Digital Led Consumer Banking Market Scope
Consumer banking is also known as personal banking that provides financial services to individual consumers rather than businesses. Services offered by retail banks include checking and savings accounts, mortgages, personal loans, credit cards, and certificates of deposit (CDs). In the digital age, many fintech companies can provide all of the same services as retail banks through internet platforms and smartphone apps. It refers to retail banking services such as account opening, funds transfers; and loans and bank cards, among others only through online methods.
Companies in the market are concentrating on online and mobile banking platforms. As the number of internet users and adoption of smartphones is increasing across the world. These banking institutes are shifting toward digital channels which deliver their services by collaborating with fintech companies to develop more customer-centric products and provide an excellent customer experience. Research Analyst at AMA estimates that United Kingdom Players will contribute to the maximum growth of Global Digital Led Consumer Banking market throughout the predicted period.
Atom bank (United Kingdom), Babb (United Kingdom), Fidor Bank (Germany), Monzo (United Kingdom), N26 (Germany), Revolut (United Kingdom), Starling Bank (United Kingdom) and Zopa (United Kingdom) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
The study have segmented the market of Global Digital Led Consumer Banking market , by Application (Transactional Accounts, Savings Accounts, Debit Cards, Credit Cards, Loans and Other) and Region with country level break-up.
On the basis of geography, the market of Digital Led Consumer Banking has been segmented into South America (Brazil, Argentina, Chile, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Singapore, Indonesia, Thailand, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Spain, Sweden, Belgium, Finland, Denmark, Russia, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
October 1, 2020: Babb announced a partnership with Cigniti Technologies. This partnership has announced the software testing for app their cryptocurrency platform. This application is highly secure, it provides the best user experience and it also changing market conditions.
- Due to COVID-19, customers want online banking
- The rapid adoption of online and mobile banking platforms
- Factors such as changing customer behavior, increasing expectations, channel proliferation, disruption, innovative use and adoption of new technologies, digitization of business and society, increasing top-line revenue that drives the market growth
- Rapid product innovations
- High-cost reductions and managing risks
- Rising security issues of internet infrastructure and the threat of data hacking (cyber-hacking)
- Digital transformation maturity level, according to the region, the overall ecosystem, the customer context (including the use of digital channels), the business scope, and the degree to which digitization
- Decreased level of trust
Key Target AudienceOnline Banking Platforms, Government/Public and Banking Services
Frequently Asked Questions (FAQ):
1. What are the key segments playing vital role in Digital Led Consumer Banking Market?
The Digital Led Consumer Banking study can be customized to meet your requirements. The market size breakdown by type , by end use application [Transactional Accounts, Savings Accounts, Debit Cards, Credit Cards, Loans and Other].
2. How big is the Digital Led Consumer Banking Market?
The Digital Led Consumer Banking Market is gaining popularity and expected to see strong valuation by 2026.
3. What is expected growth rate in Digital Led Consumer Banking Market?
According to AMA, the Global Digital Led Consumer Banking market is expected to see growth rate of %.