Market Introduction
Retail core banking systems are solutions for personal banking or consumer banking that offers banks the ability to serve their customers through digital channels better. These solutions help customers better manage their money by securely transferring and depositing it and accessing credit. Other services provided by these solutions include managing mortgages, account information, personal loans, certificates of deposit, debit/credit card, and other financial records. This market evaluates retail core banking systems players based on the various products offered by them to banks for managing retail banking financial transaction management.
Market Overview and Dynamics
The retail core banking systems market in Asia Pacific is expected to grow from 1449.7 million in 2019 to US$ US$ 3420.8 million by 2027; it is estimated to grow at a CAGR of 11.6% from 2020 to 2027. Regulators across the region have shown immense interest in encouraging the digital banks’ growth. Several countries also introduced license regimes, including Singapore and Taiwan, and the Hong Kong Special Administration Region. Further, countries such as Thailand and Malaysia are expected to follow the same. Moreover, fully digitalized banking services are already available in APAC countries, including Japan, India, South Korea, and Australia. The emergence of digital-only banks in the region is expected to propel the demand for retail core banking systems across the APAC region.
Key Market Segments
In terms of deployment type, the on-premise segment accounted for a larger share of the Asia Pacific retail core banking systems market in 2019. In terms of offering, the solutions segment held the largest share of the retail core banking systems market in 2019. Further, the cloud segment is anticipated to witness the higher CAGR growth during the forecast period. Based on country, the retail core banking systems market is segmented into China, Australia, Japan, India, South Korea, and the rest of APAC region. China held the largest share of the market in 2019.
COVID-19 Impact
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.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the retail core banking systems market in Asia Pacific are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Avaloq, Fiserv, Inc., Infosys Ltd., Oracle Corporation, SAP SE, Sopra Steria, Tata Consultancy Services Limited, Temenos Headquarters SA, Intellect Design Arena Ltd, and FIS are among the major companies listed in the report.
Reasons to Buy Report
Asia Pacific Retail Core Banking Systems Market Segmentation
By Offering
By Deployment Type
By Country
Company Profiles