GVR Report cover Digital Banking Platforms Market Size, Share & Trends Report

Digital Banking Platforms Market Size, Share & Trends Analysis Report By Component, By Service, By Deployment, By Banking Type, By Banking Mode, By Region, And Segment Forecasts, 2021 To 2028

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  • Report ID: GVR452001
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The global digital banking platforms market is expected to witness significant growth over the forecast period. The strong emphasis banking and financial institutions are putting on enhancing the overall customer experience, and subsequently, the growing adoption of cloud-based banking solutions are expected to drive the growth of the market over the forecast period. A shorter replacement cycle coupled with higher priority on security, reliability, and digital customer experience also bode well for the growth of the market.

Digital banking platforms provide interactive communication channels that can potentially facilitate automated delivery of conventional and new banking products and services directly to the customers. Unlike online banking solutions, which envisage online banking components rolled out by banks already having brick-and-mortar operations; digital banking platforms are financial services that are provided solely online. Digital banking platforms typically rely on web-based services and process automation. They allow users to access their financial data effectively through both desktops and mobiles. In some cases, digital banking platforms may also allow for cross-institutional operations.

Digital Banking Platforms Market




Platforms; Services


Professional Services; Managed Services


Cloud; On-premise

Banking Type

Retail Banking; Corporate Banking; Investment Banking

Banking Mode

Online Banking; Mobile Banking


North America; Europe; Asia Pacific; Latin America; MEA


The aggressive investments private/public capital holders are making in the development of sophisticated, advanced, and web-based enterprise banking applications, custom-built banking services, and mobile-friendly banking platforms are expected to open significant growth opportunities for the digital banking platforms market over the forecast period. Venture capital firms across the world are also focusing on investing in digital banking platforms. For instance, in February 2021, Narmi, a financial technology company that builds digital banking solutions, announced the close of a USD 20.4 million Series A funding round. New Enterprise Associates (NEA), one of the prominent venture capital firms, led the funding round along with various other investors, including Picus Capital GmbH, Patriot Financial Partners, L.P., Firebolt Ventures, and Contour Venture Partners. Executives from Brex Inc., Expanse Inc., Plaid Inc., and other prominent companies also invested in the funding round. Narmi envisages empowering credit unions and community banks to go to the market faster and better compete with challenger banks, fintech companies, and megabanks. The company is also looking forward to offering the industry's most seamless, comprehensive, and open digital banking platform. The company offers an API-driven and completely cloud-based platform, which means financial institutions can utilize any of the company’s platforms, such as digital account opening, business digital banking, an administrator console, and consumer digital banking, to ensure organizational growth while increasing deposits and delivering cost efficiencies.

Having realized that both consumers and businesses are doing more of their banking operations online; connecting with customers in simpler, faster, and digital-first ways is getting of paramount importance for financial institutions. While the continued digitization of the banking industry shows no signs of abating, customer expectations are also evolving rapidly in line with the continued advances in financial technology. The adoption of digital banking channels has particularly gained traction in the wake of the outbreak of the COVID-19 pandemic. All these factors are expected to contribute significantly to the growth of the market over the forecast period.

A digital banking platform is considered a robust omnichannel framework that can potentially allow banking and financial institutions to control and streamline all their digital customer experiences. A digital banking platform can typically help banks in saving on the costs incurred on procuring expensive legacy software and hardware and keeping the systems up to date. Adopting a digital baking platform can also help banks in obtaining a 360° view of their customers, providing personalized services and ensuring a better customer experience at lower costs, and subsequently retaining customers. Hence, banks are particularly adopting the latest technologies to remain competitive in the market while reducing their operating costs.

The key players in the digital banking platforms market include Alkami; EdgeVerve Systems Limited; Finastra; Fiserv, Inc.; Sopra Banking Software; and Tata Consultancy Services Limited; among others. These market players are pursuing various growth strategies, such as new product development, to increase their market share. For instance, in June 2020, Fiserv, Inc. launched Virtual Banking Assistant, an interactive tool that leverages AI-based natural language processing capability to help credit unions and banks in managing virtual customer transactions with better efficiency.

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