Facts and Factors Market Research has published a new report titled “Digital Banking Market – By Banking Type (Retail Banking, Investment Banking, and Corporate Banking), By Solutions (Payments, Risk Management, Processing Services, and Customer & Channel Management), By Organization Size (Small & Medium Size Enterprises and Large Size Enterprises), By Technology (Chatbots, BaaS (Banking as a Service), White Label Banking, BaaP (Banking as a Platform), and Cloud-Based), and By Payment Verticals (Banking Cards, Micro ATMs, Mobile Banking, Unstructured Supplementary Service Data, Mobile Wallets, Uniform Payment Interface, Point of Sale, and Internet Banking): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”. According to the report, the global Digital Banking Market is predicted to be valued at approximately USD 6,620.87 billion in 2018 and is expected to reach a value of around USD 8,970.77 billion by 2027, at a CAGR of around 3.8 % between 2019 and 2027.
Digital banking is the automation of the banking activities in which all the banking facilities can be availed as well as provided through the use of the internet. Traditionally, all the services offered by the banks were made available to the consumers by the nominated representatives. Nonetheless, with the beginning of the digital banking era, customers can access financial data and avail personalized banking services with the help of their mobile phones or desktops.
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Furthermore, digital banking encompasses high levels of mechanized processes and web-based solutions. Moreover, digital banking services also include an application programming interface that facilitates effective delivering of banking products & services along with improving the speed & proficiency of the banking transactions. The digital banking activities also aid the businesses to easily transfer the payments from one banking account to another one.
Beneficial features to drive the market trends over the forecast period
The growth of the digital banking industry is credited to its easy access, reduced costs, and optimum utilization by the customers. Moreover, the massive acceptance of digital banking activities across the globe will further proliferate business growth. Furthermore, banks are launching new services like internet banking, mobile banking, and SMS banking to proficiently fulfill the end-user requirements.
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Apparently, prominent utilization of the digital equipment in effectively handling business, burgeoning demand for cloud-based services, and a mounting number of smartphone devices are the key aspects likely to steer the expansion of the digital banking market over the forecast timeline. However, a low level of organized internet infrastructure facility along with the growing security concerns is a few of the challenges that can diminish the growth of the industry during the forecast period.
Retail banking to dominate the banking type segment over the forecast period
The growth of the retail banking segment during the period from 2019 to 2027 is owing to large-scale acceptance of mobile payment services by the customers.
Browse the full “Digital Banking Market – By Banking Type (Retail Banking, Investment Banking, and Corporate Banking), By Solutions (Payments, Risk Management, Processing Services, and Customer & Channel Management), By Organization Size (Small & Medium Size Enterprises and Large Size Enterprises), By Technology (Chatbots, BaaS (Banking as a Service), White Label Banking, BaaP (Banking as a Platform), and Cloud-Based), and By Payment Verticals (Banking Cards, Micro ATMs, Mobile Banking, Unstructured Supplementary Service Data, Mobile Wallets, Uniform Payment Interface, Point of Sale, and Internet Banking): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027” Report at https://www.fnfresearch.com/digital-banking-market-by-banking-type-retail-banking-100
Payments segment to contribute majorly towards the overall market revenue share by 2027
Digitization in the payment sector has helped in improving the efficiency of banking activities. Apart from this, the escalating demand for cashless transactions among the end-users has lucratively influenced the expansion of digital banking. Moreover, digitization of the payment activities saves time, cost of delivery, reduces risks, and enhances the security of the deals.
North America to account for the major revenue chunk of the overall market share by 2027
The growth of the regional market is due to the acceptance of new technologies and a large focus on innovation in banking services. Apart from this, the massive utilization of digital banking tools in countries like Canada and the U.S. will push the regional market growth trends over the forecast timeframe.
Some of the key players in the market include Capital Banking Solutions, ACI Worldwide, JPMorgan Chase & Co., Temenos Headquarters SA, Ally Financial Inc., Backbase, CR2, Digiliti Money, Inc., Fiserv, Inc., Infosys Ltd., Technisys, Innofis, TRG Mobilearth Inc., Kony, Inc., Microsoft Corporation, Oracle, Tata Consultancy Services, and Urban FT (North America), LLC.
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This report segments the Digital Banking market as follows:
Global Digital Banking Market: By Banking Type Segment Analysis
- Retail Banking
- Investment Banking
- Corporate Banking
Global Digital Banking Market: By Solutions Segment Analysis
- Risk Management
- Processing Services
- Customer & Channel Management
Global Digital Banking Market: By Organization Size Segment Analysis
- Small & Medium Size Enterprises
- Large Size Enterprises
Global Digital Banking Market: By Technology Segment Analysis
- BaaS (Banking as a Service)
- White Label Banking
- BaaP (Banking as a Platform)
Global Digital Banking Market: By Payment Verticals Segment Analysis
- Banking Cards
- Micro ATMs
- Mobile Banking
- Unstructured Supplementary Service Data
- Mobile Wallets
- Uniform Payment Interface
- Point of Sale
- Internet Banking
Global Digital Banking Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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