July 14, 2024

A multi-channel program that handles several essential banking tasks, private wealth management, and business information are referred to as third-party banking software. The end-to-end omnichannel administration of banking operations is provided through an integrated and tailored software system.
New York, Sept. 29, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Third-party Banking Software Market Size, Share & Industry Trends Analysis Report By Deployment, By Application, By End-use, By Product, By Regional Outlook and Forecast, 2022 – 2028” – https://www.reportlinker.com/p06322385/?utm_source=GNW
Commercial, retail, and trade banks utilize it largely to expand their interbank network and streamline their business processes.

The software helps to reduce losses brought on by human error, retain operational flexibility, enhance client satisfaction, and provide banks a competitive edge over rival financial institutions. The Core Banking, Multichannel, and BI segments make up the three major subgroups of the third-party banking software industry. Banks can offer their core banking services via a variety of channels due to third-party banking software providers.

As a result, banks are utilizing the advantages provided by third-party banking to transition to automated systems. Banks are becoming more and more reliant on mobile and internet channels as a result of their branch network contraction. As a result, it is becoming crucial for banks to give their consumers the choice to conduct financial operations quickly and securely using smart devices. This modernization process heavily relies on third-party banking software.

Positive growth effects are being produced by the increasing use of technologically sophisticated analytical tools like big data analytics. Large amounts of data must be processed effectively to make business decisions, spot market trends, and boost profitability. Being a data-driven enterprise, the banking sector relies on the use of third-party software connected with numerous analytical tools to manage data effectively.

The market for third-party banking software is expanding as a result of a transition from manual to computerized techniques for tracking and documenting financial transactions and bookkeeping. In keeping with this, the BFSI sector’s increasing demand for process standardization and core banking systems is driving market expansion.

COVID-19 Impact Analysis

Particularly creating chances for the incorporation of third-party banking software is the increased demand for online banking solutions following the pandemic. Additionally, the development of online payment systems is enhancing the expansion of the sector. Digital financial services have been under the focus as a result of the COVID-19 pandemic and the requirement for social distance. Social isolation is made possible by digital financial services, which also enable governments to quickly and effectively provide money to people in need and give many households and businesses easy access to online transactions and financing.

Market Growth Factors

Analytics Integration With Third-Party Banking Software

The addition of analytics to third-party banking software is a significant component fostering the market’s expansion. Due to the development of digital technology, consumers in the banking sector are altering how they access banking services. To communicate with businesses and obtain financial services, they are adopting mobile devices and digital technology. Due to this, the amount of client data held by businesses in the banking sector has increased exponentially. These businesses can examine the data they collect, enabling them to take quicker, more informed decisions that would increase efficiency across the board.

Financial Institutions Are More Likely To Become Third Party Banking

People worry about how reliable third-party software is. This is true if users seeking a program that will let them access every bank account they have. For many years, financial institutions have already earned the community’s trust. Therefore, it is clear that financial organizations stand a higher chance of gaining customers’ trust when viewed from the viewpoint of a bank user. For much third-party banking software, the hardest element would be attracting bank users and getting their permission to execute banking activities on their behalf.

Market Restraining Factors

Inadequate Internet Access In Poor Nations

It is one of the major obstacles preventing the market for third-party banking software from expanding. The main prerequisite for third-party banking software to provide highly effective and efficient operations is a powerful and high-quality network. Businesses using this software must have a reliable internet connection that enables them to function effectively in real-time. Furthermore, transferring data from connected devices like servers requires a lot of bandwidth. Additionally, businesses may suffer significant financial losses if the technology is unable to update real-time transactions, particularly in the investment banking industry.

Product Outlook

On the basis of Product, the Third-party Banking Software Market is segmented into Core Banking Software, Omnichannel Banking Software, Business Intelligence Software, Wealth Management Software, and Others. The wealth management software segment registered a significant revenue share in the Third-party Banking Software Market in 2021. It is because as more people look for asset management services to assist them to generate enough retirement income, the need for third-party wealth management software is anticipated to be driven by the retired population.

