Online banking or internet banking is an electronic payment system that enables customers of a bank or other financial institution to conduct financial transactions on a secure network of the institution. Over the past few years, it has become the most popular banking service due to the convenience and ease of handling transactions from home or any other convenient settings.
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Increasing use of internet, changing consumer preferences, increasing usage of smartphones, and increasing demand for higher degree of transparency and flexibility of online transactions are major factors driving growth of online banking market. Furthermore, customers switching from paper transactions to online transactions has led to the growth of e-commerce. Online banking is mostly preferred by consumers between the age group of 25 to 55 years.
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The widespread use of internet in developed countries has increased use of e-commerce and online payment services. This trend is gradually making way for mobile payments in developing countries, thereby, fueling growth of online banking market.
However, high security risk of customer’s data is a factor that is restraining growth of online banking market.
Key Developments in Online Banking Market
Key players are adopting various strategies such as mergers, acquisitions, new product launches, expansions, collaborations, partnerships, approvals, and joint ventures to retain its position in the online banking market. On April 18, 2018, the Electronic Payments Association® announced ACI Worldwide, a leading global provider of faster electronic payment and banking solutions, as a Preferred Partner for enabling innovation in payments. Moreover, on April 25, 2018, Fiserv, Inc., a leading global provider of financial services technology, launched FinKit™ for Open Banking to help financial institutions meet and keep pace with rapidly unfolding regulations.
Tata Consultancy Services expanded its operation in Texas by welcoming 200 new employees to the firm on April 26, 2018. Furthermore, on March 15, 2018, EdgeVerve Systems, a wholly-owned subsidiary of Infosys announced the successful implementation of AssistEdge at Telekom Malaysia under the OVAL (One View Application Layout) program.
Some of the key players operating in the online banking market include ACI Worldwide, Microsoft Corporation, Fiserv, Inc., Tata Consultancy Services, Cor Financial Solutions Ltd., Oracle Corporation, Temenos Group AG, Rockall Technologies, EdgeVerve Systems Limited, and Capital Banking Solutions.
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