A new market study, titled “Digital Banking Market Research Report Size, Status and Forecast 2016-2022” has been featured on Market Research Future.
Digital Banking Market Research Report offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
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Technological and digital development is presently moving at a breakneck speed and has completely revolutionized the way many end-user industries work. Digital banking has been around for some time and allows banks and customers to perform end-to-end processing of various banking transactions seamlessly. According to Market Research Future (MRFR)’s latest report, the global digital banking market is projected to achieve a healthy CAGR of 8% during the forecast period of 2016 to 2022.
The proliferation of technology across various parts of the existing banking system and the high penetration of smartphones are some of the key factors driving the growth of digital banking services. Various qualities of digital banking such as easy availability, ease of use, and low to no cost are major contributors to the adoption of digital banking. Additionally, banks are continually improving their digital banking service offerings and improving existing services such as internet banking, mobile banking, and ATM services among others. The growing use of digital banking for both personal and commercial use combined with the widespread use of personal electronic devices has boosted the demand for advanced digital banking services thus, driving market growth. The rapid increase in preference for e-commerce has further increased the use of digital banking for the purpose of digital payments.
Bank fraud is a risk to the digital platform with cyber-attacks growing in sophistication, which has prompted the banking industry to employ stringent security solutions. The lack of internet infrastructure in underdeveloped areas and lack of awareness regarding digital banking among the geriatric population for their banking needs are some challenged to market growth. However, with growing cloud-based solutions, and simplification of the user interface these digital platforms use likely to make these services accessible in the future. Ongoing development of digital banking platforms to keep up with the changing technological advancements is expected to provide opportunities for market expansion in the coming years. Additionally, banks and other financial service platforms are launching digital-only banks which are aimed at eliminating the need for a customer to go to a physical bank location.
The global digital banking market is segmented on the basis of deployment, services, technology, industry, and region. By deployment, the market is segmented into on-premise and -cloud-based. By services, the market is segmented into non-transactional and transactional. By technology, the market is segmented into internet banking, digital payments, and mobile banking. By industry, the market is segmented into media & entertainment, manufacturing, retail, banking, healthcare, and others. By region, the global market is segmented into North America, Europe, the Asia-Pacific and the Rest of the World.
Led by the U.S, North America possesses the largest share of the global digital banking market. The high penetration of smartphone use and other electronic devices for digital banking has affected the adoption of digital banking solutions positively. The region also has a truly significant banking sector which, based in a developed country can offer well developed digital banking platform to its customers.
The Asia-Pacific is expected to grow at the fastest pace during the forecast period due to the highly supportive government policies that encourage the adoption of digital banking platforms. The region is highly populous, and use of banking services increases efficiency in moving of funds and other services that consumers would typically visit local bank branches for. The high penetration of smartphones in the region has further encouraged the development and adoption of various digital banking platforms.
Latest Industry News
BPER, an Italian banking group has partnered with Meniga, a U.K based company to build its new digital banking solution. The bank plans to modernize and make the platform highly efficient, particularly for personal financial management.
U.S bank giant, Chase, is deploying its all-mobile bank, Finn to tap the millennial demographic who are entirely comfortable performing all bank transactions and services through digital platforms. Finn is the latest in a growing list of digital-only banks which include Marcus by Goldman Sachs.
Prominent players in the global digital banking market that have been analyzed in MRFR’s report include Misys, Kony Inc., Urban FT, Backbase, Technisys, Infosys, Cachet Financial Solutions, Mobilearth and Innofis among others.
More Information : https://www.marketresearchfuture.com/reports/digital-banking-market-1986
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