DUBLIN–(BUSINESS WIRE)–The “Asia Pacific Retail Core Banking Systems Market Forecast to 2027 – COVID-19 Impact and Regional Analysis by Offering; Deployment Type; and Country” report has been added to ResearchAndMarkets.com’s offering.
The retail core banking systems market in Asia Pacific is expected to grow from US$ 1449.7 million in 2019 to US$ 3420.8 million by 2027; it is estimated to grow at a CAGR of 11.6%from 2020 to 2027.
The consumerization of information technology (IT) has resulted in the increased dependency of banking customers and employees on products and services that can be accessed from any device at any given time. Customers expect an access to the required services, products, content, and information on their channel of preference, including external portals and numerous bank-owned channels. With the advent of new banking technologies, customers expect banks to reach them rather than visiting the banks by themselves. Although a significant share of bank sales is still generated through the in-person or telephonic sales channels, ~60% of the customers in retail banking use multiple mobile and online digital channels for various transactions. Thus, retail core banking systems play a vital role in helping banking institutes to effectively manage each customer touchpoint. Thus, the rising customer demand for enhanced banking services is propelling the growth of retail core banking systems market.
The on-premise segment led the Asia Pacific retail core banking systems market, based on deployment type, in 2019. This type of deployment provides a considerable benefit to the organizations by enabling them to preserve all their business processes and current internal systems, such as authentication and access privileges. In addition, organizations can implement their data security standards and control the entire process that is in-housed within their control. They also have a provision to leverage their existing hardware infrastructure while also providing their employees with real cloud-like experience. However, the cloud segment is expected register a higher CAGR in the Asia Pacific retail core banking systems market during the forecast period.
The governments of Asia Pacific countries have been taking all possible steps, including the imposition of lockdown, to reduce the effect of the COVID-19 pandemic. The temporary shutdown of companies had resulted in increased adoption of digital channels of communication among the customers and various organizations. However, during the Q1 and Q2 2020, several companies were temporarily shut, which created a supply disruption among the retail core banking systems vendors and banks, which imparted a slight restraining effect on the retail core banking systems market. However, market resumed the growth after gradual lifting of lockdown impositions in various countries.
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For more information about this report visit https://www.researchandmarkets.com/r/9zst1g
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