Global Online Banking Market Overview:
Online Banking is a convenient way of making use of small banking services anytime and anywhere. Transactions are done electronically through the internet. There will be a wide range of banking services that can make use of through the banks' official website. Internet banking can pay all bills online, which includes fund transfers, mobile recharge, online payments, etc. The Online Banking market is primarily driven by the customer convenience, greater interest rates, and a technologically advanced interface. The high-security risk of client data stymies business expansion. Smartphone usage is on the rise, as is internet penetration among consumers, and the market is being fueled by advances in technology.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
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 |
Influencing Trend:
Consumer's Inclination towards Cashless Financial Solutions
Market Growth Drivers:
Rising Adoption of Smartphones and COVID-19 Accelerating the Adoption of Online Banking
Challenges:
Rising Security Concerns and Technical Issues leading to Losses
Restraints:
Lack of Digital Literacy in Emerging Countries
Opportunities:
Growth in E-commerce Sector in Developing Countries and Increase in the State Institutions Contributions for the Expansion of Alternate Payment Channels
Competitive Landscape:
The companies are exploring the market by adopting expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to avail of competitive advantage through combined collaborations.
Some of the key players profiled in the report are ACI WORLDWIDE, INC (United States), Microsoft (United States), Fiserv (United States), Tata Consultancy Services (India), Cor Financial Solutions (United Kingdom), Oracle (United States), Temenos (Switzerland), Rockall Technologies (Dublin) and EdgeVerve Systems (India). Additionally, following companies can also be profiled that are part of our coverage like Capital Banking (India) and CGI (Canada). Analyst at AMA Research see Global Players to retain maximum share of Global Online Banking market by 2028. Considering Market by Services, the sub-segment i.e. Payments will boost the Online Banking market. Considering Market by Banking, the sub-segment i.e. Retail Banking will boost the Online Banking market.
On December 15, 2020, Radius Bank announced the recent launch of its enhanced online business banking platform and mobile app for small business clients. The overhauled user experience was the result of the bank’s continued partnership with NYC-based financial technology company Narmi, which also powers Radius’ consumer online banking and companion mobile app.
What Can be Explored with the Online Banking Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Online Banking Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Online 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 Online 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 Online 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 New Entrants/Investors, Analysts and Strategic Business Planners, Online Banking Provider, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-User Industry 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.