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.
Market Scope
The global digital banking market size is projected to scale at a CAGR of 8% over the forecast period. 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.
Leading Key Players in Digital Banking Market are:
- Urban FT Inc. (U.S.)
- Misys (U.K.)
- Kony Inc. (U.S.)
- Backbase (Netherlands)
- Technisys (Subsidiary of FMC Technologies) (U.S)
- Infosys (Bangalore)
- Cachet Financial Solutions Inc. (U.S)
- Innofis (Spain)
- Mobilearth (Canada)
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