What is Digital Transformation In Banking Market Scope?
Digital transformation is the reinvention of business processes and business models, and the creation of new value, using the Internet of Things (IoT), Artificial Intelligence (AI), and other digital technologies. According to the sources, finance companies are the most advanced when it comes to digitalization, with 89% of them working toward digital transformation. They responded that 29% of their projects had already achieved business outcomes. The banking industry is in a digital arms race. Banks around the world are already realizing how investments in digital technologies could benefit customer acquisition and satisfaction. In 2018, banks globally plan to invest USD 9.7 billion to enhance their digital banking capabilities in the front office alone. Online and mobile have become as important, if not more important, channels for many retail banks as branches and ATMs.
The Digital Transformation In Banking market study is being classified, by Application (Banking, Financial Services and Insurance) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that Players from United States will contribute to the maximum growth of Global Digital Transformation In Banking market throughout the predicted period.
IBM (United States), Microsoft (United States), Google (United States), SAP (Germany), Oracle (United States), Coinbase (United States), Fujitsu (United States), Cross Match Technologies (United States), HID Global (United States) and AlphaSense Inc. (United States) are some of the key players profiled in the study.
Analyst at AMA have segmented the market study of Global Digital Transformation In Banking market by Type, Application and Region.
On the basis of geography, the market of Digital Transformation In Banking has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Influencing Market Trend
- Increasing penetration of IoT and adoption of cloud services
- Ease of access offered by blockchain and online services during COVID-19
- Digitalizing organizational business functions to serve changing customer preferences and enhance operational efficiency
- The rapid proliferation of mobile devices and apps
- Increasing usage of disruptive technologies, such as AI, ML, and Big Data
- Demand for personalized digital transformation
- Security and privacy concerns for confidential data
- Lack of skilled personnel
Key Target AudienceGovernment Regulatory Bodies, Government Research Organization, Private Research Organizations and Others
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