Showing posts with label Global Core Banking Software Market Growth. Show all posts
Showing posts with label Global Core Banking Software Market Growth. Show all posts

Friday, April 26, 2019

Rising Need of Operating Customer Reports for Single Server, Followed By Increasing Demand of Advanced Banking Technologies to Drive the Global Core Banking Software Market over the Forecast Period: Ken Research

Core banking is referred as the service delivered by collection of networked bank branches to clients, where they can complete all the banking activities that contain money transactions, loans, payments, debts & accesses their accounts. It is similar to that of retail banking & most of the banks consider retail clients as their core banking clients. Core banking software is software which is used for recording & managing banks customer operation made to their account. The software is implemented by number of banks for easy flow of banking activities, able to monitor the transaction activities from any branch of bank and with the enhanced risk management.

Some of the important features are payment processing, customer on boarding, calculations & management, loans disbursal and management, managing deposits & withdrawals, customer relationship management and transactions management. It offers various advantages such as reducing operational costs, making the internal staff more competent, minimizing human intervention thereby limiting factor, reduction of risks with the help of best checks & safety, facilitates decision making through reporting & analytics, and increase in employee efficiency.

According to study, “Global Core Banking Software Market Size study, by Type (Software, Services), by Application (Retail Banks, Private Banks, Corporate Banks, Others) and Regional Forecasts 2018-2025” some of the major companies that are currently working in the global core banking software market are SAP SE, Infosys Ltd., Oracle Financial Services Software Ltd., Tata Consultancy Services, MISYS, Fidelity Information Services (FIS) Inc., Finastra, Capgemini SE, FISERV Inc., Temenos Group AG, Unisys, HCL Technologies Ltd., Unisys, Infrasoft Technologies, Jack Henry & Associates, Fiserv, Nelito Systems Ltd., Wipro Limited, COBISCORP, Intellect Design Arena, Sopra Steria, Avaloq, ERI Bancaire, 3i Infotech,  SunGard, Diasoft, Symitar.

Based on components, global core banking software market is segmented into hardware components, centralized data processing, banking application software and network infrastructure. Based on solutions, the market is divided into loans, enterprise customer solutions, deposits, account processing platform and others. Based on end-users, market is divided into banks and financial institutions. Banks include private banks, retail banks, Islamic banks and corporate banks. Retail banks includes chequing, electronic funds transfer (EFT), savings and teller functionality etc.

 The global core banking software is primarily driven by growing need of operating customer reports for single server, followed by increasing demand of advanced banking technologies, cost effective solutions and managing customer account efficiently. Managing customer account efficiently, customer or client can anytime visit in the bank & gain information of their account. In addition, some of the other major restraining factors of market are lack of synchronization or management between core banking solution & global industry expectations and lack of awareness among enterprises about current banking technologies.

North America is one of the key major region of on an account of increasing adoption of advance core banking solution software by major banks in the region. Europe is also estimated to scheme a major growth in the market owing to implementation of core banking solution by banks. Additionally, Asia-Pacific is expected to exhibit higher CAGR owing to growing awareness among banks to implement advanced banking technologies in developing countries such as India & China.

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