Growing Technological Adoption in Banking Sector Fuels Revenue Assurance for BFSI Market Growth
Digital adoption in banking is the process of integrating and using digital technology and solutions to improve client experiences, streamline operations, and increase overall efficiency in the banking business.
As more banking transactions move online and via digital channels such as mobile banking and online payments, the number and complexity of transactions rise. Revenue assurance solutions assist banks in resolving and verifying these transactions, assuring proper revenue recognition and reducing revenue loss due to errors or fraud. For instance, according to 2021 data released by the World Bank, two-thirds of adults worldwide now make or receive digital payments, with developing economies accounting for 57% in 2021, up from 35% in 2014. In developing countries, 71% hold an account with a bank, another financial institution, or a mobile money provider, an increase from 63% in 2017 and 42% in 2011. Digitalization has raised client expectations for consistent, tailored banking services across all channels. Revenue assurance solutions help banks improve the customer experience by optimizing revenue streams, recognizing cross-selling and upselling opportunities, and delivering targeted marketing campaigns based on customer data. According to a 2023 survey by Astera Software, with more than 70% of customers underlining the importance of personalized offers in banking, it is clear that individuals place great value on individualized experiences from their financial institutions. Also, a 2023 study by Genesys stated that 72% of business leaders believe that customer loyalty is achieved majorly by offering personalized products and services.
By employing modern technologies and data-driven insights, banks can improve revenue assurance methods, manage risks, and seize new income opportunities in the digital world. Thus, the rising technological adoption in the banking sector is contributing to the revenue assurance for BFSI market size.
Revenue Assurance for BFSI Market: Industry Overview
The revenue assurance for BFSI market is segmented on the basis of component, deployment, and organization size. Based on component, the revenue assurance for BFSI market is segmented into solutions and services. Based on deployment, the market is segmented into cloud and on-premise. By organization size, the market is bifurcated into large enterprises and SMEs. The large enterprises segment held the largest revenue assurance for BFSI market share in 2023. In terms of geography, the market is segmented into North America, Europe, APAC, the MEA, and SAM.
The European Commission is actively promoting investment in Europe through a variety of financial programs to support substantial investments in secure, sustainable infrastructure. Additionally, the Commission is working on facilitating crowdfunding and making it easier for platforms to offer their services across the European Union (EU). Moreover, the European Fund for Strategic Investments (EFSI) aims to enhance long-term economic growth and competitiveness in the European Union by leveraging public funding to mobilize private investment for various projects in the EU, including those related to infrastructure, energy efficiency, renewable energy, research, innovation, and access to financing for small and medium-sized enterprises (SMEs) and small mid-cap companies. Building on the success of the Investment Plan for Europe, the InvestEU Programme seeks to support sustainable investments, innovations, and job creation in Europe, with an expected additional investment of over US$ 424.1 billion (EUR 372 billion) between 2021 and 2027. By consolidating the European Fund for Strategic Investments and 13 other EU financial instruments, the program aims to simplify, streamline, and make EU funding for investment projects in Europe more flexible. The European Commission’s initiatives, particularly the EFSI and the InvestEU Programme, play a vital role in promoting investment and financing in Europe, consequently contributing to the growth of the revenue assurance for BFSI market. These programs are designed to mobilize private investment for strategic projects, support sustainable investment, and facilitate access to financing for small and medium-sized enterprises. Thus, Europe is estimated to hold a significant revenue assurance for BFSI market share.
Revenue Assurance for BFSI Market: Competitive Landscape and Key Developments
Oracle, Allibillis, Sagacity Solutions, Substratal Solutions P. Ltd., Sunoida Solutions DMCC, Claptek Private Limited, SUBEX, Intelli Solutions S.A., SunTec Business Solutions, and Procept are among the key players profiled in the revenue assurance for BFSI market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem.
The revenue assurance for BFSI market report provides detailed market insights, which help the key players strategize their market growth. A few recent developments by the key players, as per company press releases, are mentioned below.
• In 2023, SunTec Business Solutions, announced the release of the latest version of SunTec Account Analysis Offering, which marks a significant leap forward in the realm of corporate fee billing. This advanced offering enables holistic customer life cycle management. It offers many innovative features and capabilities that empower banks to revolutionize billing, compete for customer balances with innovative offerings, and grow their revenue.
• In 2023, Accelya, a leading global provider of technology solutions to the travel industry, announced that the ambitious Egyptian carrier Air Cairo became the first North African airline to benefit from its market-leading revenue management solution. The multi-year agreement will enable Air Cairo to quickly identify sales opportunities, optimize pricing decisions, and better respond to the fast-changing market conditions.