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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.

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.

In order to present a comprehensive overview of the prevailing competitive landscape, the report presents the profiles of the aforementioned companies, along with other prominent vendors operating in the market.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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