Core Banking Statistics, Trends And Facts 2023

The financial industry is one of the largest and most competitive industries in the world. Core banking is a critical part of the financial industry, providing the backbone for financial institutions to manage their operations and serve their customers.

In this blog post, we will explore core banking statistics that demonstrate the growing importance and impact of core banking in the financial industry.

Core Banking Statistics

Core banking is a critical part of the financial industry, providing the backbone for financial institutions to manage their operations and serve their customers.

Core Banking Market Statistics

Statistics	Data
Market size in 2023	USD 12.51 billion
Market size in 2029	USD 40.67 billion
CAGR	18.3%
Growth in 2020 compared to 2019	-14.9%
Market leader in 2020	Fiserv
Fiserv’s market share	Almost 40%
% of consumers expected to cut back on branch visits	Between 15% and 45%
CAGR rate of neobank market	Over 47%
Global neobank market size in 2028	$722.60 billion

Core Banking Latest Statistics

Statistics	Data
Increase in data breaches at financial institutions and banks in 2017	Over 1,000%
% of holdings invested in the United States	43%
% of holdings invested in the United Kingdom	15%
Available formats to download	PNG, PDF, XLS
Discount until Jun 30th	33% off
Objective of Bank of Canada’s monetary policy	Keeping inflation at 2%
Components excluded in Step 2	Components with the lowest inflation rates
Components excluded in Step 3	Components with the highest inflation rates
Weight of excluded components	40% of the total CPI basket
Components used to calculate monthly trimmed inflation rate	Components not excluded in Step 2
Weight of components used to calculate monthly trimmed inflation rate	60% of the total CPI basket
Measure of core inflation based on the weighted median	Price change corresponding to the 50th percentile of the distribution of price changes

1. The global Core Banking market is expected to reach $15.8 billion by 2025.
2. In 2019, the Core Banking market size was estimated at $9.6 billion.
3. The adoption rate of Core Banking is increasing by approximately 7.5% annually.
4. According to a survey, 54% of banks plan to increase their investment in Core Banking in the next year.
5. Core Banking solutions can increase productivity by up to 30%.
6. The average time it takes to implement a Core Banking solution is 12-18 months.
7. Core Banking users report an average reduction of 10-15% in operational costs.
8. The use of Core Banking can lead to a 50% reduction in manual errors.
9. Core Banking solutions can be integrated with other technologies to further enhance their capabilities and impact.
10. The use of Core Banking is expected to become more widespread in small and medium-sized banks.

Disability Inclusion

Statistics	Data
% of world’s population experiencing some form of disability	15%
Higher disability prevalence	Developing countries
% of WB-financed social protection projects to ensure disability inclusion	75%

Strategy Results Partners

Statistics	Data
% of world’s population experiencing some form of disability	15%
Higher disability prevalence	Developing countries
% of WB-financed social protection projects to ensure disability inclusion	75%

COVID-19 Impact

Statistics	Data
Increase in use of online and mobile banking channels	20% to 50%
Expected increase in use of online and mobile banking channels after pandemic	Continuation at higher level

Global AI Survey

Statistics	Data
% of financial services sector respondents reporting	Nearly 60%

Statistics	Data
Estimated number of neobank account holders in the United States	20.2 million
Neobank users in the Middle East	Nearly 15 million
% of Southeast Asians who are unbanked	73%
% of Cambodia’s population with bank account	5%
% of Filipinos without access to banking services	46%
Projected internet penetration rate in the Philippines by 2025	77%
Projected number of neobank users in Indonesia by 2025	9 million
Projected transaction value in Indonesia by 2023	$16.5 million
Projected user penetration rate in Malaysia by 2025	6.8%
Projected smartphone penetration rate in India by 2040	96%
% of Indians with bank accounts	80%
% of unbanked population in Sub-Saharan Africa	About 95 million
Number of unique smartphone users in Sub-Saharan Africa	456 million
Estimated additional smartphone users in Sub-Saharan Africa by 2025	167 million
CAGR of global neobank industry between 2023 and 2030	53.4%

Core Banking Benefits

Core Banking provides a range of benefits to financial institutions, including increased efficiency, enhanced customer experience, and improved risk management.

1. Core Banking solutions can increase productivity by up to 30%.
2. By automating routine tasks, Core Banking frees up staff to focus on more important tasks.
3. Core Banking solutions can improve customer experience by providing real-time access to account information and other financial services.
4. Core Banking solutions can improve risk management by providing better visibility into financial operations and transactions.

Core Banking Trends

The Core Banking market is constantly evolving, and financial institutions need to stay up-to-date with the latest trends and developments.

1. The Asia-Pacific region is expected to see the highest growth rate in Core Banking adoption in the coming years.
2. Cloud-based Core Banking solutions are becoming increasingly popular due to their flexibility and scalability.
3. Core Banking solutions are incorporating artificial intelligence (AI) and machine learning (ML) to further enhance their capabilities.
4. The use of Core Banking solutions is expected to become more widespread in small and medium-sized banks.

Core Banking Adoption

Core Banking adoption is increasing as financial institutions recognize the value of Core Banking solutions in managing their operations and serving their customers.

1. The adoption rate of Core Banking is increasing by approximately 7.5% annually.
2. According to a survey, 54% of banks plan to increase their investment in Core Banking in the next year.
3. The use of Core Banking is expected to become more widespread in small and medium-sized banks.

Core Banking Market Analysis

The Core Banking market is a rapidly growing industry, driven by the need for financial institutions to manage their operations and serve their customers.

1. The global Core Banking market is expected to reach $15.8 billion by 2025.
2. In 2019, the Core Banking market size was estimated at $9.6 billion.
3. The Asia-Pacific region is the largest Core Banking market, accounting for 40% of global Core Banking sales.

Core Banking Demographics

Core Banking solutions are used by financial institutions of all sizes and in all regions of the world.

1. Core Banking solutions are used by financial institutions of all sizes, from small community banks to large multinational corporations.
2. Core Banking solutions are used in all regions of the world, with the Asia-Pacific region being the largest market.

Core Banking Software

Core Banking software is a critical component of Core Banking solutions, providing the technology necessary to manage financial operations and serve customers.

1. Core Banking software is designed to manage a wide range of financial operations, including account management, loan processing, and transaction processing.
2. Core Banking software is available in a variety of formats, including on-premise, cloud-based, and hybrid solutions.
3. Core Banking software is typically customized to meet the specific needs of each financial institution.

Core Banking Opportunities

Core Banking provides a range of opportunities for financial institutions to improve their operations and serve their customers more effectively.

1. By automating routine tasks, Core Banking frees up staff to focus on more important tasks, such as customer service and risk management.
2. Core Banking solutions can improve customer experience by providing real-time access to account information and other financial services.
3. Core Banking solutions can improve risk management by providing better visibility into financial operations and transactions.

Core Banking Challenges

Implementing Core Banking solutions can present a range of challenges for financial institutions, including cost, complexity, and integration with existing systems.

1. The average time it takes to implement a Core Banking solution is 12-18 months.
2. The cost of implementing a Core Banking solution can be significant, particularly for smaller financial institutions.
3. Integrating Core Banking solutions with existing systems can be complex and time-consuming.

Conclusion

The above 100 core banking statistics demonstrate the significant impact and importance of Core Banking in the financial industry. By investing in Core Banking solutions, financial institutions can improve their operations, enhance customer experience, and improve risk management. As the Core Banking market continues to grow and evolve, financial institutions need to stay up-to-date with the latest trends and developments to remain competitive and successful.