Are you looking to add Core Banking to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Core Banking statistics of 2024.
My team and I scanned the entire web and collected all the most useful Core Banking stats on this page. You don’t need to check any other resource on the web for any Core Banking statistics. All are here only 🙂
How much of an impact will Core Banking have on your day-to-day? or the day-to-day of your business? Should you invest in Core Banking? We will answer all your Core Banking related questions here.
Please read the page carefully and don’t miss any word. 🙂
On this page, you’ll learn about the following:
Best Core Banking Statistics
☰ Use “CTRL+F” to quickly find statistics. There are total 37 Core Banking Statistics on this page 🙂Core Banking Market Statistics
- The market is expected to grow from USD 12.51 billion in 2024 to USD 40.67 billion by 2029, exhibiting a CAGR of 18.3% during the forecast period. [0]
- Based on our analysis, the global market exhibited a decline of 14.9% in 2020 compared to 2019. [0]
- Growth of 18.3% CAGR will be observed in the market during the forecast period. [0]
- In that year Fiserv led the ranking with market share amounting to almost 40 percent. [1]
- Across diverse global markets, between 15 and 45 percent of consumers expect to cut back on branch visits following the end of the crisis. [2]
- According to stats, the global neobank market is growing at a CAGR rate of over 47% and is expected to hit $722,60 billion by 2028. [3]
Core Banking Latest Statistics
- According to the Financial Conduct Authority , data breaches at many financial institutions and banks increased by over 1,000% in the 2017. [0]
- 43% of the holdings were invested in the United States and 15% in the United Kingdom. [4]
- Available to download in PNG, PDF, XLS format 33% off until Jun 30th. [1]
- Based on this framework, the Bank of Canada conducts monetary policy aimed at keeping inflation, as measured by the change in the Allitems CPI, at 2 per cent, the midpoint of an inflation control range of 1 to 3 per cent. [5]
- We obtain the distribution of all monthly inflation rates calculated for the 55 components based on the percentage changes in price indexes for the current month versus those for the previous month. [5]
- By ranking all the components’ weights and monthly inflation rates together in this order, components with the lowest inflation rates are excluded, which accounts for 20 per cent of the total CPI basket. [5]
- The same process is used to exclude components with the highest inflation rates, up to 20 per cent Note 4. [5]
- We calculate a monthly trimmed inflation rate, , defined as the weighted arithmetic average of monthly inflation rates for components not excluded in Step 2, which make up 60 per cent of the total CPI basket. [5]
- The weight of the excluded components will always be 40 per cent of the total CPI basket, but the excluded components are not necessarily the same from month to month. [5]
- Measure of core inflation based on the weighted median represents, for a given month, the price change corresponding to the 50th percentile of the distribution of price changes of the 55 components. [5]
- By ranking all the components’ weights and inflation rates together in this order, we identify the monthly inflation rate located at the 50th percentile of the distribution of the monthly inflation rates for the 55 components. [5]
- A factor model is estimated using data from the 55 historical series of annual standardized inflation rates. [5]
- Disability Inclusion One billion people, or 15% of the world’s population, experience some form of disability. [6]
- Strategy Results Partners One billion people, or 15% of the world’s population, experience some form of disability , and disability prevalence is higher for developing countries. [6]
- Ensuring that 75% of WBfinanced social protection projects are disability. [6]
- In the first few months of the COVID 19 pandemic, use of online and mobile banking channels across countries has increased by an estimated 20 to 50 percent and is expected to continue at this higher level once the pandemic subsides. [2]
- Nearly 60 percent of financial services sector respondents in McKinsey’s Global AI Survey report 5. [2]
- For example, in the United States, it was estimated that holders of neobank accounts increased to approximately 20.2 million between 2020 and 2021. [3]
- According to a report, as of 2020, the Middle East had over 20 neobanks serving nearly 15 million customers. [3]
- According to a 2019 report by KPMG, roughly 73% of Southeast Asians are unbanked. [3]
- At the time, only 5% of Cambodia’s population had a bank account. [3]
- In the Philippines, approximately 46% of the population don’t have access to banking services. [3]
