The global Third-Party Banking Software Market was valued at USD 24.9 billion in 2022 and it is anticipated to grow up to USD 50.1 billion by 2032, at a CAGR of 7.3% during the forecast period.
Third-party banking software is a type of software that is developed by a company that is not a bank, but which provides banking services to banks and other financial institutions. These companies typically develop software that helps banks to manage their customer accounts, process transactions, and comply with regulations. Some of the largest third-party banking software providers include FIS, Jack Henry & Associates, and Temenos.
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Market Trends and Drivers
The addition of analytics to third-party banking software is a significant component fostering the market’s expansion. Due to the development of digital technology, consumers in the banking sector are altering how they access banking services. To communicate with businesses and obtain financial services, they are adopting mobile devices and digital technology. Due to this, the amount of client data held by businesses in the banking sector has increased exponentially.
These businesses can examine the data they collect, enabling them to take quicker, more informed decisions that would increase efficiency across the board. Such factors will provide lucrative opportunities for Third-party Banking Software Market expansion over the forecast period.
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People worry about how reliable third-party software is. This is true if users seeking a program that will let them access every bank account they have. For many years, financial institutions have already earned the community’s trust. Therefore, it is clear that financial organizations stand a higher chance of gaining customers’ trust when viewed from the viewpoint of a bank user.
For much third-party banking software, the hardest element would be attracting bank users and getting their permission to execute banking activities on their behalf.
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Global Third-party Banking Software Market Segmentation
By Product
- Core Banking Software
- Omni-Channel Banking Software
- Business Intelligence Software
- Private Wealth Management Software
By Application
- Risk Management
- Information Security
- Business Intelligence
- Training and Consulting Solutions
By End-user
- Retail Banks
- Commercial Banks
Major Players in the Global Third-party Banking Software Market
The key players in the Third-party Banking Software Market are Microsoft Corporation, International Business Machines (IBM) Corporation, Oracle Corporation, SAP SE, Tata Consultancy Services (TCS), Infosys Ltd., Capgemini SE, Accenture plc, FIS, Inc., and Fiserv, Inc., among others.
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