Global Internet Banking Market Overview:
Internet Banking consists of all kind of online transactions done for various purposes. It enables the customers to save time, take control of their personal finances and even help the environment by opting to receive electronic statements. The Internet banking market meets the demand for enhanced account management and integrates personal financial management capabilities. Additionally, growing high levels of automation and web-based services propelled the internet banking market. There has been a significant rise in the number of people using online banking with a figure stood up to 62% of Internet users in the United States alone in 2016. So, the future of internet banking looks promising. Rising internet penetration and growth of smartphone usage in the Asia-pacific region owing to rising disposable income will further contribute to the market expansion. According to AMA, the Global Internet Banking market is expected to see growth rate of 21.9%
- Increasing Digitalization Boost the Banking Sector.
- Growing Number of Smart Phones and Desktops.
- Growing Number of financial Institutions and Financial Services.
- Lack of Awareness among Customers
- Lack of Organized Internet Infrastructure and Several Security Issues
- Technological Advancements such as Artificial Intelligence Based Smart Solutions.
- Rising Demand for E-commerce Platform for Shopping.
- System Failure is Anticipated to Challenge the Market.
- Privacy and Security Concerns
In Internet Banking market, it has been observed that most of the financial services providers are upgrading or introducing online banking due to its improved transparency and flexibility of their banking requirements. They rely on strategies such as mergers & acquisitions, product development, geographical expansion, technological innovation and sourcing strategies to enhance their market share.
Some of the key players profiled in the report are ACI Worldwide (United States), Microsoft Corporation (United States), Fiserv, Inc. (United States), Tata Consultancy Services (India), Cor Financial Solutions Ltd. (United Kingdom), Oracle Corporation (United States) and Temenos Group AG (Switzerland). Additionally, following companies can also be profiled that are part of our coverage like Rockall Technologies (Ireland), EdgeVerve Systems Limited (India) and Capital Banking Solutions (United States). Analyst at AdvanceMarketAnalytics see United States Players to retain maximum share of Global Internet Banking market by 2025. Considering Market by Organization Size, the sub-segment i.e. Small- and Medium-Sized Enterprises will boost the Internet Banking market.
In June 2018, Finastra acquired malauzi. This acquisition will be beneficial for mobile and internet banking solutions for community financial institutions. It also strengthen the proposition of an existing customer base and offers a robust breadth of services.
In July 2019, N26 launched a first European mobile banking app, which is beneficial in providing process payroll deposits and allows user to access their banking accounts. It is ideal for travelers as there are no foreign transaction fees.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Internet Banking market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Internet Banking market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Internet Banking Service Provider, End-Use Market Participants of Different Segments of Internet Banking, Government and Research Organizations, Research and Consulting Firms, R&D Institutions and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.