Deployment Size Outlook

Based on the Deployment Size, the Third-party Banking Software Market is divided into On-premise, and Cloud. The on-premise segment procured the largest revenue share in the Third-party Banking Software Market in 2021. It is because supremacy is ascribed to its simple customization possibilities, flexibility, and stronger security standards. After all, it operates on private servers.

Application Outlook

By Application, the Third-party Banking Software Market is classified into Risk Management, Information Security, and Business Intelligence. The business intelligence segment witnessed a significant revenue share in the Third-party Banking Software Market in 2021. It is because the third-party banking software’s business intelligence application helps banks make informed decisions based on information about trends and consumer behavior. The industry is also being driven by end users’ increasing usage of data analytics to examine the data generated.

End-use Outlook

Based on the End-use, the Third-party Banking Software Market is bifurcated into Commercial Banks, and Retail Banks. The retail bank’s segment acquired the largest revenue share in the Third-party Banking Software Market in 2021. Retail banks are predicted to have an increasing demand for third-party banking software as it lowers operating expenses. Furthermore, due to the effective and unified system of retail banking software, the needs of the clients are better recognized.

Regional Outlook

Region-wise, the Third-party Banking Software Market analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region procured the highest revenue share in the Third-party Banking Software Market in 2021. It is due to the rising popularity of third-party software to boost operational effectiveness. Additionally, the presence of numerous significant businesses like Microsoft and IBM is anticipated to create a favorable picture for the industry’s growth.

The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the forerunners in the Third-party Banking Software Market. Companies such as Accenture PLC, Infosys Limited, IBM Corporation are some of the key innovators in Third-party Banking Software Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Tata Consultancy Services Ltd., Infosys Limited, Accenture PLC, Capgemini SE, Fidelity Information Services (FIS), Inc., and Fiserv, Inc.

Recent Strategies Deployed in Third-party Banking Software Market

Partnership, Collaboration and Agreement:

Jun-2022: Microsoft came into a partnership with Technisys, the Core banking software. Together, the companies aimed to combine Microsoft Cloud for Financial Services within its Cyberbank platform to deliver financial institutions the capability to climb and increase their digital transformation measures. Moreover, this partnership would authorize companies to innovate faster and concentrate more on providing worth to their consumer, versus preserving their heritage systems.

Apr-2022: Tata Consultancy Services came into a partnership with SBI Cards and Payments Services, a pure-play credit card business and payment solutions provider in India. With this partnership, TCS would digitalize and transform the online onboarding procedure to allow a quick turnaround and frictionless experience desired to propel greater consumer fulfillment. Moreover, the partnership would allow SBI Card to further expand its e-card issuance, satisfying end consumers and providing it with a competitive boundary in the industry.

Feb-2022: Tata Consultancy Services formed a partnership with MATRIXX Software, a provider of a cloud-native converged charging system. With this partnership, the companies aimed to integrate TCS HOBS and MATRIXX Digital Commerce Platform which would allow CSPs to concentrate on technological and commercial innovations that would rapidly capture the vision of end consumers and help grow market value.

Dec-2021: Microsoft joined hands with Temenos, the banking software company. Through this collaboration, the companies aimed to fulfill the increasing need from banks for SaaS and banking services provided by the Temenos’ Banking Cloud. Additionally, companies integrated strengths would expand the opportunities of the cloud for banks and financial institutions worldwide, allowing them to develop differentiated consumer experiences, drive time to value, and propel innovation for reliable growth.

Dec-2021: Accenture joined hands with OP, Finland’s largest financial services group. Together, the companies aimed to design and offer new services that would additionally optimize OP’s digital banking processes. Additionally, utilizing the automation and AI abilities of myWizard, merging human ingenuity with digital abilities to transform operations and ways of working to assist OP to develop a future-ready banking practice that places consumers and workers at the center.

Nov-2021: Microsoft teamed up with Backbase, the global Engagement Banking Platform supplier. Through this collaboration, the combined value offer of Backbase’s Engagement Banking Platform on Microsoft Cloud for Financial Services delivers an entire industrialized stack of pre-integrated abilities that manage banks’ necessities for effectively executing their digital modification.

