Global Third-party Software market to grow at a CAGR of 7% over the period 2014-2019
Deerfield Beach, FL -- (SBWIRE) -- 08/24/2015 -- Global Third-party Software market to grow at a CAGR of 7% over the period 2014-2019. A third-party software vendor, unlike the legacy system that is developed by a bank's own in-house IT staff, develops third-party banking software. Worldwide banks are increasingly becoming dissatisfied with legacy systems. These systems lack innovative functionalities available in the modern systems today. Integration of new functionalities in a legacy system is very challenging. Thus, banks are increasingly adopting third-party banking software that provides increased flexibility and operational benefits compared to legacy systems.
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In order to provide value-added services to customers, many banks are relying on CRM tools to focus on customer-centric approaches to banking.
"Banks worldwide are witnessing high investment in IT to develop infrastructure, streamline their operations and provide seamless banking services,".
According to the latest report, banks are increasingly looking to big data solutions to further improve the customer experience. Data analytics give them the opportunity to analyze a customer's spending patterns, reduce risk and support revenue growth. Big data solutions leverage the capability to implement real-time marketing, prevent frauds, and enhance risk-based pricing.
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Covered in this Report
This report covers the present scenario and the growth prospects of the Global Third-party Software market for the period 2015-2019. The Global Third-party Software market is categorized into three main segments: Core Banking, Multichannel, and BI.
Global Third-Party Software Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. It covers the Global Third-party Software market landscape and its growth prospects in the coming years. The report also includes a detailed discussion of the key vendors operating in this market and their market shares.
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"Banks handle and interpreting the confidential information of customers on a very large scale, and big data analytics help firms organize and interpret unstructured information to get better customer insights. Increased uptake of big data solutions will ultimately result in growth in the Global Third-Party Banking Software Market through the projected period," says Ghaus.