About Internet Banking
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.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 21.9% |
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. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Internet 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.
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) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Rockall Technologies (Ireland), EdgeVerve Systems Limited (India) and Capital Banking Solutions (United States).
Segmentation Overview
AMA Research has segmented the market of Global Internet Banking market by Type (Retail Banking, Corporate Banking and Console), Application (Payments, Processing Services, Customer and Channel Management, Risk Management and Others) and Region.
On the basis of geography, the market of Internet 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). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Organization Size, the sub-segment i.e. Small- and Medium-Sized Enterprises will boost the Internet Banking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Number of financial Institutions and Financial Services.
Market Growth Drivers:
Increasing Digitalization Boost the Banking Sector. and Growing Number of Smart Phones and Desktops.
Challenges:
System Failure is Anticipated to Challenge the Market. and Privacy and Security Concerns
Restraints:
Lack of Awareness among Customers and Lack of Organized Internet Infrastructure and Several Security Issues
Opportunities:
Technological Advancements such as Artificial Intelligence Based Smart Solutions. and Rising Demand for E-commerce Platform for Shopping.
Market Leaders and their expansionary development strategies
In February 2024, Axway has announced that it entered an exclusive discussion to acquire most of Sopra Banking Software activities, to develop a new enterprise software house. The acquisition is set to represent an important step into Axway’s overall medium-term strategic roadmap, as it was outlined by officials of the company over the last few years, with the plan to develop a new enterprise software house with a critical scale.
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.
Key Target Audience
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
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.