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Third-Party Banking Software Market Size to Grow USD 16620 Million by 2029 at a CAGR of 8.8% | Valuates Reports
BANGALORE, India, Jan. 16, 2024 /PRNewswire/ — The Third-Party Banking Software Market is Segmented by Type (Core Banking Software, Multi-Channel Banking Software, BI Software, Private Wealth Management Software), by Application (Risk Management, Information Security, Business Intelligence, Training and Consulting Solutions).
The Global Third-Party Banking Software Market is projected to grow from USD 10050 Million in 2023 to USD 16620 Million by 2029, at a Compound Annual Growth Rate (CAGR) of 8.8% during the forecast period.
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Major Factors Driving the Growth of Third-Party Banking Software Market
Financial institutions look for cutting-edge technologies to improve client experiences, boost operational efficiency, and negotiate complicated regulatory environments amidst the general tide of digital change.
In order to meet these demands, third-party banking software providers are essential. They do this by providing cutting-edge technologies that address changing compliance requirements, enable seamless integration, strengthen cybersecurity measures, and take advantage of newly emerging technologies like cloud computing and artificial intelligence.
The use of third-party solutions is further fueled by the need to optimize costs and resources, as well as by the globalization of banking operations and the advancement of open banking initiatives.
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TRENDS INFLUENCING THE GROWTH OF THIRD-PARTY BANKING SOFTWARE MARKET
The need for regulatory technology (RegTech) solutions in third-party banking software has been driven by strict regulatory requirements and the increasing intricacy of compliance. These solutions help banks effectively manage risks, ensure conformity to changing rules, and navigate complex compliance environments. Financial institutions must use specialized software solutions in order to maintain compliance and reduce possible risks as regulatory frameworks become more complex.
The banking sector is experiencing a swift advancement in technology, as shown by the emergence of blockchain, AI, and ML. As a result, banks are now searching for outside software solutions to use these state-of-the-art technologies. Banks are able to remain at the forefront of technological innovations because third-party suppliers frequently take the lead in the creation and integration of novel technologies.
Third-party banking software is an alluring option for financial institutions seeking to lower operating costs in an era of cost optimization and resource efficiency. Banks may focus on their core strengths and deploy resources more strategically by outsourcing certain tasks to specialized software suppliers. This allows them to take advantage of the economies of scale and expertise offered by third-party solutions.
The increased frequency and sophistication of cyber attacks have encouraged banks to invest in advanced protection measures supplied by third-party software solutions. These technologies protect sensitive financial data and guarantee the integrity of banking systems by including strong cybersecurity features like biometric identification, encryption, and threat detection. As long as financial institutions continue to prioritize cybersecurity, there will be a growing need for innovative security solutions from outside vendors.
Third-party banking software companies now have more prospects as a result of the global expansion of open banking initiatives. Open banking fosters an ecosystem where third-party software solutions may play a crucial role in generating innovative financial products, services, and experiences by encouraging collaboration and interoperability between financial institutions and external service providers. The market for third-party banking software is expected to develop at a faster rate due to the growing acceptance of open banking frameworks, which allow institutions to better utilize outside knowledge to improve their products in a linked financial ecosystem.
Third-party banking software supporting smooth worldwide integration and cooperation is in high demand as banking operations grow more and more globalized, with institutions operating across different geographic areas. These solutions help banks that operate internationally be more efficient and competitive by enabling standardized procedures, unified data management, and uniform customer experiences regardless of location.
Financial institutions are adopting cloud-based third-party banking software at an increasing rate as they look for more flexible and agile IT infrastructures. Cloud solutions enable banks to install and integrate new software with ease since they are flexible and economical, and promote cooperation. The use of cloud-based solutions by banks has made it possible for them to quickly and effectively adjust to shifting market conditions.
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THIRD-PARTY BANKING SOFTWARE MARKET SHARE ANALYSIS
The third-party banking software business in North America, and especially in the US, benefits from a sizable and fiercely competitive financial sector. The area is focused on keeping a competitive edge and satisfying changing client expectations, which has led to a high adoption rate of sophisticated technology, such as cybersecurity measures and cloud-based solutions. Organizations like the FDIC and OCC, for example, have regulations that must be followed, which raises the need for specialized third-party software that handles compliance and risk management.
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Key Companies:
- Microsoft Corporation
- IBM Corporation
- ORACLE CORPORATION
- SAP
- TATA CONSULTANCY SERVICES LIMITED
- INFOSYS LIMITED
- Capgemini S A
- Accenture Plc
- NetSuite Inc
- Deltek
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TIANJIN, China, Dec. 24, 2024 /PRNewswire/ — On December 7, 2024, AIMA Technology Group warmly invited a delegation of five top-performing U.S. IBD dealers to visit its headquarters. Accompanying the group was Angela Zheng, CEO of AIMA’s U.S. subsidiary, AIMA EBIKE, along with her sales, marketing, and customer service teams. This visit not only marked a deepened connection between AIMA and the mainstream U.S. market but also provided U.S. dealers with a valuable opportunity to witness AIMA Technology’s globally leading capabilities in research, development, and manufacturing of electric mobility solutions.
The delegation first toured AIMA’s state-of-the-art factory in Tianjin. Aima Technology possesses production factories with extremely high levels of intelligent manufacturing Additionally, AIMA has integrated advanced technologies such as AI visual recognition and established a CNAS-certified R&D laboratory, maintaining its industry leadership in intelligent transformation. During the tour, the dealers were deeply impressed by AIMA’s cutting-edge technology, large-scale production capabilities, and relentless pursuit of excellence in product development and manufacturing. They expressed that this rare visit not only enhanced their understanding of AIMA but also strengthened their confidence in promoting AIMA products as a symbol of outstanding performance and exceptional quality to their customers.
