Engagement banking platform Market Size Worth USD 40.83 Billion in 2032 | Emergen Research

Increasing use of smart gadgets and data traffic and rising demand for cloud-based services are major factors driving engagement banking platform market revenue growth

Vancouver, Jan. 29, 2024 (GLOBE NEWSWIRE) — The global engagement banking platform (EBP) market size reached USD 11.20 Billion in 2022 and is expected to register a rapid revenue CAGR of 13.9% during the forecast period. Increasing use of smart gadgets and data traffic and rising demand for cloud-based services are major factors driving engagement banking platform market revenue growth.

The rising demand for leveraging data for personalization and stronger customer engagement is another factor driving revenue growth of the market. Importantly, banks have distinct advantages over Big Tech in terms of customer involvement and information but haven’t yet realized the full potential of these resources. Banks will need an extensive data infrastructure that can handle data collection, storage, and sophisticated analytics, as well as an online advertising engine to transform analytical insights into personalized messages. The COVID-19 pandemic raised the bar for digital customer experience even while technology’s importance in banking has been increasing as customers need omnichannel interactions.

Moreover, customers want digital experiences to conduct transactions and interact with companies from the comfort of their homes. These customers are not afraid to turn to FinTechs or challenger banks to obtain desired digital experience. Furthermore, technology has become a vital enabler for banks to maintain operations, making work-from-home options possible and smooth.

Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.emergenresearch.com/request-sample/2083

The data privacy and security concerns and resistance to change from traditional banking system are major factors, which could restrain market revenue growth. Introducing a digital proposal on an engagement banking platform frequently involves various comparable strategic difficulties. One of the main challenges for banks will be managing this change in the combination of personnel and abilities. Our research and experience indicate that reskilling existing employees in higher-value tasks can be 30% cheaper than hiring new people. In addition, increasing staff engagement, which is reflected in improved employee retention and customer happiness, help with financial performance

Segment Insights

Deployment Insights:

On the basis of deployment, the global engagement banking platform market is segmented into cloud-based, on-premises, and hybrid.

The cloud-based segment is expected to register steadily fast revenue growth rate in the global engagement banking platform market during the forecast period. This is because cloud-based technologies save data in a distant database that is accessible from any location with an Internet connection. Without being bound to their desks, this enables banking employees to communicate with one another and keep in contact with their clients. Updates for service offering can be made by itself, always giving users access to the most recent version and allowing banks to adjust capacity as needed.  Furthermore, retail banks must embrace new technology, including an a digital-first company structure and hybrid-cloud fundamental technology stack, to combat attackers on innovation and find new sources of sales in complicated providing and wealth/protection from beginning to end journeys and personalization.

Solution Type Insights:

On the basis of solution type, the global engagement banking platform market is segmented into customer management systems, Customer Experience (CX) platforms, digital banking platforms, collaboration and communication platforms, and others.

The Customer Experience (CX) platforms segment is expected to account for largest revenue share in the global engagement banking platform market during the forecast period. This is because engagement banking platforms play a crucial part in improving customer experience by enabling personalized connections, smooth omnichannel experiences, self-service alternatives, and real-time assistance. These systems make use of analytics and consumer data to generate personalized recommendations and offers, allowing banks to design a seamless and positive customer experience. Furthermore, engagement banking platforms help to enhance client retention, happiness, and overall banking experience by providing customers with practical self-service options and enabling real-time assistance.

Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/2083

Regional Insights:

The North America market accounted for largest revenue share in 2022 owing to increasing focus on enhancing customer experience. The provision of excellent user experience is a key objective for every financial institution, and this can be facilitated by a correctly selected digital banking interaction platform. While delivering a low-effort, end-to-end service that makes banking simple from application to closing is crucial. The use of responsive design, loan pre-approvals, guided data flows, and e-sign, as well as seamless customer single sign on from any digital device, can all be beneficial.

The Europe market accounted for second largest revenue share in the global engagement banking platform market during the forecast period in 2022. This is due to increasing expectations from customers and rising digital transformation initiatives from the banking sector in. European banks use engagement banking systems to discover more about the preferences and behavior of their customers. These systems make use of advanced data analysis, data mining, and AI technology to analyze enormous amounts of data. Banks are able to spot trends, fulfill client demands, and proactively provide tailored solutions. Furthermore, banks can also keep a track of consumer opinions and feedback to improve service and product offerings.

Scope of Research

Direct Order Can Be Placed Through This Link [Exclusive Copy] @ https://www.emergenresearch.com/select-license/2083

Major Companies and Competitive Landscape

The global engagement banking platform market is fragmented, with many companies accounting for majority market revenue. Major companies are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective engagement banking platforms. Some major companies included in the global engagement banking platform market report are:

• Backbase
• EdgeVerve
• Temenos
• Comarch
• Dreams Technology
• in10stech.com
• Peerspot
• Azentio
• Salesforce
• Finastra

Strategic Development

On 22 January 2022, Backbase, a Dutch provider of omnichannel banking solutions, has located its Global Development Centre in Hyderabad, India. The second facility worldwide for the supplier of engagement banking platform, the new BDC in India. This facility will offer complete development for web and mobile services on its system and help international banks thrive. The Hyderabad facility is said to streamline implementation procedures and accelerate time-to-market for bankers and other financial institutions

Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/engagement-banking-platform-market

For the purpose of this report, Emergen Research has segmented the global engagement banking platform (EBP) market on the basis of solution type, deployment, bank size, application, end-use, and region:

• Solution Type Outlook (Revenue, USD Billion; 2019–2032)
  • Customer Management Systems
  • Customer Experience (CX) Platforms
  • Digital Banking Platforms
  • Collaboration and Communication Platforms
  • Others

• Deployment Outlook (Revenue, USD Billion; 2019–2032)
  • Cloud-Based
  • On-Premises
  • Hybrid

• Bank Size Outlook (Revenue, USD Billion; 2019–2032)
  • Large Banks
  • Mid-Sized Banks
  • Small Banks and Credit Unions

• Application Outlook (Revenue, USD Billion; 2019–2032)
  • Omnichannel Banking
  • Personalized Marketing and Offers
  • Self-Service and Digital Onboarding
  • Customer Relationship Management (CRM)
  • Others

• End-use Outlook (Revenue, USD Billion; 2019–2032)
  • Retail Banking
  • Corporate Banking
  • Investment Banking

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey

5. 5. 5. Rest of Middle East & Africa

Emergen Research is Offering Exclusive Customization as per your Specific Requirements@ https://www.emergenresearch.com/request-for-customization/2083

 About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.

Contact Us:

Eric Lee

Corporate Sales Specialist

Emergen Research | Web: https://www.emergenresearch.com/

Direct Line: +1 (604) 757-9756

E-mail: [email protected]

Explore Our Japanese Version: Engagement Banking Platform Market

Explore Our Blogs and Insights Section: https://www.emergenresearch.com/insights

Read our Press Release @ https://www.emergenresearch.com/press-release/global-engagement-banking-platform-market