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The Germany core banking software market size is projected to grow at a CAGR of 19.0% during the forecast period.
Core Banking Software (CBS) is a back-end tool utilized by banks for managing their financial operations, such as transactions, payments, account updates, and record maintenance. These offer real time, centralized online banking services to consumers. The expansion of the CBS market in Germany is fueled by increasing financial institutions across the country, growing demand for centralized account management, and regional growth driven by prior technical advancements and implementations.
Implementation of Analytical Tools to Enhance User Experience and Market Growth
Banks offer comprehensive support to their clients for their regular financial management through a variety of add-ons to core banking software and platforms. These solutions include Personal Finance Management (PFM) tools, various investment options, risk profiles, automated investment advice, and portfolio management. For instance, in May 2022, Yapily, an open banking platform provider, collaborated with SCHUFA Holdings to acquire finAPI. The finAPI provides core banking software, which encased API architecture, scalability, customizable platform, and automated reconciliation, among others. The acquisition enhanced the company’s consumer base and created expansion opportunities in other geographical regions.
These factors add on to the interface and enhance consumer experience, resulting in surplus deployments.
Growing Need for Cost Efficiency in BFSI Industry to Fuel Industry Expansion
Banks face increasing pressure to reduce operational costs and improve their operational efficiency. The adoption of core banking platform aids them to achieve overall cost efficiency. The implementation of CBS aids in the automation of manual processes, improved data management, streamlined operations, increased operational scalability, and better risk management. These factors increase the demand for core banking solutions and propel the Germany core banking software market growth.
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Higher Implementation Costs and Integration Challenges to Hamper Market Growth
Core banking software solutions can be expensive to implement as they require significant upfront investments in technology and personnel. This acts as a significant barrier to entry for small and midsize banks with limited budgets. Additionally, integrating a core banking software is complex and time-consuming, requiring significant technical expertise and resources.
Total FinTech Funding Raised by Startups in the Germany, 2019 - 2020 (USD Billion)
According to a report by the Federal Association of German Startups in 2021, the fintech sector continued to grow in 2020, with a record amount of venture capital invested in the sector. Fintech startups raised USD 3.32 billion in venture capital funding in 2020, up from USD 2.61 billion in 2019.
Emphasis of Key Players on Developing Advanced Banking Solutions to Strengthen their Industry Positions
SAP SE., Wirecard AG, FinTech Group AG, and FIS are some of the major players in the German fintech industry. These players are developing core banking solutions with advanced technologies such as dotnet computing, database management, Big Data, and block chain to increase the market share and geographical expansion.
List of Key Companies Profiled:
KEY INDUSTRY DEVELOPMENTS
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This market research report offers an extensive market examination, emphasizing crucial elements such as major firms and major product applications. Additionally, it emphasizes key industry advancements and gives an understanding of the major market trends. The report further includes various growth-contributing factors from recent years.
ATTRIBUTE | DETAILS |
Study Period | 2019 – 2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023 – 2030 |
Historical Period | 2019 – 2021 |
Growth Rate | CAGR of 19% from 2023 to 2030 |
Unit | Value (USD Billion) |
Segmentation | By Deployment
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Banking Type
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End-user
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Growing at a CAGR of 19.0%, the market will exhibit steady growth in the forecast period of 2023-2030.
Growing need for cost efficiency in the BFSI sector to fuel the market growth.
FinTech Group AG, Temenos AG, GFT Technologies SE, FinLeap GmbH, SAP SE and FSopra Banking Software, are the major market players in the German market.
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