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Digital Banking Market 2020 By Industry Trends & Regional Forecast To 2024

Author : Ronak Bora | Published Date : 2020-09-08 

Digital banking market trends have also been witnessing a commendable transformation on account of increased innovative banking solutions that utilize and streamline data, digital technologies, advanced analytics, and novel delivery platforms. On the global front, many organizations can be seen modernizing operations, escalating services, re-configuring distribution channels, proffering proactive assistance, integrating payments, and utilizing blockchain technology to uphold their position in the overall digital banking market.

Retail banking holds over 75% share in the digital banking market. The market is driven by the rising adoption of the internet and smartphones across the countries. As the adoption of the internet services and smartphones is increasing, and the information is easily available to customers, the buying of consumers is increasing. This is forcing banking institutes to provide a better customer experience and reach customers on their choice of the channel. Moreover, the increasing adoption of mobile and electronic payment solutions and the attractive offers and incentives offered by the payment solution providers are also the major forces accelerating the adoption of digital banking.

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The corporate sector is anticipated to grow at a CAGR of over 6% over the timeline. The increasing competition among Fintech players is the primary factor driving the adoption of digital banking in the corporate banking sector. Moreover, the integration of advanced analytics technologies such as Big Data to manage the assets, will reduce the risks and extract consumer insights, encouraging the adoption of digital solutions.

Transactional services account for more than 90% share in the digital banking market. The market growth is credited to the growing adoption of electronic & mobile payment solutions. As the younger population across the countries is increasing, the demand for faster, convenient, and safer payment solutions is also rising. This is encouraging banking institutes to develop their own mobile & online platforms and provide services on the digital channel to gain customer loyalty and reduce the churn rate.

Despite being a fairly nascent vertical, digital banking market has received a commendable boost in the last half a decade, given that the concept has been a rage among financial institutions. Having already embarked on the voyage of a digital revolution, financial institutions and banks continue to foray into the digitalization landscape of the banking sector and employ the much needed technological infrastructure for amplified convenience and superior transactional security.

On account of the current stance held by digital banking, it is highly presumable that there would be a decrease in the number of physical bank branches operating universally. A report by Global Market Insights, Inc., claims that digital banking market size is projected to surpass USD 9 trillion by 2024 year end, majorly propelled by factors such as increasing investment in the financial technology sector and the spectacular advantages of digital transactions over traditional ones.

Asia Pacific is dominating the digital banking market with over 60% stake in 2017. The growing penetration of internet services and the adoption of smartphones are supporting market growth. Moreover, the digitalization initiatives launched by the government of emerging economies including India and China will also foster the demand for digital banking.

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The key vendors operating in the digital banking market are Backbase, BNY Mellon, Appway Crealogix, EdgeVerve Systems, ebanklT ETRONIKA, Finastra, Fiserv, Fidor, IE Digital, Halcom Intellect Design Arena, NETinfo, NF Innova, Kony, SAB, SAP, Oracle, Sopra, TCS, Technisys, Tagit, Worldline, and Temenos.

Table of Contents (ToC) of the report:

Chapter 1.   Methodology & Scope

1.1. Methodology

1.1.1.   Initial data exploration

1.1.2.   Statistical model and forecast

1.1.3.   Industry insights and validation

1.1.4.   Scope

1.1.5.   Definitions

1.1.6.   Methodology & forecast parameters

1.2. Data Sources

1.2.1.   Secondary

1.2.1.1.     Paid

1.2.1.2.     Public

1.2.2.   Primary

Chapter 2.   Executive Summary

2.1. Digital banking industry 360º synopsis, 2013 - 2024

2.1.1.  Business trends

2.1.2.  Regional trends

2.1.3.  Type trends

2.1.4.  Services trends

Chapter 3.   Global Digital Banking Market Insights

3.1. Introduction

3.2. Industry segmentation

3.3. Industry landscape, 2013 - 2024

3.3.1.   Digital banking market revenue, 2013-2024

3.3.2.   Digital banking users, 2013-2024

3.4. Industry ecosystem analysis

3.5. Digital banking market evolution

3.6. Consumer trends

3.6.1.   Demographic breakdown

3.6.2.   Digital banking vs traditional banking

3.7. Digital banking transaction volume

3.8. Digital banking transaction value

3.9. Mobile banking penetration

3.10.    Internet banking penetration

3.11.    Technology & innovation landscape

3.11.1. Artificial intelligence (AI)

3.11.2. Blockchain

3.11.3. APIs

3.11.4. Human digital interface (HMI)

3.12.    Regulatory landscape

3.12.1.   Health Insurance Portability and Accountability Act (HIPAA)

3.12.2.   Payment Card Industry Data Security Standard (PCI DSS)

3.12.3.   North American Electric Reliability Corp. (NERC) Standards

3.12.4.   Federal Information Security Management Act (FISMA)

3.12.5.   The Gramma-Leach-Bliley Act (GLB) Act of 1999

3.12.6.   Sarbanes-Oxley Act of 2002

3.12.7. General Data Protection Regulation (GDPR)

3.12.8.   Alternative Investment Fund Managers Directive (AIFMD)

3.12.9.   Anti-Money Laundering Directive 2015/849/EU (AMLD)

3.12.10.  Dodd–Frank Wall Street Reform and Consumer Protection Act

3.12.11.  European Market Infrastructure Regulation (EMIR)

3.12.12.  Foreign Account Tax Compliance Act (FATCA)

3.12.13.  Markets in Financial Instruments Directive (MIFID)

3.13.    Industry impact forces

3.13.1.   Growth drivers

3.13.1.1.   Changing customer behavior

3.13.1.2.   Increasing investment in fintech

3.13.1.3.   Supportive government policies

3.13.1.4.   Growth of e-commerce industry

3.13.1.5.   Rising adoption of electronic and mobile payment solutions

3.13.2.   Industry pitfalls & challenges

3.13.2.1.   lack of regulatory framework

3.13.2.2.   increasing threat of cyber-attacks

3.14.    Growth potential analysis

3.15.    Porter’s analysis

3.16.    PESTEL analysis

Chapter 4.   Competitive Landscape

4.1. Introduction

4.2. Top market players, 2017

4.2.1.   Fiserv

4.2.2.   Infosys

4.2.3.   Oracle

4.2.4.   SAP

4.2.5.   Temenos

4.3. Innovation leaders, 2017

4.3.1.  Holcom.com

4.3.2.  Fidor Solutions

4.3.3.  NF Innova

4.3.4.  ETRONIKA

4.3.5.  Kony

4.4. Other prominent vendors

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/digital-banking-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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