While digital banking has been trending since quite some time now, the demand for these services has magnified with the onset of the COVID-19 crisis as bank branches and call centers remain closed. In 2019, the Europe digital banking market held a valuation of more than $170 million and is anticipated to surge at a promising pace at a 5% CAGR between 2020 and 2026. As numerous European banks have been staying ahead of the curve, the Europe digital banking market is expected to surpass around $2 billion by 2026, driven by the high level of convenience and efficiency offered by digital banking services.

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The following top three trends have been defining the Europe digital banking market dynamics:

Corporate banking to dominate on account of demand from businesses

The corporate banking segment is projected to command a large chunk of the Europe digital banking market over the forthcoming time, growing at a stable 5% CAGR between 2020 and 2026. Since several traditional banks have been switching to digital platforms of late, the Europe digital banking market is expected to prosper in the wake of the COVID crisis. Numerous small and medium sized enterprises (SMEs) and businesses in general have been seeking financial aid from corporate banks in the form of extended credit and loans. Although corporate banks have been investing in CRM platforms since before the pandemic, they are now ramping up their operating models by implementing latest technologies including Artificial Intelligence (AI).

Transaction segment to exhibit exponential rise as contactless payments have been trending

Although the non-transaction segment claimed more than 5% of the total revenue of the Europe digital banking market in 2019, the transaction segment is expected to gain momentum rapidly over the projected period due to the growing utilization of mobile phones for e-transactions. Amidst the COVID pandemic, touchless payments are being made at point-of-sales (POS) and banks are augmenting their credit card limits.

To ensure faster and more convenient payouts, digital banking services across Europe have been forced to eliminate the need for physical authorization and PIN pads are increasingly being replaced by smartphones, which are the new POS terminals, where apps and web portals are ensuring smoother payment processing.  

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U.K. to garner a significant share, driven by shift in consumer behavior

According to a recent research report by finder.com, a personal finance comparison website, nearly 1.4 million of the British customers do not intend to return to the bank branches even after the pandemic ends. This shift is not new since a decline in the number of bank branches has been observed since 2012, with over 25% of the branches closed. The shift in preferences has only intensified during the pandemic, with support from intuitive and easy-to-use digital banking apps, promoting the growth of the Europe digital banking market size.

Moreover, with the sprouting up of digital-only banks that charge lower fees along with higher interest rates might also lead to the expansion of the Europe digital banking market share over the forthcoming times.