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Global retail banking IT market: 4% CAGR growth between 2012-2016
Global Retail Banking IT Market 2012-2016 - a new market research report on 2014-04-29 03:33:02
The Global Retail Banking IT market is to grow at a CAGR of 4.1 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing need for customer satisfaction. The Global Retail Banking IT market has also been witnessing increasing need to comply with banking regulatory policies. However, meeting the diverse demands of customers could pose a challenge to the growth of this market.
The use of mobiles for banking services has now become extremely common. Customers are readily shifting from PCs and laptops to mobiles to manage their finances and bank accounts. The availability of affordable mobile devices has made this possible. Moreover, these devices are quite powerful and are efficient enough to perform the work of PCs and laptops. The technology makes it convenient for customers to get in touch with the bank avoiding visits to the branch. In 2012, several banks globally invested in IT initiatives to develop the online experience of their customers. Banks are also able to better manage customers at a lower cost through mobile banking. More spending initiatives are expected to follow in the next couple of years till 2016. Banks will need to figure out the mix of digital channels that will help them gain maximum returns in the years to come.
One of the main growth drivers of the Global Retail Banking IT Spending market is the growing need for customer satisfaction. Therefore, newly developed channels such as mobile and internet are becoming an important component of retail banking. The number of customers that are using the internet and mobile devices for banking is also increasing at a tremendous rate. Thus, banks are always on the lookout for innovative technologies that would help them serve their customers to manage their financial affairs regardless of time and location.
One of the major challenges in the market is meeting the diverse needs of customers. Advancements in the technology and the adoption of these updated technologies by customers are forcing banks to quickly adopt best fit technology to remain in the competition.
The key vendors dominating this space include Dell Inc., Hewlett-Packard Co., IBM Corp., and Microsoft Corp. The other vendors mentioned in this report are Accenture Plc., Capgemini S.A., Cisco System Inc., Finacle, FIS Pvt. Ltd., Fujitsu Ltd., Intel Corp., Oracle Corp., Teradata Corp., and Unisys Corp.
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