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Europe Digital Banking Market to observe 3%+ gains to 2024

Author : Ronak Bora | Published Date : 2019-03-26 

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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Digital Banking Market is anticipated to surpass USD 9 trillion mark by 2024 due to the rising investments in the Fintech market. Fintech has emerged as the most disruptive technology and venture capitalists and angel investors are investing billions to take advantage of the lucrative market. The banking institutes are also collaborating and investing in Fintech companies to develop their own digital solutions for customers to meet the consumer requirements.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

  • Appway
  • Backbase 
  • BNY Mellon 
  • CREALOGIX 
  • ebanklT
  • ETRONIKA
  • Fidor Solutions
  • Finastra 
  • Fiserv
  • Halcom D.D.
  • ieDigital
  • Intellect Design Arena 
  • Kony
  • NETinfo 
  • NF Innova
  • Oracle 
  • SAB
  • SAP SE
  • Sopra 
  • TCS 
  • Technisys
  • Temenos 
  • Worldline 

The increasing adoption of mobile & online banking platforms is also propelling the market growth. As the adoption of smartphone and internet services across the countries is increasing, consumers prefer mobile applications and websites to access their banking accounts. Furthermore, the integration of the advanced technologies, such as AI and blockchain, into the banking is also fostering market growth.

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The supportive government initiatives and policies across the countries are also promoting the adoption of digital banking solutions. The governments are constantly working on delivering banking services via the internet to reach remote areas. The digitalization & demonetization policies launched by the government will also encourage the adoption of digital banking solutions.

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.

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.

Browse Full Report: www.gminsights.com/industry-analysis/digital-banking-market

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.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org 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. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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