Engagement Banking Platform Market Growing at 13.9% CAGR by 2032 – User demand is Driving Growth
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VANCOUVER, BC, CANADA, August 5, 2024 /EINPresswire.com/ -- The global engagement banking platform market size was USD Billion 11.20 in 2022 and is expected to register a steady revenue CAGR of 13.9% during the forecast period, according to latest analysis by Emergen Research. Rising digital transformation initiatives from the banking sector is a key factor driving market revenue growth. Engagement banking platform, also known as Banking Engagement Platform (BEP), supports banks in their digital transformation journey, which allows legacy systems to be digitized and optimized for customers and also act as a bridge that connects with new innovative fintech solutions.. BEP can also serve as a link between traditional financial services and cutting-edge fintech solutions. Banks need to significantly streamline and upgrade their distribution methods and simultaneously regain control over the client experience. Banks are compelled to go through a process of digitization that goes above a platform or technological shift as a result of the constant change in customer needs and to manage expenses.
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Some Key Highlights From the Report
The hybrid segment is expected to account for largest revenue share in the global engagement banking platform during the forecast period. This is because hybrid platform enhances consumer engagement and pleasure by fusing the benefits of human expertise with technical breakthroughs. Engagement banking platforms can give individualized and customized financial advice through hybrid employment, rely on automation for repetitive chores, and deliver seamless omnichannel experiences.
The retail segment accounted for largest revenue share in the global engagement banking platform in 2022. This is due to increasing use of these platforms, which allow retail banks to increase client engagement, by providing various services such as mobile banking, tailored financial analytics, budgeting tools, and smooth transaction capabilities. Engagement banking platforms enable banks to better understand consumer behavior, foresee needs, and provide specialized products and services by utilizing data analytics and AI.
The North America market accounted for largest revenue share in the global engagement banking platform in 2022 owing to increasing focus on enhancing customer experience. The provision of excellent user experience is a key objective for every financial institution, and this can be facilitated by a correctly selected digital banking interaction platform.
On 1 February 2023, Backbase partnered with Microsoft to make its unique engagement banking platform available on Microsoft Azure Marketplace. Banks may now benefit from a completely integrated banking offering due to Microsoft's solutions for staff efficiency, security, and regulation and Backbase's platform for facilitating seamless client experiences.
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Major Players/Manufacturers profiled in the report are:
Backbase, EdgeVerve, Temenos, Comarch, Dreams Technology, in10stech.com, Peerspot, Azentio, Salesforce, and Finastra
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Global Engagement Banking Platform Market Report - Segmental Analysis:
Emergen Research has segmented the global engagement banking platform market on the basis of solution type, deployment, bank type, application, end-use, and region:
Solution Type Outlook (Revenue, USD Billion; 2019–2032)
Customer Management Systems
Customer Experience (CX) Platforms
Digital Banking Platforms
Collaboration and Communication Platforms
Others
Deployment Outlook (Revenue, USD Billion; 2019–2032)
Cloud-Based
On-Premises
Hybrid
Bank Size Outlook (Revenue, USD Billion; 2019–2032)
Large Banks
Mid-Sized Banks
Small Banks and Credit Unions
Application Outlook (Revenue, USD Billion; 2019–2032)
Omnichannel Banking
Personalized Marketing and Offers
Self-Service and Digital Onboarding
Customer Relationship Management (CRM)
Others
End-use Outlook (Revenue, USD Billion; 2019–2032)
Retail Banking
Corporate Banking
Investment Banking
Key Geographies Profiled in the Report:
North America(the U.S., Mexico, and Canada)
Asia Pacific(China, Japan, India, and Rest of Asia Pacific)
Europe(the U.K., France, Germany, and Rest of Europe)
Latin America(Brazil and Rest of Latin America)
Middle East & Africa(GCC Countries and Rest of Middle East & Africa)
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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