- 16 August 2019 23:04
Digital Banking Market New Study Highlights
Digital banking is the digitization of the banking sector, where all the banking services and activities can be accessed by users over the internet. However, with the advent and growth of digital banking, customers can now access their financial data and enjoy personalized banking services through their mobiles or desktops. Digital banking includes high levels of automation process and web-based services. The increasing use of digital devices in managing a business, rising demand for cloud-based solutions, and the growing number of smartphones are some major factors that are driving the market digital banking market. Technological advancements along with the advent of AI-based smart solutions have resulted in an increased number of companies opting for these digital solutions. It saves time and provides customers with new solutions at their comfort and discretion. However, the lack of organized internet infrastructure and several security issues may hamper the overall growth of the digital banking market over the forecast period. Change in technological solutions along with the higher emphasis on comfort through connected devices will provide new opportunities for the digital banking market globally.
The global digital banking market is anticipated to grow at substantial CAGR above 4% throughout the forecast period. Furthermore, Market players are primarily focusing on developing new innovative technologies that will supplement growth of the digital banking market.
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On the basis of banking type, the market for digital banking is divided into retail, corporate, and investment banking. It is the retail banking segment that held the largest market share for the digital banking market globally. The high share of the retail banking segment can be contributed to the usage of card payments or mobile payments for shopping purpose. The growth of the e-commerce platform for shopping saves a lot of time and money for the customers resulting in the large application of digital banking in the retail sector.
By solution, the market comprises payments, processing services, customer and channel management, and risk management. The organization sizes of this market include small- and medium-sized enterprises and large-sized enterprises. Based on technology, the digital banking market is divided into BaaS (banking as a service), BaaP (banking as a platform), cloud-based, white label banking, and chatbots.
Banking cards, uniform payment interface (UPI), the point of sale (POS), mobile wallets, unstructured supplementary service data (USSD), mobile banking, internet banking, and micro ATMs form the payment vertical of the global digital banking market. Banking cards are mainly used instead of cash by customers for a majority of transactions these days, such as online shopping, bill payments, etc. These card holders are benefitted with the opportunity to build credit, earn rewards, and protect themselves against credit card frauds.
On the basis of geography, North America is anticipated to contribute the largest share in terms of revenue to the digital banking market in the future. Technological advancements and controlled growth of the banking sector has allowed the North American digital banking market. The U.S. has been at the forefront of leading the digital banking market globally due to the strong presence of the retail sector.
Technological advancements and the increasing use of AI-based solutions across multiple business sectors are the major growth drivers of the digital banking market in the Asia Pacific region. Additionally, the growing smartphone use allows easy online purchases and the availability of banking services through apps is considered to save consumer time are also likely to drive the Asia Pacific digital banking market in the years ahead. China, Japan, and India are major contributors to the digital banking market in the Asia Pacific region.
Europe is another key region for the global digital banking market and held the second largest market share in 2018, due to the presence of developed countries, such as UK, Germany, and France, which have a strong presence in the digital banking sector.
The global digital banking market is characterized by the presence of experienced and established players. Some of the key players include Backbase, BNY Mellon, Fiserv, Halcom, Appway, ebanklT, Crealogix, ETRONIKA, Fidor, Finastra, Intellect Design Arena, Oracle, IE Digital, Kony, NETinfo, EdgeVerve Systems, NF Innova, SAB, TCS, Temenos, Technisys, and Worldline. Multiple prominent players from the market are collaborating with other players in order to offer technologically advanced banking services to their customers. Additionally, they are focusing on strategic acquisitions in order to expand their industry presence.