Furthermore, AIMA Technology’s R&D team engaged in in-depth discussions with the dealers regarding the new models AIMA EBIKE plans to launch in 2025. The dealers test-rode prototypes of the latest models and shared their innovative insights. They expressed high praise for AIMA’s product innovation capabilities and market acumen, recognizing these as key factors that distinguish AIMA in the industry.
Later, the dealers joined AIMA Technology’s team to witness the rollout of the 10,000th AIMA E-Bike. This milestone moment showcased AIMA’s exceptional manufacturing strength and market influence. The dealers were inspired and expressed strong confidence in the promising future of their partnership with AIMA.
This visit from the top-tier U.S. dealer delegation not only deepened mutual trust and friendship but also injected new momentum into AIMA’s ambition to become a leader in the U.S. E-Bike industry by focusing on the IBD channel. Looking ahead, AIMA Technology will continue to strive to provide market-leading performance and quality, enhancing its product development and manufacturing capabilities while working hand-in-hand with global dealers to create an even brighter future.
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HAMILTON, Bermuda, Dec. 19, 2024 /PRNewswire/ — FXGiants has recently launched a series of exciting bonuses. Participants on the FXGiants‘ online trading platform can now amplify their trading potential with a broad spectrum of bonuses that are tailored to fit different trading needs. These bonuses not only add extra value but also act as a safety net for traders to explore the financial markets without risking too much.
“Our goal with these deposit bonus options is to empower traders of all levels,” said Christopher Oates, the spokesperson for FXGiants. “Under this scheme, we have diverse categories, including Bonus Maximiser, Booster Bonus, and the Bonus Advantage. These bonuses are designed to provide flexibility to clients as they trade on the FXGiants online trading platform.”
Exploring the FXGiants Bonus Options
The bonus options at FXGiants come with versatile advantages. The Bonus Maximiser provides a full 100% boost on all deposits without limit, whereas the Booster Bonus offers a 40% bonus on all deposits up to $4,000 for traders who want to moderately enhance their capital. On the other hand, the Bonus Advantage provides a 60% bonus on deposits up to $5,000, giving traders a better handle on risk. These bonuses enhance the trading experience on the FXGiants online trading platform.
“At FXGiants, we are committed to a trading environment that meets the evolving needs of our clients,” Oates added. “Our online trading platform is a robust ecosystem designed to support traders with advanced execution, extensive market insights, and continuous improvements. As we move forward, we will keep expanding our offerings to ensure that traders have access to the best resources and support.”
About FXGiants
FXGiants stands out as an international broker providing access to over 300 financial instruments across 6 asset classes. Traders can operate through the popular MetaTrader 4 platform, and benefit from exceptional trading conditions such as competitive spreads, flexible leverage, and fast execution. With deposit boosters, partnership programs, an educational blog, and account types tailored to both novice and experienced traders, FXGiants remains dedicated to delivering a one-stop trading solution.
Terms & Conditions apply. Bonus cannot be withdrawn.
All trading involves risk. It is possible to lose all your capital.
FXGiants is a trade name of Notesco Int Limited; a company incorporated in Anguilla with registration number A000001800 and registered address The Valley, AI2640, Cosely Drive, 1338, AI.
Website: https://www.fxgiants.com/
View original content:https://www.prnewswire.co.uk/news-releases/fxgiants-online-trading-platform-launches-bonus-initiative-to-reward-traders-302338463.html
BEIJING, Dec. 23, 2024 /PRNewswire/ — Cheung Kong Graduate School of Business (CKGSB) successfully hosted the Western China MBA Professor Training Program in collaboration with the China National MBA Education Supervisory Committee and Shantou University School of Business on December 17 and 18, 2024. 58 professors from over 40 universities in China nationwide, mostly western China, attended this training.
Since 2007, CKGSB has been aspiring to address the pressing disparities in management education between eastern and western China with its MBA professor training program. As of 2024, the program has trained 372 professors from 155 universities across 22 provinces, 4 autonomous regions, 3 direct-administered municipality in China, indirectly impacting tens of thousands of MBA students.
This year, the training focused on social innovation and business for good, a topic many participating professors found lacking in their day-to-day teaching and research. Professor ZHU Rui (Juliet), CKGSB Professor of Marketing and Director of the ESG and Social Innovation Center, led the training. She introduced how CKGSB has been innovating with the integration of business for good in management education, and how our relevant practice-based course has already helped 2,800+ students integrate ESG into their businesses. Professor Zhu also hosted an interactive workshop with the training’s participants on how they may build this idea into their teaching.
Participants shared in their post-program survey that Professor Zhu’s teaching and her ESG Assessment map gave them a new perspective on how to balance profits and social responsibilities. Many also felt inspired on how to bridge the gap between research and practice.
Recognized in CKGSB’s 2022 and 2024 ESG and Social Innovation Reports and honored as a finalist for the 2021 China Social Impact Award by the United Nations and British Chamber of Commerce, this program exemplifies CKGSB’s impact in this critical area. Through partnerships with the government, NGOs, and business schools, this initiative has made significant progress in promoting quality education and reducing inequalities.
For more information on CKGSB’s ESG and social innovation efforts, visit our ESG and social innovation website.
About CKGSB
Established in Beijing in November 2002, CKGSB is China’s first privately-funded and research-driven business school. The school aims to cultivate transformative business leaders with a global vision, sense of social responsibility, innovative mindset, and ability to lead with empathy and compassion (https://english.ckgsb.edu.cn).
View original content:https://www.prnewswire.co.uk/news-releases/ckgsb-successfully-hosts-2024-mba-professor-training-program-for-western-china-302338458.html
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