The global banking software market is expected to grow at a significant rate of 8.5% during the forecast period (2022-2028). The growing adoption of artificial intelligence in the banking sector is expected to fuel the market. Integrating artificial intelligence into banking processes helps advance their imaging capabilities, resolve customer inquiries and make complex data useful. These technologies support increasing connectivity and provide advanced security control to banks and financial institutions. Core artificial intelligence-based banking solutions provide real-time insights to end users and help improve network security, accelerate digital business and provide a better customer experience.
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The growing acceptance of such technologies creates opportunities for companies in the market. For example, in May 2021, Fern launched Quantum Artificial Intelligence Software, a loan decision engine powered by Salesforce Einstein’s artificial learning technologies, that can quickly and accurately determine loan decisions for any financial institution. Quantum Artificial Intelligence uses the financial institution’s customer loan portfolios to support financial services inputs from open banking and credit referral agencies (Kars) to determine loan decisions effectively. Quantum artificial intelligence executes various decision flows to identify trends based on historical data to accurately generate loan forecasts after applying for loans with a prediction accuracy rate of 92.7%. The adoption of such technology may lead to an increase in the volume of loans and a reduction in operating costs. Due to such advantages provided by artificial intelligence based technologies banks are willing to accept new banking solutions and contribute to the growth of the core banking software market.
Market coverage
* Available market number for 2021-2028
* Base year -2021
* Forecast period-2022-2028
Covered section-
* By type of solution
* By service type
* By type of layout
* By end user
Covered areas-
* North America
* Europe
Asia Pacific
* the rest of the world
Competitive Landscape-Cappagmini., C-Edge Technologies, Computer Services, Ltd., Edge Multi-Systems Ltd. Finstra, Pais, Pizarb, Inc. Technologies Ltd., IBM, InSoft Technologies, Jack Henry & Co., Ltd., Microsoft, and others.
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Global Core Banking Software Market Report by Sector
By type of solution
* Enterprise customer solutions
* Loans
* Deposits
By type of service
* Professional service
* Managed service
By type of layout
* On the premise
* Cloud
By end user
* Banks
* Financial institutions
* Others (credit unions)
Global Banking Software Market Report by Region
North America
· United States
Canada
Europe
* United Kingdom
Germany
Spain
* France
Italy
* Rest of Europe
Asia Pacific
India
* China
* Japan
* South Korea
* The rest of Apak
the rest of the world
* Latin America
* Middle East and Africa
Company profiles
* Edge technologies
* Computer services, including.
* Edge Multi Systems Ltd.
* Fern Software Ltd.
* Pais
* Pizarb, Ltd.
* Technologies Ltd.
* IBM Corp.
* InSoft Technologies Ltd.
* Jack Henry & Co., Ltd
* Microsoft Corp.
* N. K. R.
* Sap
* Sweep Consulting Services Ltd.
* Unison Corp.
* Company and Soft Technologies.
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