Insights on Third-Party Banking Software Market within the Application Software Sector | Growing Use of Digital Payment Solutions to Emerge as a Key Driver | Technavio

LONDON–(BUSINESS WIRE)–The global third-party banking software market is expected to grow at a CAGR of over 8% during 2020-2024, according to the latest market research report by Technavio. The report provides a detailed analysis on the impact and new opportunities created by the COVID-19 pandemic. The report also helps clients keep up with new product launches in direct & indirect COVID-19 related markets.

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Many organizations are expanding their business in new geographies and acquiring new customers. The growth in the customer base has increased the number of online transactions, which has increased the demand for digital payment solutions. In addition, the rising number of customers seeking help with financial decisions and investments is contributing to the growth of the global third-party banking software market.

Third-Party Banking Software Market: COVID-19 Impact Analysis on Related Markets

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Third-Party Banking Software Market: COVID-19 Impact Analysis on Parent Market

The global application software market is the parent market of the third-party banking software market. Within its scope, the application software market covers companies that are engaged in developing and producing software designed for specialized applications for the business or consumer market. It includes enterprise and technical software, as well as cloud-based software. Our report on the third-party banking software market offers a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as analysis on several large and small vendors active in the market including FIS, Fiserv, Infosys, Oracle, and Temenos Headquarters.

Technavio’s research report on the third-party banking software market identifies

Data-Driven Personalization Reaches A Tipping Point In Banking

President of Americas at Personetics, the global leader in data driven personalization and customer engagement for financial institutions.

The current health crisis continues to disrupt the banking industry’s financial outlook, precipitating lower lending revenues and escalating credit loss provisions. One of the few levers the industry can turn to is cost containment. Amid an overall reduction, however, investment in digital capabilities continues to accelerate to meet customers’ rapidly evolving preferences toward digital servicing, support and advice.

To better prepare for this future, forward-leaning banks are capitalizing on their greatest asset — customer data — to better “know” their customers and deliver personalized experiences. Data-driven personalization appears to be at a tipping point, accelerated by the actions of leading banks and the growing body of evidence that these solutions are being embraced by customers and delivering strong returns for banks. Given the rapid adoption in the industry, banks that fail to invest now risk impacting customer growth and retention.

What is data-driven personalization?

Data-driven personalization analyzes customer transaction data in real time, applies machine learning and AI algorithms to determine what’s important, and delivers personalized insights and advice to customers. Insights provide customers with a view of their finances, from spending habits to savings opportunities, and recommend actions to better manage day-to-day banking. Beyond insights and advice, leading banks are offering innovative automated financial wellness programs. These are opt-in programs in which the bank may save, invest or pay down debt on a customer’s behalf. 

For example, one of our clients, Huntington Bank, recently launched Money Scout, an innovative program that grows customer savings using intelligent, automated, cashflow-based algorithms that act on a customer’s behalf. The proposition targets a growing segment of customers that are embracing automated solutions and expressing delight with the experience. 

The biggest banks are moving

NEC snaps up Swiss digital banking solutions provider Avaloq in $2.2 billion deal

NEC has agreed to acquire Avaloq in order to secure a global pathway into the digital payments market. 

Announced on October 5, the deal will bring Avaloq under the Japanese IT group’s umbrella, although Avaloq will continue to operate using its own brand. 

Under the terms of the agreement, NEC will pay CHF 2.05 billion, or approximately $2.23 billion, for 100% of Avaloq shares. At present, 45% is owned by global private equity firm Warburg Pincus, whereas the rest are held by the firms’ founders and employees. 

Founded in 1985, Avaloq is an IT solutions company now specializing in banking, wealth management, and the digital payments space. The firm has developed business process as a service (BPaaS) and software as a service (SaaS) cloud solutions for banks and financial organizations. 

See also: Infosys acquires GuideVision in European services push

Headquartered in Switzerland, Avaloq is listed on the Tokyo stock exchange (TYO) and has a presence in over 50 countries. 

Avaloq has traditionally served high-end wealth managers and private banks but intends to “democratize” this area in the future by expanding to include “affluent investors” rather than just high net-worth individuals. 

“Clients will continue to enjoy the high level of service they’ve grown used to,” Avaloq says. “This transaction will not lead to a reduction in workforce and the management remains fully committed to Avaloq’s growth story.”

While NEC is the provider of a range of IT solutions in industries spanning from aerospace to data analytics, by picking up a company already established worldwide in banking technology, the organization will add digital finance to its bow — as well as the ability to enter this market on a global scale. 

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The news comes on the heels of

Pandemic spurs Africa’s mobile telcos to ramp up banking bid

JOHANNESBURG/ABIDJAN (Reuters) – When COVID-19 hit Ivory Coast, Bonaventure Kra, who works at an import-export business, began to worry. Handling hard cash all day was a risk. Queuing in crowded bank branches exposed him to infection.

A woman prepares to perform a financial transaction on her mobile phone at a bank of the French mobile operator Orange in Abidjan, Ivory Coast, September 18, 2020. REUTERS/Macline Hien

Then, in the midst of the pandemic, French telecommunications giant Orange ORAN.PA launched an entirely digital bank – its first full banking venture in Africa.

“Going back to cash would be like travelling back in time,” Kra said in the country’s commercial capital, Abidjan. “I intend to use it permanently.”

Africa’s mobile phone operators are ramping up plans to bring banking to millions of Africans, in some cases for the first time, after the coronavirus crisis caused a surge in use of digital financial services.

Orange, MTN MTNJ.J, Telkom TKGJ.J and Vodacom VODJ.J are lowering fees, rolling out new lending services ahead of schedule, and expanding mobile payment networks with the aim of finally denting the so-far unshakeable dominance of cash.

“It’s one of those industries that we consider to be ripe for disruption,” Sibusiso Ngwenya, financial services managing executive at South Africa’s Telkom, told Reuters.

With their revenue under threat as governments cap data prices and customers abandon voice phone services for free messaging apps, telcos have sought to leverage their reach into remote villages and urban shanty towns in a pivot to banking.

The global health crisis has been an unexpected catalyst, with some African governments releasing COVID-19 stimulus grants via mobile money platforms and central banks easing regulations, including limits on mobile transactions.

Orange added over five million new customers for its mobile money services in April and May alone.

Affect Of Know-how In Banking

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