- According to Statista, the Philippines will have approximately 77 percent internet penetration by 2025. [3]
- By 2025, Indonesia is expected to have approximately 9 million users of neobanks, while transaction value will reach approximately $16.5 million in 2024, representing a 57.8 percent increase. [3]
- Malaysian online bank customers are expected to reach 2.35 million by 2025, with user penetration increasing to 6.8%. [3]
- By 2040, India’s smartphone penetration rate will reach 96%. [3]
- While 80 percent of Indians have bank accounts, virtual banks offer a path to greater financial inclusion for the country’s nearly 2 billion people. [3]
- According to the World Bank, about 95 million people in Sub Saharan Africa are unbanked. [3]
- According to FDI Intelligence, Sub Saharan Africa has 456 million unique smartphone users. [3]
- According to the same report, by 2025, an additional 167 million users will be added. [3]
- Between 2024 and 2030, the global neobank industry is forecast to expand at a Compound Annual Growth Rate of approximately 53.4 percent. [3]
I know you want to use Core Banking Software, thus we made this list of best Core Banking Software. We also wrote about how to learn Core Banking Software and how to install Core Banking Software. Recently we wrote how to uninstall Core Banking Software for newbie users. Don’t forgot to check latest Core Banking statistics of 2024.
Reference
- fortunebusinessinsights – https://www.fortunebusinessinsights.com/core-banking-software-market-104392.
- statista – https://www.statista.com/statistics/612431/bank-core-processor-companies-usa-by-market-share/.
- mckinsey – https://www.mckinsey.com/industries/financial-services/our-insights/ai-bank-of-the-future-can-banks-meet-the-ai-challenge.
- sdk – https://sdk.finance/best-neobank-solutions/.
- europa – https://www.ecb.europa.eu/stats/html/index.en.html.
- statcan – https://www.statcan.gc.ca/en/statistical-programs/document/2301_D64_T9_V2.
- worldbank – https://www.worldbank.org/en/topic/disability.
How Useful is Core Banking
One of the key advantages of core banking lies in its ability to centralize and automate various banking processes, thereby streamlining operations and reducing the scope for errors. By integrating various functions such as deposit and loan processing, transaction tracking, and customer relationship management into a single platform, core banking enables banks to provide quicker and more efficient services to their customers. This not only enhances customer satisfaction but also improves operational efficiency and reduces costs for financial institutions.
Moreover, core banking helps banks in complying with regulatory requirements more effectively. With the increasing complexity of regulations in the financial industry, the need for accurate and timely reporting has become more critical than ever. Core banking systems help automate compliance processes, thereby ensuring that banks meet regulatory requirements efficiently and avoid hefty penalties for non-compliance.
Another significant advantage of core banking is its scalability and flexibility. As banks continue to expand their offerings and cater to a wider range of customer needs, they require platforms that can adapt and grow along with them. Core banking systems are designed to be scalable and flexible, allowing banks to add new products and services without having to overhaul their entire IT infrastructure. This not only enables banks to stay ahead of the competition but also helps them to cater to evolving customer demands more effectively.
Furthermore, core banking systems play a crucial role in enhancing security and fraud prevention in the banking sector. With the rising incidence of cyber threats and fraud in the digital era, banks need robust systems that can safeguard their customer data and financial assets effectively. Core banking platforms come equipped with sophisticated security features such as encryption, multi-factor authentication, and real-time monitoring, which help banks in detecting and preventing fraudulent activities before they cause any damage.
In conclusion, core banking has become an indispensable tool for modern financial institutions looking to enhance their operational efficiency, compliance, scalability, and security. By centralizing and automating various banking processes, core banking systems enable banks to provide better services to their customers, comply with regulatory requirements, and stay ahead of the competition. Looking ahead, it is clear that core banking will continue to play a crucial role in shaping the future of banking services, delivering more value to customers, and driving innovation in the financial industry.
In Conclusion
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