Nov-2021: Infosys Finacle joined hands with IBM, a technology company. Through this collaboration, the companies aimed to introduce Finacle Digital Banking Solution offering on Red Hat OpenShift and IBM Cloud which would allow banks to increase business transformation, evolve more elegant, and power their growth with an on-demand offering of products and services. Additionally, collaboration would aid banks to execute seamless ecosystem connectivity and deliver a world-class banking experience for their consumer, and allow them to fulfill mandated submission and security necessities.

May-2020: Infosys formed a partnership with Avaloq, the foremost wealth management software. With this partnership, Infosys aimed to extend its leadership position and deliver SaaS and BPaaS services to the global wealth management segment. Additionally, Avaloq’s industry-leading wealth management products combined with Infosys’ proven delivery strengths would deliver a combined end-to-end solution for wealth management.

Product Launch and Product Expansion:

Jul-2021: Fidelity Information Services introduced the new components to its flagship cloud-native core banking platform. The new feature contains innovative retail lending and commercial onboarding and an increasing ecosystem of third-party solutions, adding to the advanced digital banking abilities offered by a dozen teaching banks. Additionally, new components continue the development of the platform as one of the most open, powerful, and scalable banking systems in the industry.

Acquisition, Joint Venture and Merger:

Aug-2022: Accenture completed the acquisition of Tenbu, a cloud data business specialized in solutions for intelligent decisions. This acquisition expands Accenture’s Cloud First abilities via Latin America and globally to obtain the company’s data and AI expertise, industry deepness, and repeatable creation with the cloud ecosystem to allow consumers to express the business value of data.

Jul-2022: Accenture took over Solvera Solutions, a Regina-based company providing platform-led digital transformation services. With this acquisition, Solvera Solutions carries extensive experience on the ServiceNow platform, develops Accenture’s current portfolio on the Microsoft Modern Workplace and Microsoft Power Platform, and improves abilities and resources in SAP S/4HANA.

Apr-2022: Infosys completed the acquisition of Oddity, a Germany-based digital marketing company. This acquisition reinforces Infosys’ branding, creative, and experience design abilities. Additionally, Oddity brings to Infosys a complete service offering including digital-first brand communication and management, in-house production, such as virtual and augmented reality, experience strategy, and e-commerce services along with its metaverse-ready set-up within Europe.

Apr-2022: Fiserv completed the acquisition of Finxact, a core banking software developer. With this acquisition, Fiserv is boosting the capability of financial and fintech institutions to provide differentiated digital banking experiences to their consumers.

Feb-2022: Fidelity Information Services completed the acquisition of Payrix, an implanted payments company. This acquisition would authorize FIS to improve embedded payments and finance experiences for small- and medium-sized businesses in any enterprise, boosting the company’s fast-growing e-commerce enterprise.

Aug-2021: Accenture took over Edenhouse, a UK-based independent SAP associate. This acquisition would grow Accenture’s abilities in the UK to manage boosted demand for SAP’s cloud-based solutions. Additionally, the acquisition would further improve Accenture’s abilities to help clients in their digital transformation journey.

Scope of the Study

Market Segments covered in the Report:

By Deployment

• On-Premise

• Cloud

By Application

• Risk Management

• Business Intelligence

• Information Security

By End-use

• Retail Banks

• Commercial Banks

By Product

• Core Banking Software

• Wealth Management Software

• Omnichannel Banking Software

• Business Intelligence Software

• Others

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific


o Brazil

o Argentina


o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• Microsoft Corporation

• IBM Corporation

• Oracle Corporation


• Tata Consultancy Services Ltd.

• Infosys Limited

• Accenture PLC

• Capgemini SE

• Fidelity Information Services (FIS), Inc.

• Fiserv, Inc.

Unique Offerings

• Exhaustive coverage

• Highest number of market tables and figures

• Subscription based model available

• Guaranteed best price

• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06322385/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.


