Technology And Media

Facebook Also Plan To Contribute In Digital Banking Market

The global Digital Banking Market size was valued at $4.65 billion in 2020 and is projected to reach $10.87 billion by 2027, growing at a CAGR of 13.6% from 2020 to 2027.

Major Lead Players in the digital banking platform are FIS Global, D3 Banking Technology, Oracle, Finastra, Temenos, Kony, Q2 eBanking, Backbase, Urban FT, Digiliti Money, Infosys, Fiserv, Alkami, Technisys, Mobilearth, SAP and Innofis.

Trending in 2020-

  Future banking is open- The financial services ecosystems are responding to the idea of open banking. API to make the most of, for that matter. “Expect to see a plethora of new tools emerge – solutions like personal financial management platforms that aggregate spend data across users’ various banks, loyalty programs and payment platforms in order to provide insightful investment and financial advice,” KPMG Predicts. For pointers, look no further than the new kids on the block. “Fintech collaboration can play a key role in inspiring what’s possible and fueling efficiency, speed and value.

   July 9, 2020 – FIS announced Ethos, an innovative new data ecosystem that gives clients the benefit of a unified view of data across their entire enterprise. Through a single point of access, clients will see data from across multiple channels using fully integrated tools that power data-driven insights and actions. Among its capabilities, Ethos will help financial institutions automate reporting, reduce operational costs, and mitigate risk while streamlining the lending process. An institution’s data portfolio is often segmented across channels, such as credit, debit, fraud, core and loyalty. The Ethos ecosystem unifies and maintains those data assets in a single platform environment which will be accessed simply via a user-friendly portal for application and analysis.

   Oracle- Oct 2020 The pandemic has disrupted the entire global supply chain, highlighting the need for greater financial agility between buyers and suppliers. Banks can play an important role in supporting and preserving supply chains and managing risk with effective financing programs. With componentized architecture and built-in machine learning (ML), Oracle Banking Supply  Chain Finance gives corporate banks the flexibility needed to help their clients optimize working capital and reduce transaction risk. By digitizing the entire supply chain financing process, banks can now deliver timely alternative financing options and provide quicker approvals. Providing Omni-channel portal access, corporate banks can empower their clients with real-time visibility into transactions. Oracle Banking Supply Chain Finance also provides real-time availability of funds and payment reconciliation through complete automation and straight-through processing (STP) of disbursement and liquidation processes.

Google has just signed a deal with Citigroup and Stanford Federal Credit Union to roll out smart current accounts. The news broke just months after  Apple had launched its Apply Pay-integrated credit card with Goldman Sachs and MasterCard.

Facebook plans to launch a Cryptocurrency payment network next year(2021) based on a new digital asset, Libra. Though Congress and regulators have slammed this effort, it should not be counted out.

  2020 -Temenos to Host SCALE Virtual Developer Conference to Shape the Future of Banking Temenos SCALE is the biggest developer community event in the banking industry. Developers can join over 40 sessions, hands-on-labs, and technical and customer presentations on key topics from AI and APIs to cloud and micro services. Customer presentations from ABN AMRO, Canadian Western Bank and Openbank and technology partners including IBM, Microsoft, Red Hat, NuoDB and Tailwind. Temenos enables faster innovation for developer community through cloud-native, API-first and microservices based architecture. Another invention in Temenos is Temenos Transact Data Hub offers unmatched capability to power faster and more contextual experiences for customers and rapid innovation with AI-driven digital banking applications. Temenos Launches Real-Time SaaS Data Platform for Core Banking. Delivers 175 highly performant banking APIs, accelerating innovation, speed to value, and greatly reducing data integration costs.

    Market Segmentation basis of banking modes is Online Banking and mobile banking.  Basis of deployment types is On-premises and Cloud. Region wise, the digital banking platfom market is spread in North America, Europe, Asia-Pacific and row. Among these it was dominated by North America in 2020 and is expected to retain its position during the forecast period. The major factors that drive the growth of the market in this region include presence of major players and rapid adoption of latest technology in the market. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, applying to booming IT infrastructure and hefty investments from the private and public players in the region.

 


About author

Jessica

Quisque sed tristique felis. Lorem visit my website amet, consectetur adipiscing elit. Phasellus quis mi auctor, tincidunt nisl eget, finibus odio. Duis tempus elit quis risus congue feugiat. Thanks for stop Tech Blog!


Scroll to Top