Global Digital Banking Market to exceed $ 9 trillion by 2024

September 06, 2019

Worldwide digital banking market is predicted to surpass US $9 trillion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.

Increasing investment in Fintech market is the major factor augmenting the digital banking market. Fintech has surfaced as the most innovative technology and angel investors and venture capitalists are investing billions to take advantage of this profitable market. The banking organizations are also collaborating and investing in fintech companies to design their own digital solutions for consumers to meet the customer requirements.

According to the report, growing adoption of online and mobile banking platforms is also boosting the industry growth. As the use of internet services and smartphones across countries is rising, customers are increasingly opting for websites and mobile applications to access their bank accounts. In addition, the integration of advanced technologies, such as blockchain and AI, into the banking system is driving the industry growth.

Supportive government policies and initiatives across countries are also encouraging the adoption of digital banking solutions. Governments are continuously working on providing banking services to remote areas via internet. Demonetization and digitalization policies launched by the government will also promote the adoption of digital banking solutions, claims the report.

Based on type, retail banking segment accounted for more than 75% share in digital banking market. The market is primarily driven by the growing adoption of smartphones and internet across countries. This is compelling the banking institutes to offer better user experience and reach consumers on their chosen network. Furthermore, the growing adoption of mobile, electronic payment solutions, and attractive incentives & offers provided by the payment solution providers are the main forces amplifying the adoption of digital banking.

On the other hand, corporate digital banking market is predicted to grow with a CAGR of more than 6% over the projected time frame, owing to the rising competition among the Fintech contenders. Furthermore, the integration of advanced analytics technologies such as Big Data to manage the resources, will extract customer insights and reduce risks, driving the adoption of digital solutions.

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Considering the service spectrum, transactional services segment holds over 90% share in digital banking market. The industry growth is credited to the increasing adoption of mobile and electronic payment solutions. As the younger population around the globe is growing, the demand for convenient, safer, and faster payment solutions is also increasing. This is encouraging banking institutes to develop their own online and mobile platforms to offer services on the digital network, in order to gain consumer loyalty and decrease the churn rate.

Based on the regional landscape, APAC region dominated the digital banking market with more than 60% share in 2017. The increasing penetration of internet services and adoption of smartphones are supporting industry growth. Furthermore, the digitalization initiatives introduced by the government in developing economies including China and India will also boost the regional market growth.

Prominent players functioning in digital banking market are BNY Mellon, EdgeVerve Systems, Backbase, Appway, Crealogix, Finastra, Fidor, , Fiserv, IE Digital, Temenos, Halcom Intellect Design Arena, Worldline, NETinfo, Tagit, NF Innova, TCS, Kony, SAP, Sopra, SAB, and Oracle among others.

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