Global Third-party Banking Software Market 2019-2023
About this market
Globally, digital payments are growing continuously in the banking industry. Hence, various enterprises in the banking industry across the globe are offering digital payment solutions to improve day-to-day processes and gain a competitive advantage over their rivals. Therefore, it is also encouraging other enterprises in this industry to offer digital payment solutions in their product offerings. With the growth in such digital payment platforms, the demand for third-party banking software will also increase, as it will help the enterprises to manage their digital payment platforms. Therefore, with the increase in digital payments, the demand for third-party banking software is also expected to increase during the forecast period. Technavio’s analysts have predicted that the third-party banking software market will register a CAGR of almost 9% by 2023.
Increased need for greater customer satisfaction
The enterprises in the banking industry are increasing their geographic reach by expanding into new regions to increase their customer base. This will lead to an increase in customer base, due to which enterprises need to opt for third-party banking software to manage their customers efficiently and provide better customer service.
Issues related to data privacy and security
Data privacy and security risk are the major barriers for the adoption of third-party banking software by enterprises in the banking industry. Since a large volume of financial data of customers is being digitized, crucial aspects such as security, liability, privacy, and protection of intellectual property have emerged in the financial services sector to avoid fraud. Data security and data privacy are major concerns in the market.
For the detailed list of factors that will drive and challenge the growth of the third-party banking software market during the 2019-2023, view our report.
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.’
Technavio Announces the Publication of its Research Report – Global Third-party Banking Software Market 2019-2023
Technavio recognizes the following companies as the key players in the global third-party banking software market: FIS, Fiserv, Inc., Infosys Limited, Oracle, Temenos Headquarters SA.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the partnerships between regulated financial institutions and alternative fianace companies.”
According to the report, one of the major drivers for this market is the necessity for increased efficiency in banking operations.
Further, the report states that one of the major factors hindering the growth of this market is the poor internet connectivity in developing countries.
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