Core Banking Systems Industry in APAC to 2027 – COVID-19 Impact and Analysis – ResearchAndMarkets.com

26-Jan-2021 Intellasia | BusinessWire | 10:17 PM Print This Post

DUBLIN--(BUSINESS WIRE)--The "Asia Pacific Retail Core Banking Systems Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Offering; Deployment Type; and Country" report has been added to ResearchAndMarkets.com's offering.


The retail core banking systems market in Asia Pacific is expected to grow from US$ 1449.7 million in 2019 to US$ 3420.8 million by 2027; it is estimated to grow at a CAGR of 11.6%from 2020 to 2027.

The consumerization of information technology (IT) has resulted in the increased dependency of banking customers and employees on products and services that can be accessed from any device at any given time. Customers expect an access to the required services, products, content, and information on their channel of preference, including external portals and numerous bank-owned channels. With the advent of new banking technologies, customers expect banks to reach them rather than visiting the banks by themselves. Although a significant share of bank sales is still generated through the in-person or telephonic sales channels, ~60% of the customers in retail banking use multiple mobile and online digital channels for various transactions. Thus, retail core banking systems play a vital role in helping banking institutes to effectively manage each customer touchpoint. Thus, the rising customer demand for enhanced banking services is propelling the growth of retail core banking systems market.

The on-premise segment led the Asia Pacific retail core banking systems market, based on deployment type, in 2019. This type of deployment provides a considerable benefit to the organizations by enabling them to preserve all their business processes and current internal systems, such as authentication and access privileges. In addition, organizations can implement their data security standards and control the entire process that is in-housed within their control. They also have a provision to leverage their existing hardware infrastructure while also providing their employees with real cloud-like experience. However, the cloud segment is expected register a higher CAGR in the Asia Pacific retail core banking systems market during the forecast period.

The governments of Asia Pacific countries have been taking all possible steps, including the imposition of lockdown, to reduce the effect of the COVID-19 pandemic. The temporary shutdown of companies had resulted in increased adoption of digital channels of communication among the customers and various organizations. However, during the Q1 and Q2 2020, several companies were temporarily shut, which created a supply disruption among the retail core banking systems vendors and banks, which imparted a slight restraining effect on the retail core banking systems market. However, market resumed the growth after gradual lifting of lockdown impositions in various countries.

Reasons to Buy

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Asia Pacific retail core banking systems market.
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific retail core banking systems market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

  • Rising Customer Demand for Enhanced Banking Services
  • Intensifying Competition in Retail Banking Industry

Restraints

  • Concerns Related to Cybersecurity

Opportunities

  • Replacement of Legacy Infrastructure with Advanced Core Banking Systems

Future Trends

  • Retail Payments Systems Leveraging Blockchain Technology

Companies Mentioned

  • Avaloq
  • Fiserv, Inc.
  • Infosys Ltd.
  • Oracle Corporation
  • SAP SE
  • Sopra Steria
  • Tata Consultancy Services Limited
  • Temenos Headquarters SA
  • Intellect Design Arena Ltd
  • FIS

For more information about this report visit https://www.researchandmarkets.com/r/9zst1g


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Category: BusinessWire, PRAsia

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