Press Release Description

The Propelling Demand for Core Replacement Proliferating the Market Growth of Core Banking During 2020-25

The rise in digital banking transformation continues to rapidly evolve across the region, thus projected to influence the market of core banking solutions. Moreover, upgrading the entire IT infrastructure by renewal and replacement of legacy system by banks through the adoption of advance technology such as AI, RPA, and block chain in order to meet the changing demand of customers is anticipated to drive the market of core banking solutions.

According to the MarkNtel Advisors’ research report, Eastern Europe Core Banking Market Analysis, 2020” the core banking market is anticipated to perceive a rapid growth at considerable CAGR during 2020-25. The upgradation in the core banking system by banks to enhance the customer experience is projected to fuel the market of eastern Europe core banking market. 

In 2019, Hungary is anticipated to hold the major share in the core banking solution market as the banks, in order to enhance the evolving need of the customer, are increasing their IT spending toward the implementation of new technologies.

With the launch of cloud-based real time core banking utility by Fintech vendors to gain advantage over other competitors, thus encouraging banks to mitigate toward cloud core banking solutions. The adoption of cloud technology helps banks to reduce carbon footing by transferring data into the virtual environment, and also due to a  better reach toward customers by transforming its banking platform for them.

According to MarkNtel Advisors, the key players with a considerable share in the industry are Finastra, Diasoft, Asseco, Avalog DXC technologies, Oracle, Temenos, FIS etc. The wave of ongoing digital transformation is further encouraging banks to adopt advance technologies in its core banking platform. For instance, in 2018, Hungary’s MKB Bank implemented Oracle FLEXCUBE to adopt open banking technology.

“Eastern Europe Core Banking Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, key factors impacting market growth, hotspots and growth opportunities available for Core Banking providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.

Market Segmentation:
1.    By Component (Service, Software)
2.    By Deployment (Cloud, On-Premise)
3.    By Type (Retail Bank, Private Bank, Corporate Bank, Universal Bank, Wholesale Bank, Others)
4.    By Application (Tier 5- 10 billion, Tier 4- 10-30 billion, Tier 3- 30-100 billion, Tier 2- 100-250 billion, Tier 1- 250 and above)
5.    By Country (Hungary, Romania, The Czech Republic, Bulgaria, Poland, Serbia)
6.    By Competitors (DXC technology, TAS group, Asseco, Finastra, Temenos, Diasoft, FIS, Fiserve, Oracle, etc.)

Key questions answered in the study: 
1.    What are the current and future trends in Eastern Europe Core Banking market? 
2.    How the market has been evolving in terms of end-user demand and application areas?
3.    How the competition has been shaping across the countries followed by their comparative factorial indexing?
4.    What are the key growth drivers and challenges for Eastern Europe Core Banking market?
5.    What are the customer orientation, purchase behavior, and expectations from the Digital Core Banking provider across various regions?