Global Digital
Banking Market - Overview
Digital banking is
the paperless way of conducting financial transactions through your bank using
a mobile application. The aim of financial institutions in digitizing all
processes and redrawing of all traditional practices can lead to heavy
investments in digital banking. The global Digital
Banking Market report by Market Research Future (MRFR) contains an
overview of the industry, changing consumer expectations, and various moves
made by financial organizations. It contains projections for revenue and growth
for the period of 2016 to 2022 (forecast period) as well as the implications of
the COVID-19 pandemic on the market. The global digital banking market size is
projected to scale at a CAGR of 8% over the forecast period.
Get Free Sample
Copy at: https://www.marketresearchfuture.com/sample_request/1986
It can grow rapidly
owing to increasing internet speeds and swelling size of smartphone users. The
proliferation of information technology into the banking sector is expected to
drive market growth over the forecast period. Ease of opening bank accounts
online has led to many customers signing to ZA Bank in Hong Kong. Promotion of
fintech and innovation in customer experiences can fuel the market growth.
Financial organizations are partnering with fintech firms for creating API
strategies to cater to small and medium enterprises. This is evident with the
options of mobile banking and ability to conduct transactions seamlessly. The
use of data and customer behavior for creating new experiences is pivotal to
API strategy.
The digital banking
market is expected to thrive despite the COVID-19 pandemic. The flurry of
services offered to customers, integration of advanced technologies such as
blockchain, and adoption of mobile banking platforms can drive the market
during this unforeseen period. But the curtailing of budgets can affect the
market growth.
However, digital
illiteracy among the elderly and lack of networking infrastructure in
developing economies can threaten the market growth.
Segmentation
The global digital
banking market has been segmented on the basis of deployment, services,
technology, and industry. By deployment, the market has been divided into on
cloud and on- premises.
Services include
non-transactional activities, transactional, and others.
On the basis of
technology, it is segmented into digital payments, mobile banking, and internet
banking.
On the basis of
industries, the market includes healthcare, retail, banking, manufacturing,
media & entertainment, and others.
Regional
Analysis
North America is
currently dominating the global digital banking market. High volume of smartphone
users and technologically advanced countries such as the U.S. and Canada gives
North America a competitive advantage over the other regions.
Europe stands as
second biggest revenue generator in this market. Rich financial sectors in the
U.K., France, and Germany are major contributors towards the growth of digital
banking in the region. Also, high literacy rate and knowledge towards internet
and mobile applications are some of the factor which is supporting the market
of digital banking in Europe. New design approaches and development of dynamic
business models can drive the regional market growth.
APAC has emerged as
the fastest growing market due to the growing economies of India, China and
countries, and green earth initiatives. The change in regulations and policies
for assisting customers in taking the digital route and lower banking lines can
bode well for the regional market . Digital bank licenses accorded to fintech
firms as well as investments by new players have made this region prime and lucrative
for the market.
Competitive
Outlook
Cachet Financial
Solutions, Inc., Infosys, Innofis, Backbase, Misys, Urban FT, Inc., Technisys,
Mobilearth, and Kony, Inc. are key players of the global digital banking
market. Other prominent names are IDEALINVENT Technologies, Nymbus, Capital
Banking Solutions, NLS Banking, and others. The market is highly competitive
due to new entrants in fintech and continuous development of API and customer
experiences. Recently, Razer has applied for a digital banking license in
Singapore and looking for viable investments in Latin America and Asia.
Get Complete
Report Details at: https://www.marketresearchfuture.com/reports/digital-banking-market-1986
About Market Research Future:
At
Market Research Future (MRFR), we enable our customers to unravel the
complexity of various industries through our Cooked Research Report (CRR),
Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed
Research (CFR), and Market Research & Consulting Services.
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com
No comments:
Post a Comment