Global Financial
Services Market: Overview
Efficiency in
financial
services is considered to be the backbone of any economy.
Financial services indicate the socio-economic wellbeing of any
country. With rapid globalization, financial service application
providers are faced with the uphill task of providing the end-users
with software and applications that are risk-free, compliant, and
data driven. In modern times, the strength of a country is determined
by how well it progresses financially. Thus, financial systems
require to function properly in order to bring in smooth and stable
governance.
An increasing number
of banks and financial institutions have been focusing on attracting
consumers with decisive market strategies. Banks around the world
are, therefore, compelled to shift from their traditional accounting
services to more value added solutions such as mutual funds,
insurance, mortgages, and pensions.
In order to achieve
this, it is important for these institutions to automate their
financial services, so that they are able to focus on their core
competencies. The development of a consumer-centric approach is also
considered essential in this regard. Financial services applications
and software, which run on disparate technological platforms, have
emerged as a perfect solution to cater to the aforementioned needs.
The report defines
the global financial services apps and software market as the total
sum of revenues generated from the deployment of financial services
application software across the world. The key factors impacting the
growth trajectory of the market have been evaluated in the report in
detail. The report also identifies the most lucrative opportunities
for the enterprises operating in the market.
Global Financial
Services Market: Key Opportunities and Threats
Solutions provided
by enterprises operating in the global financial services
applications market enable organizations to use valuable financial
data to plan and optimize operations and explore new opportunities
with the help of software. Automating banking and financial processes
has become necessary for organizations to keep track of the
increasing magnitude of financial transactions. The software
applications designed by financial service providers enable banks and
financial institutions to digitize their daily tasks, therefore,
allowing them to concentrate on their core competencies.
Organizations
nowadays are concentrating on areas such as BI and analytics, audits,
enhanced customer experience, and risk and compliance management.
This change has been brought about by the evolving economic and
regulatory environment. Hence, government institutions around the
world have realized the need to shift from traditional practices to
more automated alternatives. This has proven to be extremely
beneficial for the global financial services applications market.
Global Financial
Services Market: Region-wise Outlook
Regionally, the
global financial services market can be segmented into Asia Pacific,
Europe, North America, and Rest of the World. The developed nations
have been dominant in the global financial services applications
market. However, emerging regions such as Asia Pacific, Latin
America, the Middle East, and Africa also have been exhibiting
lucrative opportunities for vendors operating in the market, since
they are yet to expansively adopt financial service applications.
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Global Financial
Services Market: Vendor Landscape
The most prominent
vendors operating in the global financial services application market
are FIS, Accenture, IBM Corporation, FISERV, SAP AG, Infosys, Oracle,
and TCS. These companies have been capitalizing on technological
advancements, market liberalization, and innovation to attract
customers and gain a competitive edge in the market.
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