India Digital Banking Platforms Market By Banking Type (Retail Banking & Corporate Banking), By Deployment Mode (On-premises & Cloud), By Banking Mode (Online Banking & Mobile Banking), Competition, Forecast & Opportunities, 2024
Published Date: February - 2025 | Publisher: MIR | No of Pages: 320 | Industry: BFSI | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationIndia Digital Banking Platforms Market By Banking Type (Retail Banking & Corporate Banking), By Deployment Mode (On-premises & Cloud), By Banking Mode (Online Banking & Mobile Banking), Competition, Forecast & Opportunities, 2024
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India Digital Banking Platforms Market size Volume was USD 779.79 Mn. in 2022 and the total India Digital Banking Platforms volume is expected to grow by 9.44% from 2023 to 2029, reaching nearly USD 1604.67 Mn 2030.
India digital banking platforms market is expected to grow at a formidable rate during the forecast period. The growth of the India digital banking platforms market can be majorly attributed to growing requirement to provide better experience to the users by the banks. In addition to this, mounting application of cloud-based platforms is positively influencing the market growth in the country. Moreover, an advanced digital banking platform is highly adaptable, thus driving the market growth. In addition to this, many banks in the country have witnessed a significant uplift in the number of accounts being opened in a year. Therefore, to complete the task more efficiently and on time without any other human errors, majority of the banks have adopted digital banking platform which is anticipated to drive the India digital banking platforms market in the forthcoming years.
Based on banking type, the digital banking platforms market is bifurcated into Retail Banking and Corporate Banking. Among them, Retail banking is projected to dominate the market in the forthcoming years, which can be attributed to the growing expectations of personalization by retail customers. Additionally, with the increasing number of channels, financial institutions are changing their operating processes to provide customers with premium services and improve their account management.
Market players in the India digital banking platforms market include EdgeVerve, TCS, Intellect Design Arena, ieDigital, Oracle, SAP, Accenture, IBM India Private Limited, Finastra and FIS. The key players are investing more to develop new technologies in order to increase their customer bases. The major digital banking platform vendors are now developing smart and intelligent banking platforms to meet both bank and customer needs in order to expand their geographic reach.
Years considered for this report
Historical Years2014-2017
Base Year2018
Estimated Year2019
Forecast Period2020–2024
Objective of the Study
- To analyze and forecast the market size of India digital banking platforms market.
- To forecast India digital banking platforms market based on banking type, deployment mode, banking mode and regional distribution.
- To identify drivers and challenges for India digital banking platforms market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions etc. in India digital banking platforms market.
- To conduct the pricing analysis for India digital banking platforms market.
- To identify and analyze the profile of leading players operating in the India digital banking platforms market.
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MIR performed both primary as well as exhaustive secondary research for this study. Initially, MIR sourced a list of digital banking platforms service providers across the country. Subsequently, MIR conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, MIR could include the suppliers which could not be identified due to the limitations of secondary research. MIR analyzed the product types, application types and presence of all major digital banking platforms service providers across the country.
MIR calculated India digital banking platforms market size by using a bottom-up approach, where data for various end user industries and its application across various product types were recorded and forecast for the future years. MIR sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company website, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by MIR.
Key Target Audience
- Digital banking platforms suppliers
- Government bodies such as regulating authorities and policy makers
- Industry associations
- Organizations, forums and alliances related to digital banking platforms market
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as product service providers and partners, end users etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
The top key players in the Indian digital banking platforms market
1. HDFC Bank
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OverviewHDFC Bank is one of India's largest private sector banks and a pioneer in digital banking. It offers a wide range of digital services, including mobile banking, internet banking, and digital wallets.
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Key FeaturesHDFC Bank's digital platforms provide seamless integration with various financial services, including loans, investments, and insurance.
2. ICICI Bank
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OverviewICICI Bank is another leading private sector bank in India with a strong focus on digital transformation. Its digital banking platform, iMobile, is one of the most popular banking apps in the country.
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Key FeaturesICICI Bank offers a comprehensive suite of digital services, including instant account opening, fund transfers, bill payments, and investment options.
