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 🙂

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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]

Also Read

How Useful is Core Banking

One of the key advantages of core banking is its ability to centralize and consolidate banking operations into a single platform. This means that all financial transactions, customer information, and other banking activities are managed and processed in one place, leading to greater efficiency and consistency in services. This centralized approach also enables banks to offer a wide range of products and services to customers, as they can easily access and manage customer data across different channels and systems.

Core banking systems are designed to be robust and scalable, capable of handling large volumes of transactions and customer data securely and efficiently. This is especially important in today’s globalized and fast-paced financial markets, where customers expect quick and reliable banking services at all times. With core banking, banks can process transactions in real-time, monitor customer accounts, and customize services to meet individual needs, leading to enhanced customer satisfaction and loyalty.

Moreover, core banking systems enable banks to innovate and adapt to the changing demands of the market. By leveraging advanced technologies such as cloud computing, artificial intelligence, and data analytics, banks can enhance their decision-making processes, improve risk management, and develop new products and services to cater to evolving customer needs. This not only puts banks at a competitive advantage but also allows them to stay ahead of regulatory changes and compliance requirements in an increasingly complex banking environment.

In addition to operational efficiency and innovation, core banking also plays a crucial role in enhancing security and compliance in the banking sector. With stricter regulatory requirements and growing cybersecurity threats, banks need robust systems in place to safeguard customer data and prevent fraud and financial crimes. Core banking systems have built-in security features such as encryption, authentication, and auditing tools to ensure the integrity and confidentiality of customer information, thereby minimizing risks and maintaining trust in the banking system.

Despite its numerous advantages, core banking is not without challenges. Implementing and maintaining core banking systems can be complex and costly, requiring significant investments in technology infrastructure and skilled personnel. Banks also need to continuously upgrade and modernize their core banking systems to keep pace with changing market trends and customer expectations, which can be resource-intensive and time-consuming.

In conclusion, core banking is an essential tool for modern banks to streamline operations, improve efficiency, and enhance customer service. By centralizing banking processes, leveraging advanced technologies, and ensuring security and compliance, core banking systems enable banks to stay competitive and resilient in today’s rapidly evolving financial landscape. While challenges exist in implementing and maintaining core banking systems, the benefits far outweigh the costs, making core banking a valuable asset for banks seeking to thrive in a digital world.

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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