What is Digital Banking Market Scope?
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.
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
The Digital Banking market study is being classified by Type (PC and Mobile), by Application and major geographies with country level break-up.
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. Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global Digital Banking market throughout the predicted period.
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 profiled in the study. Additionally, the Players which are also part of the research 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 Analysis
Analyst at AMA have segmented the market study of Global Digital Banking market by Type, Application 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).
Market Influencers and their 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
Digital Banking Market Study: Important Years
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Major Highlights of Market Study
Demand Determinants: Identifying top-notch application and business segments that seek high growth potentials in Digital Banking Market.
Key Strategic Developments: To target untapped regions more aggressively by focusing on product/service developments, innovation and R & D, new launches, Merger & acquisitions, JVs & partnerships.
Forces & Market Dynamics: Growth drivers, restraints & opportunities available in Digital Banking industry is examined with reference relevant market sectors and sub-sectors.
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also includes significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets, To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.