The Digital Banking Market was worth USD 18.94 billion in 2022 and is expected to increase at a CAGR of 12.1% from 2023 to 2030, reaching USD 47.24 billion by 2030.
An electronic payment system that enables users to make financial transactions digital is known as digital banking. It's also referred to as internet banking or web banking, and it's supposed to be easy, offering a time-saving banking experience as well as real-time problem solutions. Banks, on the other hand, should strive to create a smoother integration across digital and mobile platforms, as well as to increase consumer interaction in order to match their demand, wants, and inclinations.
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With the unexpected COVID-18 crisis, demand for digital banking services continues to climb, owing to the closure of local branches and a shift in clients' financial needs to digital platforms during the lockdown.
Banks are primarily transitioning to digital or digitized banking by integrating technology in adapting to shifting consumer needs, lifestyles, and expectations. Cloud computing, application programming interfaces (APIs), robotic process automation (RPA), chatbots, machine learning, and blockchain are among key technologies that are accelerating the growth of the digital banking business. Furthermore, real-time payment solutions, comfort and quick access to digital banking, as well as increased smartphone usage, are driving the expansion of the digital banking industry.
However, privacy and technological constraints, as well as privacy concerns and transaction difficulties, are some of the obstacles limiting industry expansion. Furthermore, nations such as China, India, Japan, and Australia have a significant desire for widespread internet use in order to use digital banking services. As a consequence, substantial development possibilities for the industry are projected in the approaching years.
In 2018, the transactions segment dominated the digital banking market, and this trend is expected to continue throughout the projection period. As a result of a large number of consumers migrating to digital payment systems, which provide greater convenience and time-saving features than traditional payment methods.
KEY DRIVERS:
Low cost and easy accessibility
In today's times, there is a greater acceptance of digital banking.
The importance of literacy among the elderly regarding making digital transactions.
RESTRAINTS:
The majority of people still believe in going to banks to conduct their financial transactions.
Most banks and financial institutions invest much in cyber security, but they must be proactive in pursuing fraudsters and avoiding risks.
The proportion of customers are still hesitant to accept risks while doing digital transactions, which is one of the largest roadblocks to the digital banking market's growth.
OPPORTUNITIES:
As the usage of mobile phones and increased internet grows throughout the world, banks are increasingly relying on digital channels to deliver their services.
Collaborations of banks with FinTech companies and other third-party interfaces to develop more client-centric goods and services, resulting in a better customer experience.
CHALLENGES:
One of the most major hurdles for digital banking marketers is security.
Cyberattacks and fraudulent conduct are still a reality, despite the fact that financial systems are meant to be nearly impervious.
There are also issues regarding data and fund security. Every year, firms might lose $1.55 million due to downtime.
In the aftermath of the COVID-18 outbreak, the digital banking business has seen enormous growth and has continued to flourish internationally. Furthermore, due to widespread fear of the virus and a desire to preserve social distance, customers have been mostly using mobile phones and web browsers to access banking services. As a result, the expansion of the digital banking sector has been pushed by changing consumer habits toward digital banking services. Furthermore, COVID-18 had a good influence on digital banking, and it is likely to retain its supremacy during the projection period.
The internet banking market is divided into three categories: service, banking, and area. Payments, processing services, customer & channel management, wealth management, and others are the different types of services. Retail banking, corporate banking, and investment banking are the three types of banking. The market is examined throughout North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
By Type:
Informational services
Transactional services
Communicative services
By Software:
Customized software
Standard software
By Banking Type:
Retail Banking
Corporate Banking
Investment Banking
By Service Type:
Payments
Processing Services
Customer & Channel Management
Wealth Management
Others
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North America led the worldwide digital banking market in 2021, and this trend is projected to continue over the forecast period. Furthermore, advances in information technology and the growing creation of dynamic and consumer-friendly user interfaces for websites and applications are driving the region's digital banking market growth.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The key players include ACI Worldwide (U.S.), Microsoft Corporation (U.S.), Fiserv, Inc. (U.S.), Tata Consultancy Services (India), Cor Financial Solutions Ltd. (UK), Oracle Corporation (U.S.), Temenos Group AG (Switzerland), Rockall Technologies (Ireland), EdgeVerve Systems Limited (India) & Other Players
| Report Attributes | Details |
| Market Size in 2022 | USD 18.94 Bn |
| Market Size by 2030 | USD 47.24 Bn |
| CAGR | CAGR of 12.1% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by type (Informational Services, Transactional Services and Communicative Services) • by Software (Customized Software and Standard Software) • by Banking Type (Retail Banking, Corporate Banking, Investment Banking) • by Service Type (Payments, Processing Services, Customer & Channel Management, Wealth Management, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | ACI Worldwide, Microsoft Corporation, Fiserv, Inc., Tata Consultancy Services, Cor Financial Solutions Ltd, Oracle Corporation, Temenos Group AG, Rockall Technologies, EdgeVerve Systems Limited |
| Key Drivers | • Low cost and easy accessibility • In today's times, there is a greater acceptance of digital banking. |
| Market Opportunities | • Collaborations of banks with FinTech companies and other third-party interfaces to develop more client-centric goods and services, resulting in a better customer experience. |
Ans: Low cost and easy accessibility, greater acceptance of digital banking, and importance of literacy among the elderly regarding making digital transactions are the driving factors of the Digital Banking Market.
Ans: The growth rate of the Digital Banking Market is 12.1% over the forecast period 2023-2030.
Ans: The key players of the Digital Banking Market are ACI Worldwide, Microsoft Corporation, Fiserv, Inc., Tata Consultancy Services, Cor Financial Solutions Ltd, Oracle Corporation, Temenos Group AG, Rockall Technologies, and EdgeVerve Systems Limited.
Ans: North America region dominated the Digital Banking Market.
Ans: Digital Banking Market is segmented into 4 types: By Type, By Service Type, and By Software, and By Banking Type.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Digital Banking Market Segmentation, by Type
8.1Informational Services
8.2Transactional Services
8.3Communicative Services
9. Digital Banking Market Segmentation, by software
9.1 Customized Software
9.2 Standard Software
10. Digital Banking Market Segmentation, By Banking Type
10.1 Retail Banking
10.2 Corporate Banking
10.3 Investment Banking
11. Digital Banking Market Segmentation, By Service Type
11.1Payments
11.2Processing Services
11.3Customer & Channel Management
11.4Wealth Management
11.4Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 ACI Worldwide (U.S.)
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Microsoft Corporation (U.S.)
13.3 Fiserv, Inc. (U.S.)
13.4 Tata Consultancy Services (India)
13.5 Cor Financial Solutions Ltd. (UK)
13.6 Oracle Corporation (U.S.)
13.7 Temenos Group AG (Switzerland)
13.8 Rockall Technologies (Ireland)
13.8 EdgeVerve Systems Limited (India)
13.9 Capital Banking Solutions (U.S.)
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share analysis
14.3 Recent Developments
15. Conclusion
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