About Digital Banking
Digital banking is the solution to provide online service to all the traditional banking activities such as money deposits, transfers, account management and others. With growing internet penetration and digitalization, banking sectors have made innovative shift to address the consumer's needs. By delivering banking services over internet, banks have managed to advance their offerings and attracted large consumer base. The digital banking market is expected to continue to grow rapidly in the coming years, as these trends continue to gain momentum. This presents a significant opportunity for banks and financial institutions to invest in digital banking solutions and services.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 11.0% |
The advent of financial technology (fintech) and technology-led financial (techfin) platform companies has transformed the banking landscape in recent years with the increasing digitalisation of financial services. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Digital Banking market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Urban FT [United States], Kony [United States], Backbase [Netherlands], Technisys [United States], Infosys [India], Digiliti Money [United States], Innofis [Spain], Mobilearth [Canada], D3 Banking Technology [United States], Alkami [United States], Q2 [United States], Misys [United Kingdom] and SAP [Germany] are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are ppway [Switzerland], Backbase [Netherlands], CREALOGIX [Switzerland], ebanklT [United States], EdgeVerve [India], Intellect Design Arena [India], Finastra [United Kingdom], ieDigital [United States], Fidor [Germany], Fiserv [United States], NETinfo [Cyprus], Kony [United States], NF Innova [Austria], SAB [France], Sopra [France], Tagit [Singapore] and TCS [India].
Segmentation Overview
AMA Research has segmented the market of Global Digital Banking market by Type (PC and Mobile), Application (Retail Digital Banking, SME Digital Banking and Corporate Digital Banking) and Region.
On the basis of geography, the market of Digital 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). If we see Market by Banking Type, the sub-segment i.e. Retail Banking will boost the Digital Banking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment Types, the sub-segment i.e. On-premises will boost the Digital Banking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Adoption of Cloud-Based Platforms and Consumer's Inclination Towards Cashless Financial Solutions
Market Growth Drivers:
Growing Digitalization and Internet Penetration and Rising Need Across Banks to Deliver Enhanced Customer Experience
Challenges:
Concern Regarding Data Privacy and Cyber Security and Delivering Quality at Speed and Technology Upgrade
Restraints:
Low Adoption of Digital Banking Services in Rural Areas in Emerging Countries and Difficulty in Integration of Services With Legacy Systems
Opportunities:
Advancement in Artificial Intelligence and Incorporation of Blockchain Technology in Banking System
Market Leaders and their expansionary development strategies
In March 2021 Mogo, a FinTech company, offering customers solutions to manage and control their finances through its mobile app, has announced entering into a binding letter of intent to acquire 100% of Moka Financial Technologies, Canada’s leading saving and investing apps.
HDFC Bank on October 20, 2023 launched a digital banking platform named XpressWay. The platform aims to offer a swift, paperless, and self-service banking experience to the bank’s customers.
Key Target Audience
Digital Banking Service Providers, Banking Firms, Potential Technology Investors, Government Agencies, Research Institutes and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.