3. Axis Bank
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OverviewAxis Bank has been at the forefront of digital innovation in the Indian banking sector. Its digital banking platform offers a wide range of services, including mobile banking, internet banking, and digital wallets.
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Key FeaturesAxis Bank's digital platforms are known for their user-friendly interface and robust security features.
4. State Bank of India (SBI)
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OverviewAs India's largest public sector bank, SBI has made significant investments in digital banking. Its YONO (You Only Need One) platform is a one-stop solution for banking, shopping, and lifestyle needs.
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Key FeaturesSBI's YONO platform offers a wide range of services, including account management, loans, investments, and insurance, all integrated into a single app.
5. Kotak Mahindra Bank
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OverviewKotak Mahindra Bank is known for its innovative digital banking solutions. The bank offers a comprehensive digital banking platform that includes mobile banking, internet banking, and digital wallets.
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Key FeaturesKotak's digital platforms are designed to provide a seamless and secure banking experience, with features like instant account opening, fund transfers, and investment options.
6. Paytm Payments Bank
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OverviewPaytm Payments Bank is one of India's leading digital banks, offering a wide range of digital banking services through its mobile app. It is part of the Paytm ecosystem, which includes digital wallets, payments, and financial services.
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Key FeaturesPaytm Payments Bank offers zero balance accounts, instant fund transfers, and a wide range of financial products, including loans and insurance.
7. PhonePe
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OverviewPhonePe, owned by Flipkart, is one of India's leading digital payment platforms. It offers a wide range of financial services, including digital banking, through its mobile app.
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Key FeaturesPhonePe's digital banking services include instant fund transfers, bill payments, and investment options. The platform is known for its user-friendly interface and wide acceptance.
8. Google Pay (Tez)
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OverviewGoogle Pay is a popular digital payment platform in India that also offers digital banking services. It allows users to link their bank accounts and make seamless transactions.
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Key FeaturesGoogle Pay offers instant fund transfers, bill payments, and integration with various financial services. It is known for its simplicity and wide acceptance.
9. Amazon Pay
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OverviewAmazon Pay is Amazon's digital payment platform that also offers digital banking services. It allows users to link their bank accounts and make transactions seamlessly.
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Key FeaturesAmazon Pay offers instant fund transfers, bill payments, and integration with various financial services. It is widely used for online shopping and other transactions.
10. Pine Labs
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OverviewPine Labs is a leading fintech company in India that offers digital payment and banking solutions. It provides a wide range of services, including point-of-sale (POS) systems, digital wallets, and merchant services.
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Key FeaturesPine Labs' digital banking solutions are designed for both consumers and merchants, offering seamless integration with various financial services.
11. Razorpay
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OverviewRazorpay is a leading fintech company in India that offers digital payment and banking solutions. It provides a wide range of services, including payment gateways, digital wallets, and merchant services.
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Key FeaturesRazorpay's digital banking solutions are designed for both consumers and merchants, offering seamless integration with various financial services.
12. Policybazaar
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OverviewPolicybazaar is a leading online insurance aggregator in India that also offers digital banking services. It allows users to compare and purchase various financial products, including insurance, loans, and investments.
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Key FeaturesPolicybazaar's digital banking services include instant fund transfers, bill payments, and integration with various financial services. It is known for its user-friendly interface and wide range of financial products.
13. BankBazaar
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OverviewBankBazaar is a leading online financial marketplace in India that offers digital banking services. It allows users to compare and apply for various financial products, including loans, credit cards, and investments.
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Key FeaturesBankBazaar's digital banking services include instant fund transfers, bill payments, and integration with various financial services. It is known for its user-friendly interface and wide range of financial products.
14. Freecharge
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OverviewFreecharge is a leading digital payment platform in India that also offers digital banking services. It allows users to link their bank accounts and make seamless transactions.
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Key FeaturesFreecharge offers instant fund transfers, bill payments, and integration with various financial services. It is known for its simplicity and wide acceptance.
15. MobiKwik
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OverviewMobiKwik is a leading digital payment platform in India that also offers digital banking services. It allows users to link their bank accounts and make seamless transactions.
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Key FeaturesMobiKwik offers instant fund transfers, bill payments, and integration with various financial services. It is known for its simplicity and wide acceptance
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