Overview and Scope
Retail core banking solution refers to a centralized system that allows banks that primarily serve individual consumers rather than enterprises to conduct business regardless of the bank’s branch. Retail core banking solutions provide banks with low-cost funding, assist in the establishment, and maintain effective customer relationship management (CRM).
Sizing and Forecast
The retail core banking solution market size has grown rapidly in recent years. It will grow from $4.49 billion in 2023 to $4.96 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to regulatory compliance requirements, customer demand for digital services, operational efficiency and cost reduction, enhanced data security and privacy, competition and market dynamics..
The retail core banking solution market size is expected to see strong growth in the next few years. It will grow to $7.14 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to digital transformation initiatives, integration of analytics and business intelligence, shift to cloud-based solutions, open banking and api integration, focus on customer experience.. Major trends in the forecast period include regulatory compliance, real-time payments, mobile banking enhancements, analytics for business insights, ecosystem collaboration..
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Segmentation & Regional Insights
The retail core banking solution market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment: Cloud, On-Premises
3) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
4) By Application: Regulatory Compliance, Risk Management, Digital Banking, Data Storage, Other Applications
North America was the largest region in the retail core banking solution market in 2023. The regions covered in the retail core banking solution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rising customer demand for mobile and net banking is significantly contributing to the growth of the retail core banking solutions market going forward. Mobile banking is a financial service that allows clients to use their mobile devices, such as smartphones or tablets, to access and manage their banking accounts and complete various financial activities. Net banking refers to a banking service that allows clients to access numerous banking services and conduct financial transactions online. The retail core banking solution is used for connecting net banking services with regular operating channels of the bank to ensure smoother operations across channels. The retail core banking solution is used to offer faster mobile banking services to consumers. For instance, according to MoneyTransfers.com, a US-based company designed for transferring and receiving money around the world, global number of online banking including mobile and internet banking users will reach to 3.6 billion by 2024. Furthermore, in February 2023, according to data published by the National Payments Corporation of India (NCPI), an India-based non-profit organization set up by the Reserve Bank of India (RBI) for creating robust payment infrastructure in India, total digital transactions in India increased from 5,554 (Crore) in the 2020–2021 period to 8,840 (Crore) in the 2021–2022 period. Therefore, the rising customer demand for mobile and net banking will drive the retail core banking solutions market.
Key Industry Players
Major companies operating in the retail core banking solution market report are Wells Fargo, Mambu GmbH, Oracle Corporation, SAP SE, Tata Consultancy Services Limited, Banco Bilbao Vizcaya Argentaria, Infosys Limited, Fiserv Inc., Fidelity National Information Services Inc. (FIS), Wipro Core Banking As-a-Service, Polaris Software, Unisys Corporation, Jack Henry & Associates Inc, Finastra Group Holdings Limited, Temenos AG, EdgeVerve, Sopra Banking Software, InfrasoftTech, Backbase B.V, Silverlake Axis, 3i Infotech, Nucleus Software, Neptune Software, Profile Software, ICS Financial Systems, Kiya.ai, HES Core
The retail core banking solution market report table of contents includes:
1. Executive Summary
2. Retail Core Banking Solution Market Characteristics
3. Retail Core Banking Solution Market Trends And Strategies
4. Retail Core Banking Solution Market – Macro Economic Scenario
5. Global Retail Core Banking Solution Market Size and Growth
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32. Global Retail Core Banking Solution Market Competitive Benchmarking
33. Global Retail Core Banking Solution Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Retail Core Banking Solution Market
35. Retail Core Banking Solution Market Future Outlook and Potential Analysis
36. Appendix
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