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.
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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.
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