As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
The global market for core banking solutions is being driven by the rising adoption of technology in the financial sector to streamline everyday operations such as monitoring transactions and solving customer queries. Core banking solution is software-driven and allows users to manage multiple branches of a bank account through a centralised system, which is significantly aiding the industry growth. In addition, small and medium enterprises are increasingly adopting core banking solutions to provide enhanced customer service and streamline their operations by providing a platform to securely manage their accounts. This is augmenting the growth of the industry. Furthermore, owing to the surging demand for mobile applications and digital banking services, banks and other financial institutes have adopted the latest technologies to assist customers in banking services with features like online KYC, internet banking, and online document verification, among others, hence contributing to the market growth.
Finastra Limited, a global leader in the market for core banking solutions, in January 2020 announced that TONIK, the first digitally licensed bank of South Asia, adopted Finastra’s Fusion Essence service for its end-to-end core banking capabilities. The core banking solution offered by Finastra Limited aided in TONIK”s retail deposit and customer loans services in the Philippines. Finastra’s Fusion Essence Cloud, driven by Microsoft Azure, is designed to provide agility in order to provide quick and efficient services. In addition to this, the modern, scalable and open capabilities of the solution, along with in-built analytics, aided in gaining consumer insights, which further helped TONIK to enhance customer relations. The low-cost installation, ease, and speed of deployment of Fusion Essence software further strengthened TONIK’s position in the Asia Pacific region, thus contributing to the overall market growth of core banking solutions. The market is further anticipated to be propelled by the expansion of market players like Fiserv, Inc. (NASDAQ: FISV) over the forecast period.
Market Analysis by Component, Deployment Model, Enterprise Size, Type, End User, and Region:
Key Findings of the Report:
Key Offerings of the Report:
The major players in the global core banking solutions market are Capital Banking Solutions, EdgeVerve Systems Limited, Finastra Limited, Fiserv, Inc., and Oracle Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.
EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.
Expert Market Research
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790
*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.
We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.
We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.
Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.