Banking System Software is a software that enables a connection between commercial banks and other modular software and interbank networks. To access the capital markets, this software is used as a trading software by investment banks. It helps to record and manage the transactions of bank customers to their banks and optimize the operations in the back and front office of the banks. It enables the need for banks for system integration and maintains the core banking system. Banking software provides customer management suits which help the banks to view the client’s relationship with the bank. The financial institution requires purchase order management, financial information management, positions, and risk management. Banking software serves the purpose by offering a more efficient and organized mechanism of the processes in these institutions.
Global Banking System Software market, in terms of revenue, which was estimated at US$ 24.37 billion in 2017, is expected to reach US$ 32.70 billion in 2022.
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In recent times, advances in digital technology have offered countless channels for customer interaction. Mobile banking has transformed how a customer engages with the banks. Such customer interaction via digital channels is generating beneficial transactional data. Such data helps to develop more ways to engage customers. Mobile banking has been growing with the growing number of smartphone owners with a bank account. The growth in mobile banking has shifted banks’ focus to customer mobile transactions and provide better opportunities for banks to gain a competitive edge in the market. Therefore, the increasing adoption of mobile banking is driving the banking system software market globally.
However, issues such as lack of security due to cyber-attacks is leading to illegal exploitation of vital financial data and are hindering the market growth of this software.
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Banking System Software Market, By Application
Amongst the applications, Windows held the largest market share in terms of revenue. This rapid and fast paced growth is attribute to the increasing use of windows by large banks. A great number of mid-tier and large banks are processing their core banking system on Window-based platform. In 2014, before Microsoft stopped support for XP, US Bank moved all its ATMs on Windows 7. It is reported that 95% of ATMs in the world run on Windows. To support banking services such as branch, ATM, Internet banking and call center operations, Windows serve as a universal platform, which makes it a dominating application platform in the banking software industry.
Banking System Software Market, By Region
On the basis of geography, North America region occupies the largest share in terms of implementation and demand for the market globally. North America is a leading region in fast technology adoption and implementation processes. The major share of banking IT expenditure in the US market is more service oriented. Vast usage of internet services and mobile banking for carrying out transactions has been driving the demand for banking system software in North America. To maximize the banking efficiency, North American companies such as Strategic Information Technology Ltd. provides such software to enhance the shareholder and customer value in technology enabled business. The U.S. dominated the banking system software market in North America.
The report provides both, qualitative and quantitative research of the market, as well as integrates worthy insights into the rational scenario and favored development methods adopted by the key contenders. The banking system software market report also offers extensive research on the key players in this market and detailed insights on the competitiveness of these players. The key business strategies such as mergers & acquisitions (M&A), affiliations, collaborations, and contracts adopted by the major players are also recognized and analyzed in the report. For each company, the report recognizes their corporate headquarter, competitors, product/service type, application and specification, pricing, and gross margin.
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Some of the primary market participants are Millennium Information Solution Ltd., Strategic Information Technology Ltd., Aspekt, Automated Workflow Pvt. Ltd, Canopus EpaySuite, Cashbook, CoBIS Microfinance Software, Probanx Information Systems, Megasol Technologies, EBANQ Holdings BV, Infosys Limited, Kapowai, Crystal Clear Software Ltd., Infrasoft Technologies Ltd., Misys, Banking.Systems, ABBA d.o.o., SecurePaymentz, Tata Consultancy Services, TEMENOS Headquarters SA amongst others.