Digital banking market: Growing use of mobile phones and internet connections and various government imitative may create more opportunity

The global digital banking market size is projected to grow at a CAGR of 8.9% by generating a revenue of $1,610.0 billion by 2027. The global digital banking market has seen major growth, owing to increasing utilization of mobile phones, tablets, and online banking platforms. In addition, due to constantly rising internet penetration and digitally literate population is expected to drive the growth of the global digital banking market. A large number of players are increasing their business around the globe, due to enhanced effective operations, the increased customer base and product portfolios, and extended geographical area. This is projected to strengthen the demand for the digital banking during the forecast period.

The cost and the user friendliness of digital banking and increased use of electronic devices and easy adoption to the internet facilities are the digital banking market drivers in the estimated period. The technical development in the integration of blockchain is an additional strengthening for the global digital banking market. Whereas the rising threat related to data breach and cyber-attacks may hinder the growth of the digital banking market.

{What will the sample contain?

The sample will give the stakeholder an outline of the report. It will give an overview/framework of the aspects of the market that have been covered in the content of the actual report. The report, unlike the sample, will bear numerical data and market insights associated with a price.}

Digital banking market trends lead to the increasing use of smart phones, internet usage and the government initiative is considered to be the opportunity for the market. As rising population is being inclining towards the technology the banks are also heading their segment towards digital channels to deliver their services with one touch to the customer. The initiative taken by the government related to digital banking globally and promoting cashless where the government and the customer can have accountability on each and every person regarding their financials

Based on type, the market is segmented into consumer banks, co-operative banks, credit unions. The consumer banks accounted for the highest share in the digital banking market. These growths in the consumer banks are due to the rising top line revenue, moderating risk and cost reduction. North America is the largest segment in the consumer banks digital banking market, the digital banking market for consumer bank will reach $1,166.1 billion by 2027 with a CAGR of 9.0%.

Based on the services the market is segmented into digital payments and digital sales. The focus of government of various emerging countries to become cashless has led to the initiation of numerous policies which boosts and promotes different merchants to integrate digital payments. The digital payments segment is projected to reach $402.5 billion by 2027 at a CAGR of 9.3%.

Based on the region the North America is anticipated to have the highest market share globally. It is estimated that the North America will generate a revenue of $721.3 billion by 2027 with a CAGR of 8.3%. Many banks in this region focuses on preserving the customer by adopting various developmental strategies to preserve the customer and the customer data. Asia-Pacific regional market was valued at $69.9 billion in 2019, and is projected to reach $153.0 billion by 2027. Due to the increasing use of smartphones and various initiatives where they educate the customer through media promotions for mobile banking have given rise in Asia-Pacific region.

The global digital banking market players include Bank of America, Wells Fargo, Agricultural Bank of China, Bank of China Limited, Industrial and Commercial Bank of China Limited, China Construction Bank, JPMorgan Chase & Co., HSBC Group, China Merchants Bank., and Citi Group.

The major players operating in the global market have adopted key strategies such as acquisition, and product development to strengthen their market outreach and sustain the stiff competition in the market. For instance, in 2019, Alliant Credit Union introduces a new online vehicle service program for its members. In 2019, twelve Hong Kong-based banks established Trade Connect, which is a blockchain-based trade finance platform. Similarly, in 2017, BNP Paribas planned to spend nearly $3bn in an aspiring plan to speed up the digital transformation of the bank in order to meet the changing needs of its customers.

Contact Us:

Mr. Abhishek Paliwal
Research Dive
30 Wall St. 8th Floor, New York
NY 10005 (P)
+ 91 (788) 802-9103 (India)
Free : +1 -888-961-4454
Follow us on:

Related Articles

Back to top button