Online Banking Market Report Scope & Overview:

The Online Banking Market Size was worth USD 4.40 Billion in 2023 and is expected to increase at a CAGR of 3.6% from 2024 to 2031, reaching USD 5.83 Billion by 2031.

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.

Online Banking Market Revenue Analysis

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With the unexpected COVID-19 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.



  • 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.


  • 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.


  • 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.


  • 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-19 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-19 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

Online Banking Market Segmentation Analysis

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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.


  • 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

Key Market Players:

The key players include ACI Worldwide, Microsoft Corporation, Fiserv, Inc., Tata Consultancy Services, Cor Financial Solutions Ltd., Oracle Corporation, Temenos Group AG, Rockall Technologies, EdgeVerve Systems Limited & Other Players

ACI Worldwide -Company Financial Analysis

Company Landscape Analysis

Online Banking Market Report Scope:
Report Attributes Details
Market Size in 2023  US$ 4.40 Bn
Market Size by 2031  US$ 5.83 Bn
CAGR   CAGR of 3.6% From 2024 to 2031
Base Year  2023
Forecast Period  2024-2031
Historical Data  2020-2022
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 • In today's times, there is a greater acceptance of digital banking.
• The importance of literacy among the elderly regarding making digital transactions.
Market 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.


Frequently Asked Questions

The market size of the Online Banking Market was valued at USD 18.94 billion in 2022.

The growth rate of the Online Banking Market is 12.1% over the forecast period 2023-2030.

The key players of the Online 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.

The Online Banking Market is segmented into 4 types: By Type, By Software, By Banking Type, and By Service Type.

North America region dominated the Online Banking Market.

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 US Canada Germany France United Kingdom China Japan South Korea Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7. Online Banking Market Segmentation, by Type

7.1 Informational Services

7.2 Transactional Services

7.3 Communicative Services

8. Online Banking Market Segmentation, by software

8.1 Customized Software

8.2 Standard Software

9. Online Banking Market Segmentation, By Banking Type

9.1 Retail Banking

9.2 Corporate Banking

9.3 Investment Banking

10. Online Banking Market Segmentation, By Service Type


10.2Processing Services

10.3Customer & Channel Management

10.4Wealth Management


11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 USA

11.2.2  Canada

11.2.3  Mexico

11.3     Europe

11.3.1  Germany

11.3.2  UK

11.3.3  France

11.3.4  Italy

11.3.5  Spain

11.3.6  The Netherlands

11.3.7  Rest of Europe

11.4     Asia-Pacific

11.4.1  Japan

11.4.2  South Korea

11.4.3  China

11.4.4  India

11.4.5  Australia

11.4.6  Rest of Asia-Pacific

11.5     The Middle East & Africa

11.5.1  Israel

11.5.2  UAE

11.5.3  South Africa

11.5.4  Rest

11.6     Latin America

11.6.1  Brazil

11.6.2  Argentina

11.6.3  Rest of Latin America

12. Company Profiles

12.1 ACI Worldwide (U.S.)

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 Microsoft Corporation (U.S.)

12.3 Fiserv, Inc. (U.S.)

12.4 Tata Consultancy Services (India)

12.5 Cor Financial Solutions Ltd. (UK)

12.6 Oracle Corporation (U.S.)

12.7 Temenos Group AG (Switzerland)

12.8 Rockall Technologies (Ireland)

12.8 EdgeVerve Systems Limited (India)

12.9 Capital Banking Solutions (U.S)

13. Competitive Landscape

13.1 Competitive Benchmarking

13.2 Market Share Analysis

13.3 Recent Developments

14. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

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This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

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Data Bank Validation

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