February 18, 2021
According to a recent study titled ‘Eastern Europe core banking market analysis, 2020’, available with Market Study Report LLC, Eastern Europe core banking market is set to record a robust CAGR during 2020-2025.
As per report findings, leading banks in Eastern Europe are currently trying to optimize the end-to-end customer experience by incorporating latest technologies such as blockchain and artificial intelligence, hence boosting Eastern Europe core banking market growth. The intensifying pressure to alter and replace the legacy system is further stimulating the industry outlook.
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Evolving preference for cloud technology in banking on account of rising data volume, high scalability, and emphasis on reducing carbon footprint are contributing toward Eastern Europe core banking market expansion.
By component type, the market is segmented into services (managed, and professional), and software sections. Based on deployment, cloud based, and on-premise modes are the different verticals.
On the basis of type, Eastern Europe core banking industry is classified into private, retail, corporate, universal, and wholesale among others. Speaking of bank asset size, the industry is arrayed into tier 1 ( up to $10 billion), tier 2 ($10 billion - $30 billion), tier 3 ($30 billion - $100 billion), tier 4 ($100 billion - $250 billion), and tier 5 (above $250 billion).
On the regional front, Hungary grabbed a majority market share in 2019 on account of increasing popularity of mobile banking and cashless payments. Moreover, countries like Poland, Bulgaria, The Czech Republic, and Serbia among others are making significant contribution towards Eastern Europe core banking industry valuation.
Key players in the industry include Sopra Steria Group SA, Finastra, Diasoft Limited, DXC Technology, Temenos AG, Oracle Corporation, FIS, Avaloq, Asseco Poland SA, TAS Group among others.
Banking organizations are opting to broaden their horizons by providing core banking solutions in regional banks. For instance, in 2017, Nova Kreditna Banka Maribor, a bank in Slovenia opted for core banking solutions provided by Poland based software company, Asseco SA.