployment (on-premises and cloud), and geography (North America, Europe, APAC, South America, and Middle East and Africa) – Forecast and Analysis 2024-2028″ report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the third-party banking software market between 2023 and 2028 is USD 12.31 billion.

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The need for enhanced efficiency in banking operations is the key factor driving market growth. This growth factors from various catalysts, notably the demand for innovative solutions such as Core Banking Systems, Internet Banking Solutions, Mobile Banking Platforms, Cloud-based Banking Services, API Banking Platforms, Data Analytics and big data, Account Management Software, Transaction Monitoring Systems, Loan Origination and Servicing, Treasury Management Systems, Banking-as-a-Service (BaaS), and Open Banking Solutions. These advancements align with the industry’s pursuit of streamlined processes and enhanced customer experiences.

Market Trend

The growth of the Third-Party Banking Software Market is influenced by the proliferation of digital wallets, a significant trend boosting market expansion. This trend intersects with key components such as Payment Processing Systems, Anti-Money Laundering (AML) Software, Cross-Channel Banking Solutions, Banking ERP Systems, Personal Financial Management Tools, Wealth Management Systems, Biometric Security in Banking, ATM Management Software, Blockchain Technology, and Artificial Intelligence (AI) in Banking. The surge in digital wallets and payments highlights a shifting paradigm towards convenient, secure, and versatile payment methodologies in the banking domain.

Market Challenge

Issues related to data privacy and security is a significant challenge restricting market growth. This challenge necessitates robust Cybersecurity Solutions, Risk Management Software, Customer Relationship Management (CRM) tools, Fraud Detection Systems, Chatbots and Virtual Assistants in Banking. Addressing this issue also requires compliance with Regulatory Compliance Software, rigorous Financial Analysis and Reporting, and advanced Financial Planning Software to fortify data protection measures and maintain trust amid evolving threats.

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The third-party banking software market is segmented by type (core banking software, omnichannel banking software, business intelligence software, and wealth management software), deployment (on-premises and cloud), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The market share growth by the core banking software segment will be significant during the forecast period.  Due to an increase in retail banking penetration, the core banking software segment is expected to expand. One of the main factors that drive growth in consumer banking is initiatives taken by governments from countries like India to encourage people to set up a bank account.

• North America is estimated to contribute 32% to the growth of the global market during the forecast period.

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Key Companies in the third-party banking software market:

AAZZUR Ltd., American Express Co., ATOM FINANCE INC., Avaloq Group Ltd., Backbase B.V., Banco Bilbao Vizcaya Argentaria SA, Bank of America Corp., Capgemini Service SAS, Capital Banking Solutions, Fidelity National Information Services Inc., Finastra, Fiserv Inc., HCL Technologies Ltd., Infosys Ltd., Intellect Design Arena Ltd., InvestCloud Inc., JPMorgan Chase and Co., Mambu B.V., MicroStrategy Inc., Oracle Corp., Q2 Holdings Inc., Quinenco S.A., SAP SE, SoFi Technologies Inc., Sopra Steria Group SA, Tata Consultancy Services Ltd., Temenos AG, The Goldman Sachs Group Inc., Unisys Corp., Virtusa Corp., Wipro Ltd., ZKAPITOL Technologies Ltd., and Nucleus Software Exports Ltd.

Related Reports:

The core banking software market size is estimated to grow by USD 20,638.03 million at a CAGR of 19.9% between 2022 and 2027. 

The loan servicing software market size is estimated to grow by USD 2,130.07 million at a CAGR of 10.72% between 2022 and 2027. 

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Deployment 

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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