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.
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
Market Restraints and Challenges
Inadequate internet access in poor nations is one of the major obstacles preventing the market for third-party banking software from expanding. The main prerequisite for third-party banking software to provide highly effective and efficient operations is a powerful and high-quality network. Businesses using this software must have a reliable internet connection that enables them to function effectively in real-time. Furthermore, transferring data from connected devices like servers requires a lot of bandwidth. Additionally, businesses may suffer significant financial losses if the technology is unable to update real-time transactions, particularly in the investment banking industry.
Global Third-party Banking Software Market Segmental Overview
The report analyses the global third-party banking software market based on product, application, end-use, and region.
Global Third-party Banking Software Market by Product
On the basis of product, the third-party banking software market is segmented into core banking software, Omni channel banking software, business intelligence software, Wealth Management Software, and Others. The wealth management software segment registered a significant revenue share in the Third-party Banking Software Market in 2022. It is because as more people look for asset management services to assist them to generate enough retirement income, the need for third-party wealth management software is anticipated to be driven by the retired population.
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Global Third-party Banking Software Market by Application
By Application, the third-party banking software market is classified into risk management, information security, and business intelligence. The business intelligence segment witnessed a significant revenue share in the Third-party Banking Software Market in 2022. It is because the third-party banking softwares business intelligence application helps banks make informed decisions based on information about trends and consumer behavior. The industry is also being driven by end users increasing usage of data analytics to examine the data generated.
Global Third-party Banking Software Market by End-user
Based on the end-use, the third-party banking software market is bifurcated into Commercial Banks, and Retail Banks. The retail banks segment acquired the largest revenue share in the third-party banking software market in 2022. Retail banks are predicted to have an increasing demand for third-party banking software as it lowers operating expenses. Furthermore, due to the effective and unified system of retail banking software, the needs of the clients are better recognized. Growing demand for third-party banking software in retail banks as it reduces operational costs is expected to fuel the growth. Moreover, the needs of the customers are better understood through the efficient and centralized system of retail banking software.
Key Players
- Microsoft Corporation
- International Business Machines (IBM) Corporation
- Oracle Corporation
- SAP SE
- Tata Consultancy Services (TCS)
- Infosys Ltd.
- Capgemini SE
- Accenture plc
- FIS, Inc.
- Fiserv, Inc.
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COVID-19 Impact
Throughout the projection period, the COVID-19 pandemic outbreak is anticipated to have a significant impact on the market’s growth. People all around the world are becoming more and more reliant on digital payment methods as a result of their desire to prevent any possible coronavirus exposure from contaminated surfaces. The growing preference for online banking solutions in the wake of the outbreak of the pandemic is particularly opening opportunities for the integration of third-party banking software. Also, the growth of digital payment platforms is complementing the growth of the industry.
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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