Major digital banking market participants are Appway AG, CREALOGIX AG, Etronika, ebankIT, Fidor Solutions AG, Halcom.com, Finastra, ieDigital, Intellect Design Arena Limited, Infosys Limited, Kony, NF Innova, NETinfo Plc, Oracle Corporation, SAP SE, SAB, Sopra Steria, Technisys S.A., and Tata Consultancy Services Limited.
Selbyville, Delaware,, Jan. 19, 2023 (GLOBE NEWSWIRE) —
The digital banking market valuation is predicted to exceed USD 13.5 trillion by 2032, as reported in a research study by Global Market Insights Inc.
A rise in the number of new fintech players will offer significant momentum to the market demand. Fintech companies these days offer a wide range of digital banking functions on their platforms that focus on categories like money transfers, payments, investments, insurance, lending, and asset management, among others. Customers that are digitally savvy, hyper-connected, and choice conscious mostly prefer using these platforms. These customers are also accustomed to the digital experiences offered by online retailers and expect the same user experience from banks.
However, unlike traditional banks, fintech companies lack clear regulatory requirements addressing the laws they must follow. For instance, every fintech company has a distinct and dynamic business model that operates on the principles of innovation. Since innovation brings about constant change, managing these companies becomes challenging. Additionally, while some fintech firms may function like banks, they might not provide all of the services that banks do.
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The digital banking market from the corporate banking segment is estimated to cross USD 2.30 trillion by 2032. In corporate banking, large clients (wholesale clients and large corporations, and other institutions such as pension funds and government and public entities) are offered financial services. Compared to retail banking, which is focused on households and SMEs, corporate banking is a highly profitable division for banks. The advantages of digital corporate banking for banks include easier and quicker customer acquisition, improved customer experiences (and subsequently increased customer loyalty), and a quicker time to market for new and cutting-edge goods and services.
The non-transactional service segment is projected to expand at a CAGR of 9.8% CAGR between 2023 and 2032. The non-transactional service includes several different services, including customer support, asset management, account services, consulting, stock advisory, financial planning, and SMS services. Consumers are using mobile and digital media more frequently to search and buy goods and services as well as discuss their experiences after making a purchase. The technology is being used by digital banking services to better understand client pain points and give them a responsive, sympathetic, approachable, and connected service.
The cash deposits and withdrawal segment accounted for 26% of the digital banking market share in 2022. Digital banking services are gaining substantial acceptance owing to improvements in cash deposits and withdrawal services. The convenience and ease of depositing and withdrawing cash have helped digital banking consumers to avoid visits to the bank branch. The majority of digital banks provide their customers the option to create a cash withdrawal voucher through their mobile banking app, which may then be used for cash withdrawals at any ATM without the need for a card.
Europe digital banking market held more than USD 1.62 trillion in 2022. The financial services sector in Europe is undergoing significant changes due to changing consumer behavior, rising expectations, channel proliferation, disruption, inventive use of new technology, and company digitization. Online banking, which enables customers of banks or other financial institutions to conduct a wide range of financial transactions through websites, is quickly becoming one of the most well-liked payment methods in Europe.
Major players involved in the digital banking market include Appway AG, CREALOGIX AG, Etronika, ebankIT, Fidor Solutions AG, Halcom.com, Finastra, ieDigital, Intellect Design Arena Limited, Infosys Limited, Kony, NF Innova, NETinfo Plc, Oracle Corporation, SAP SE, SAB, Sopra Steria, Technisys S.A., and Tata Consultancy Services Limited. These companies are focusing on innovative techniques to grow their product and service portfolio.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Digital banking industry 360º synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total addressable market (TAM) trends, 2023 – 2032
2.3 Regional trends
2.4 Type trends
2.5 Service trends
Chapter 3 Digital Banking Market Insights
3.2 Industry landscape, 2018-2032
3.2.1 Digital banking market revenue, 2018-2032
3.2.2 Digital banking users, 2018-2032
3.3 Impact of COVID-19 outbreak
3.4 Impact of Russia-Ukraine war
3.5 Evolution of digital banking
3.6 Industry ecosystem analysis
3.6.1 Digital banking solution providers
3.6.2 Cloud service providers
3.6.3 Third party service providers
3.6.4 Distribution channel
3.6.6 Profit margin analysis
3.6.7 Vendor matrix
3.7 Consumer trends
3.7.1 Demographic breakdown
3.7.2 Digital banking vs traditional banking
3.7.3 Mobile banking penetration
3.7.4 Internet banking penetration
3.8 Digital payment transaction value and volume
3.9 Patent analysis
3.10 Investment portfolio
3.11 Key news
3.12 Technology & innovation landscape
3.12.1 Artificial Intelligence (AI)
3.12.4 Human digital interface
3.13 Regulatory landscape
3.13.1 Health Insurance Portability and Accountability Act (HIPAA)
3.13.2 Payment Card Industry Data Security Standard (PCI DSS)
3.13.3 North American Electric Reliability Corp. (NERC) standards
3.13.4 Federal Information Security Management Act (FISMA)
3.13.5 The Gramm-Leach-Bliley Act (GLB) Act of 1999
3.13.6 The Sarbanes-Oxley Act of 2022
3.13.7 General Data Protection Regulation (GDPR)
3.13.8 Alternative Investment Fund Managers Directive (AIFMD)
3.13.9 Anti-Money Laundering Directive 2015/849/EU (AMLD)
3.13.10 Dodd–Frank Wall Street Reform and Consumer Protection Act
3.13.11 European Market Infrastructure Regulation (EMIR)
3.13.12 Foreign Account Tax Compliance Act (FATCA)
3.13.13 Markets in Financial Instruments Directive (MiFID)
3.14 Industry impact forces
3.14.1 Growth drivers
18.104.22.168 Changing customer behavior
22.214.171.124 Increasing investment in Fintech
126.96.36.199 Supportive government policies
188.8.131.52 Growth of the ecommerce industry
184.108.40.206 Increasing adoption of electronic and mobile payment solutions
3.14.2 Industry pitfalls & challenges
220.127.116.11 Lack for clear regulatory framework
18.104.22.168 Rising cybersecurity issues
3.15 Growth potential analysis
3.16 Porter’s analysis
3.16.1 Bargaining power of suppliers
3.16.2 Bargaining power of buyers
3.16.3 The threat of new entrants
3.16.4 The threat of substitute
3.16.5 Competitive rivalry
3.17 PESTEL analysis
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