London, 01 December 2014 – In response to increased adoption of customer-centric core banking, the Global Third-Party Banking Software Market is expected to grow at a CAGR of 7 percent from 2015-2019, says research firm TechNavio.
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,” says Faisal Ghaus, Vice President of TechNavio.
According to the latest report from TechNavio, 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.
“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.
TechNavio currently has more than 3000 market research reports on a huge range of topics, including:
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