About Digital Led Consumer Banking
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.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
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. Analyst at AMA Research estimates that United Kingdom Players will contribute the maximum growth to Global Digital Led Consumer 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.
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.
Segmentation Overview
AMA Research has 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.
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). If we see Market by Type, the sub-segment i.e. Software will boost the Digital Led Consumer Banking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Digital Solutions, the sub-segment i.e. BaaS will boost the Digital Led Consumer Banking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Due to COVID-19, customers want online banking
Market Growth Drivers:
The rapid adoption of online and mobile banking platforms and 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
Challenges:
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 and Decreased level of trust
Restraints:
High-cost reductions and managing risks and Rising security issues of internet infrastructure and the threat of data hacking (cyber-hacking)
Opportunities:
Rapid product innovations
Market Leaders and their expansionary development strategies
In May 2022, HCL Technologies UK Limited, a wholly owned subsidiary of HCL Technologies (HCL), a leading global technology company, has acquired of Confinale AG, a Switzerland-based digital banking and wealth management consulting specialist and Avaloq Premium Implementation Partner. Through this strategic acquisition, HCL will increase its footprint in the global wealth management market with emphasis on Avaloq consulting, implementation and management capabilities.
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.
Key Target Audience
Online Banking Platforms, Government/Public and Banking Services
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.