The Digital Banking Platform allows banks to begin the transformation process of becoming an ecosystem-centric, true digital bank. DBPs also enable banks to optimize their business. But that is not the final state.
Digital banking is the digitization of banking services to reduce risk, improve efficiency and better serve our customers. It allows customers to withdraw money, apply for loans, make payments online or on their smartphones, etc.
Europe digital banking platform market is expected to grow from US$ 935.7 Million in 2020 to US$ 2340.3 Million by the year 2027. This represents a CAGR of 11.0% from the year 2020 to 2027.
The Technology, Media and Telecom sector is a group of industries that includes the majority of companies focused on new technologies. As this industry segment is widespread, it may be convenient to divide TMT into sub-sectors such as hardware, semiconductor, software, media and communications.
The Europe Digital banking platform market is growing along with the Technology, Media and Telecommunications industry, but the market is likely to slow down its growth due to the shortage of skilled professionals, suggests the Business Market Insights report.
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Digital transformation or digitization of businesses refers to the integration of digital technology in various business processes, organizational activities, and business models. End-To-End business process optimization, increased operational efficiency, improved customer experience, and reduced costs are few of the factors driving the digital transformation in the banking industry. The increasing digital transformation revolution in banking industry presents a massive opportunity for digital banking platform providers as they enable banks to launch digital services faster and enhance the customer experience. In addition to this, the proliferation of smart devices, easy availability of internet, the advancement of IoT, and artificial intelligence have been increasing exponentially which is further leading to the increasing need of mobile/digital-first strategy among banks. The paradigm shift of banks from traditional channels to digital and automated channels results in multiple benefits ranging from improved efficiency to reduced cost and increased revenue opportunities. In addition to this, the rising technological advancements in cloud computing and storage technology, the power of cloud-based digital banking platforms has increased multi-fold during the past few years.
These factors are expected to offer broad growth opportunities in the Technology, Media and Telecommunications industry and this is expected to cause the demand for immunochemistry assays in the market.
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EUROPE DIGITAL BANKING PLATFORM MARKET – SEGMENTATION
Europe Digital Banking Platform Market by Type
- Corporate Banking
- Retail Banking
Europe Digital Banking Platform Market by Deployment Type
Europe Digital Banking Platform Market by Country
- Rest of Europe
- Appway AG
- CREALOGIX Holding AG
- EdgeVerve Systems Limited
- Fiserv, Inc.
- Oracle Corporation
- SAP SE
- Sopra Steria
- Tata Consultancy Services Limited (TCS)
- Temenos Headquarters SA
- Worldline SA
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