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. The overall Asia Pacific retail core banking systems market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the Asia Pacific retail core banking systems market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific retail core banking systems market. Avaloq, Fiserv, Inc., Infosys Ltd., Oracle Corporation, SAP SE, SopraSteria, Tata Consultancy Services Limited, Temenos Headquarters SA, Intellect Design Arena Ltd, and FIS are among the players operating in Asia Pacific retail core banking systems market.
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