In this article, we will look at 5 high-yielding dividend stocks to buy according to journalist investor Jim Cramer. If you want to explore similar stocks, you can also take a look at Jim Cramer is Recommending These 2 High-Yield Dividend Stocks. The Short-Term Camp Vs The Silent Majority Following the Fed’s 75 basis point […]
Yahoo Finance's Josh Schafer discusses Wall Street analyst calls on Nike after the athletic apparel giant reported some red flags in its earnings results.
Yahoo Finance Live anchors discuss stock performance for cruise lines.
Leaving these accounts open could tarnish your golden years.
Inflation, interest rates, and recession – these are the bogeymen of investing, and they’ve been watching over our shoulders for the past several months. We all know the story by now, the rate of inflation is running at generational highs, the Federal Reserve is hiking rates in an attempt to push back against high prices, and that’s likely to tip the economy into recession. At a time like this, investors are showing a growing interest in finding strong defensive portfolio moves. It’s a mindset t
Yesterday I posed the question, "If Carnival misses on earnings tomorrow, what will that mean for Royal Caribbean and Norwegian Cruise Line Holdings?" Well, guess what? Turns out, Carnival Corporation (NYSE: CCL) (NYSE: CUK) did miss on earnings — badly — and as a result, not just Carnival stock but fellow cruise line stocks Royal Caribbean (NYSE: RCL) and Norwegian Cruise Line Holdings (NYSE: NCLH), too, are falling hard.
With the S&P 500 index making new lows in 2022, it is crucial investors stay the course and continue adding high-quality businesses to their portfolios — through dollar-cost averaging, if possible. Shopify (NYSE: SHOP) is currently light on profits yet is vital to the burgeoning U.S. e-commerce industry. Adyen (OTC: ADYE.Y) and InMode (NASDAQ: INMD) offer the beautiful pairing of high sales growth and strong free cash flow (FCF) creation and profitability.
David “Sandy” Gottesman, a Berkshire Hathaway board member, billionaire and longtime friend of Warren Buffett, died Wednesday at 96. In 1964, Gottesman founded the New York investment firm First Manhattan, which announced his death on its website. Gottesman befriended Buffett around the time that Buffett took control of Berkshire (ticker: BRK.A) in 1965 and was an early investor in the company when its stock sold for a tiny fraction of its current price.
Yahoo Finance's Brad Smith and Brian Sozzi break down the move in F45 Training stock on news of a takeover bid.
Genco Shipping & Trading (GNK) closed the most recent trading day at $12.43, moving +1.14% from the previous trading session.
Fintech company Upstart Holdings (NASDAQ: UPST) has been one of Wall Street's most volatile stocks; in just under two years since going public, the stock's gone from $20 to $400 back down again — a stressful ride indeed! The company is still young and has to prove to investors that it has the staying power to not only survive but thrive over the coming years. There is still a lot of work to be done on that front, but Upstart has seemingly found a niche that could help it to grow and establish itself enough to win back investors.
While investing in stocks is a proven way to build wealth in the long term, high-yield dividend stocks that provide you with passive income can make your money grow much faster. The stock market sell-off is one of the best times to hunt for such passive income streams. Right now, stocks from top-performing sectors like oil are offering compelling opportunities to earn passive income for years to come.
September is living up to its reputation as an ugly month for stocks. Here's what the data says about October performance.
The Dow Jones Industrial Average dropped Friday on hot inflation data. Tesla stock fell ahead of the company's AI Day.
Yahoo Finance's Akiko Fujita breaks down the latest moves in Micron stock.
Yahoo Finance Live’s Brian Sozzi joins the Live show to discuss a Raymond James analyst’s Outperform rating on Microsoft.
The blue-chip-heavy Dow Jones Industrial Average recently tipped over into bear market territory, meaning the index has fallen at least 20% from its previous high. There's always a sense that maybe your stocks won't come back, but that's where following the timeless investing advice of Warren Buffett can help stack the odds in your favor. When it comes to managing Berkshire Hathaway's stock portfolio, Buffett usually invests in large, profitable companies, and he always buys them at sensible valuations.
Carnival's (CCL) third-quarter fiscal 2022 performance reflects solid booking trends owing to relaxed protocols and better alignment of land-based vacation alternatives.
New research based on the life-cycle model says that people should strive for a consistent standard of living through their lives.
Shares of Carvana (NYSE: CVNA) sank as much as 23.7% this week, according to data from S&P Global Market Intelligence. Carvana operates in the used car market, enabling people to buy and sell used vehicles directly from their phones and have them delivered to their houses. CarMax — one of Carvana's most prominent competitors — does so as well but with an omnichannel dealership model.


About Author