Global Digital Transformation In Banking Market Overview:
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.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
High Growth Market | Asia Pacific |
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 |
Influencing Trend:
Increasing penetration of IoT and adoption of cloud services and Ease of access offered by blockchain and online services during COVID-19
Market Growth Drivers:
Digitalizing organizational business functions to serve changing customer preferences and enhance operational efficiency and The rapid proliferation of mobile devices and apps
Challenges:
Lack of skilled personnel
Restraints:
Security and privacy concerns for confidential data
Opportunities:
Increasing usage of disruptive technologies, such as AI, ML, and Big Data and Demand for personalized digital transformation
Competitive Landscape:
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.
Some of the key players profiled in the report are Temenos AG (Switzerland), Fiserv (United States), Infosys Finacle (India), Sopra Banking (France), Broadridge (United States), Finastra (United Kingdom), SmartStream (London), IBM (United States), Microsoft (United States), Google (United States), SAP (Germany) and Oracle (United States). Additionally, following companies can also be profiled that are part of our coverage like Coinbase (United States), Fujitsu (United States), Cross Match Technologies (United States), HID Global (United States) and AlphaSense Inc. (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Digital Transformation In Banking market by 2028. Considering Market by Deployment Mode, the sub-segment i.e. On-premises will boost the Digital Transformation In Banking market. Considering Market by Organization Size, the sub-segment i.e. Large Enterprises will boost the Digital Transformation In Banking market. Considering Market by Technology, the sub-segment i.e. Cloud Computing will boost the Digital Transformation In Banking market.
Latest Market Insights:
In November 2023, BBVA, a global financial services company, launched an AI-powered virtual assistant called "MIA" to assist customers with their banking needs. This virtual assistant can answer questions, provide account information, and even initiate transactions through voice commands.
What Can be Explored with the Digital Transformation In Banking Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Digital Transformation In Banking Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Digital Transformation In Banking
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Digital Transformation In 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 Digital Transformation In 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 Government Regulatory Bodies, Government Research Organization, Private Research Organizations 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.