North America digital banking platform market is expected to grow from US$ 1.00 Bn in 2018 to US$ 2.76 Bn by the year 2027. This represents a CAGR of 12.1% from the year 2018 to 2027.

Driven by shifting customer preferences, banks are rapidly adopting digital channels to deliver essential services. However, to deliver exceptional customer experiences and remain competitive, a broader digital transformation is essential. To meet the needs of both digital and traditional customers, banks are embracing omnichannel banking, optimizing existing service channels alongside new digital offerings.

Achieving this requires traditional banks to collaborate and share data with emerging ecosystems, including FinTechs, open banking initiatives, payment services directives (PSD2), and SWIFT standards. This collaboration is crucial as digital disruption accelerates with the rise of online-only and challenger banks, helping retail banks better understand evolving consumer demands.

Facing aggressive customer switching behavior, banks are compelled to provide superior services and value to empowered consumers. These trends of ecosystem collaboration and information sharing – aimed at building customer trust and enhancing digital experiences – are expected to significantly boost the digital banking platform market between 2019 and 2027.

Currently, the U.S. dominates the North American digital banking platform market, fueled by high rates of new technology adoption. Key growth factors include the surging popularity of mobile banking applications and widespread digitization across the BFSI sector.

North America Digital Banking Platform Market - Segmentation

North America Digital Banking Platform Market by Type

• Corporate Banking
• Retail Banking

North America Digital Banking Platform Market by Deployment Type

• On-Premise
• Cloud

North America Digital Banking Platform Market by Country

• U.S
• Canada
• Mexico

North America Digital Banking Platform Market Companies Mentioned

• Appway AG
• Backbase
• CREALOGIX Holding AG
• EdgeVerve Systems Limited
• Fiserv, Inc.
• nCino, inc.
• Oracle Corporation
• SAP SE
• Sopra Steria
• Tata Consultancy Services Limited (TCS)
• Worldline SA

North America Digital Banking Platform Market Strategic Insights

Strategic insights for the North America Digital banking platform provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America Digital Banking Platform Market Regional Insights

The geographic scope of the North America Digital banking platform refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights