The Rising Adoption of AI-based Banking Solutions Results in the Growth of the Global Core Banking Software Market

The global core banking software market is anticipated to grow at a considerable CAGR of 8.5% during the forecast period (2022-2028). The rising adoption of artificial intelligence in the banking sector is expected to fuel the market. The integration of AI in banking processes helps to advance their visualization competencies, resolve customer inquiries and make complex data usable. These technologies support in growing connectivity and deliver advanced security control to banks and financial institutes. The AI-based core banking solutions provide real-time insights to end-users and assist in improving network security, speeding up a digital business, and providing a better customer experience. 

Browse the full report description of “Global Core Banking Software Market Size, Share & Trends Analysis Report By Solution Type (Enterprise Customer Solutions, Loans, and Deposits), and by Service Type (Professional Service and Managed Service), By Deployment Type (On-premise and Cloud), and by End User (Banks, Financial Institutes and Others) Forecast Period (2022-2028).” at https://www.omrglobal.com/industry-reports/core-banking-software-market

The growing acceptance of such technologies is generating opportunities for companies in the market. For instance, in May 2021, Fern Software launched Quantum AI, a loan decision engine powered by Salesforce Einstein Artificial Learning technologies, which can rapidly and accurately determine loan decisions for any financial institution. Quantum AI uses financial institution’s customer loan portfolios to support financial services inputs from open banking and Credit Referencing Agencies (CRAs) to determine loan decisions efficiently. Quantum AI executes various decision flows to identify trends based on historical data to accurately generate loan predictions after the submission of loan applications with a 92.7% prediction accuracy rate. The adoption of such technology may result in raising loan volume and reducing operational costs. Owing to such advantages provided by AI-based technologies banks are ready to accept new banking solutions and contribute to the growth of the core banking software market. 

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028

Segment Covered- 

• By Solution Type
• By Service Type
• By Deployment Type
• By End User

Regions Covered-

• North America
• Europe
• Asia-Pacific
• Rest of the World

Competitive Landscape- Capgemini., C-Edge Technologies, Computer Services, Inc., EdgeVerve Systems Ltd., Finastra, FIS, Fiserv, Inc., HCL Technologies Ltd., IBM, Infrasoft Technologies, Jack Henry & Associates, Inc, Microsoft, and others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?

o Deviation from the pre-COVID-19 forecast

o Most affected region and segment

• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Core Banking Software Market Report by Segment

By Solution Type

• Enterprise Customer Solutions
• Loans
• Deposits

By Service Type

• Professional Service
• Managed Service

By Deployment Type

• On-premise
• Cloud

By End User

• Banks
• Financial Institutes
• Others (Credit Unions)

Global Core Banking Software Market Report by Region

North America

• United States
• Canada

Europe

• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe 

Asia-Pacific

• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific 

Rest of the World

• Latin America 
• Middle East & Africa

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