Core Banking Statistics


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Core Banking Statistics 2023: Facts about Core Banking outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Core Banking, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

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Top Core Banking Statistics 2023

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Core Banking “Latest” Statistics

  • The global core banking market is anticipated to expand at a CAGR of 18.3%, from 12.51 billion in 2022 to 40.67 billion by 2029.[1]
  • In 2021, North America had 4.90 billion in revenue from the global core banking software.[1]
  • In 2020, there was a 14.9% decline in the global market compared to 2019.[1]
  • With 33.7%, the large banks market is expected to exhibit the highest market share.[1]
  • In 2021, the global core banking was valued at 10.80 billion, according to Fortune Business Insights.[1]
  • The market for core banking software is to expand at 18% CAGR through 2028; access to formal banking systems must be improved in emerging economies to support the market.[2]
  • The size of the worldwide market for core banking software is expected to reach 34.48 billion by 2028, growing at a CAGR of 18% over the anticipated period.[2]
  • In 2022, the major banks market maintained a commanding position of 34.3% globally and a share of 35.8% in the U.S. market.[2]
  • In 2021, the core banking software market grew by 15.1% and reached a value of 10.84 billion.[2]
  • From 2022 to 2023, the market for core banking software is expected to increase at a compound annual growth rate of 8.9%, reaching 21.61 billion by 2030.[3]

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How Useful is Core Banking

One of the key strengths of core banking lies in its centralization of banking operations. In the past, banks had multiple systems for different functions such as deposits, loans, and customer service, which resulted in inefficiencies and redundancies. However, with core banking systems, all these functions are streamlined into one integrated platform, making it easier for banks to manage their operations and provide better services to customers. This centralization also enables banks to make real-time updates and changes, ensuring that the information they have on customers is always up-to-date and accurate.

Another crucial aspect of core banking is its ability to facilitate greater connectivity between various branches of a bank. With a centralized system in place, employees from different branches can access the same information and provide consistent services to customers, irrespective of their location. This not only enhances customer experience but also improves internal communication and collaboration within the bank, leading to better decision-making processes and overall efficiency.

Additionally, core banking plays a significant role in enhancing security and preventing fraud. By consolidating all banking functions into one platform, banks can implement robust security measures to safeguard customer data and prevent unauthorized access. Advanced encryption tools and authentication mechanisms ensure that sensitive information is protected at all times, giving customers peace of mind knowing that their funds are secure.

Furthermore, core banking systems enable banks to offer a wide array of products and services to customers. From savings and checking accounts to loans and credit cards, banks can easily manage and customize their offerings to suit the diverse needs of their clients. This flexibility is crucial in attracting and retaining customers in today’s competitive financial market where convenience and personalized services are highly sought after.

Despite all the advantages that core banking brings, there are some challenges as well. Integration with legacy systems, training employees on how to use the new platform, and ensuring data accuracy are some of the hurdles that banks may face when implementing core banking systems. However, with careful planning and proper investment in technology and infrastructure, these challenges can be overcome, and the benefits of core banking can be fully realized.

In conclusion, core banking is an invaluable tool that has transformed the banking industry by enhancing operational efficiency, improving customer experience, and ensuring security. Its centralized nature, connectivity, and flexibility make it a crucial component of modern banking operations. While challenges exist, the potential for growth and innovation that core banking offers outweighs any obstacles that banks may face in its implementation.

Reference

  1. fortunebusinessinsights – https://www.fortunebusinessinsights.com/core-banking-software-market-104392
  2. globenewswire – https://www.globenewswire.com/en/news-release/2021/10/28/2322512/0/en/Core-Banking-Software-Market-to-Surge-at-18-0-CAGR-till-2028-Improving-Access-to-Formal-Banking-Systems-in-Emerging-Economies-to-Boost-the-Market-Fortune-Business-Insights.html
  3. grandviewresearch – https://www.grandviewresearch.com/industry-analysis/core-banking-software-market

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