Pune, Maharashtra -- (SBWIRE) -- 06/22/2020 -- Manhattan, New York, Analytical Research Cognizance: The Online Banking market is projected to witness momentous growth over the upcoming years due to a tremendous rise in demand due to the global COVID-19 pandemic. The report includes an in-depth, extensive study of this market in tandem with vital parameters that are likely to have an effect on the market commercialization matrix.
With the advent of online banking in the mid-1990s the retail banking industry underwent transformation. The primary advantage provided by online banking is consumer convenience and ease of managing banking transactions 24/7 year-round from home and other relevant locations. Online banking or internet banking allows a financial institution 's customers, such as retail banks, credit unions, building societies, or virtual banks, to conduct financial transactions on a safe network that the entity employs. Driven by relentless penetration of the Internet and increasing customer preferences, online banking has emerged as a common and omnipresent banking resource for modern consumers. Consumers expect a higher degree of openness and versatility for banking operations, which drives the global online banking market in the main. Additionally, e-commerce growth has led to a growing number of consumers moving from paper to electronic purchases. Thanks to the simplicity and ease of managing financial transactions from the comforts of home and other convenient environments, online banking has been marketed as the most common banking service in the last decade. About 40 per cent of banking operations were transacted online in 2011, from shopping to placing order to payment. Between the various categories of customers based on their age, online banking is favored by customers in the 25-55 age group, consumers in the 18-35 age group favored mobile banking, while people over 55 prefer 'brick and mortar' banking. The growing usage of the Internet has spurred heavy use of e-commerce and online payment systems in developing countries. In developed countries this trend is slowly making way for mobile payments. The growing use of mobile internet service to access bank accounts and change customer behavior in developing countries such as Kenya, China, and India paved the way for entrepreneurial outfits to build alternative payment solutions. That is a major driving force for the online banking sector.
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In addition, the online banking market is expected to grow significantly during the forecast period due to the increase in contributions from state institutions to develop alternative payment channels. Concerns about financial information security, however, can impede the growth of the global online banking industry.
With a significant revenue as well as rapid expansion through various demographics, the global online banking industry has increasingly grown. In addition, online banking has played a key role in financial transactions over the last few years. In addition, there is a huge upsurge of online banking customers, most of whom are seeking greater openness and versatility in their banking requirements. Customers around the globe are also expecting the entire online banking experience to be user-friendly. Convenience to the consumer, low interest rates and a technologically innovative platform push the market most. High security risk of data from customers hampers market growth. Growth in smartphone use, increased internet penetration among customers, and growing technology and development in Asia-Pacific developing economies are some of the main factors that drive market growth.
The global online banking market is segmented on the basis of product type, software and geography. Based on the product type, the global market is bifurcated into informational services, communicative services and transactional services. On the basis of software, the global online banking market is segmented into customized software, standard software. Geographically, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa (MEA).
Some of the key players operating within the global Online Banking market include Canopus Software Laboratory, First Source Bank, Rockall Technologies, CGI, Corillian, COR Financial Solutions, Financial Network services and I-flex Solutions among others.
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Some Points of TOC:
Chapter One: Market Introduction
Chapter Two: Executive Summary
Chapter Three: Global Online Banking Market – Key Industry Dynamics
Chapter Four: Global Online Banking Market – Analysis and Revenue Forecast, 2015-2025 – By Product Type
Chapter Five: Global Online Banking Market – Analysis and Revenue Forecast, 2015-2025 – By Application
Chapter Six: Global Online Banking Market – Analysis and Revenue Forecast, 2015-2025 – By End-Use
Chapter Seven: Global Online Banking Market – Analysis and Revenue Forecast, 2015-2025 – By Region
Chapter Eight: North America Online Banking Market – Analysis and Revenue Forecast, 2015-2025
Chapter Nine: Europe Online Banking Market – Analysis and Revenue Forecast, 2015-2025
Chapter Ten: Asia-Pacific Online Banking Market – Analysis and Revenue Forecast, 2015-2025
Chapter Eleven: Latin America Online Banking Market – Analysis and Revenue Forecast, 2015-2025
Chapter Twelve: Middle East & Africa Online Banking Market – Analysis and Revenue Forecast, 2015-2025
Chapter Thirteen: Competitive Analysis
Chapter Fourteen: Appendix
Chapter Fifteen: Research Conclusions
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Note:
Our report does take into account the impact of coronavirus pandemic and dedicates qualitative as well as quantitative sections of information within the report that emphasizes the impact of COVID-19.As this pandemic is ongoing and leading to dynamic shifts in stocks and businesses worldwide, we take into account the current condition and forecast the market data taking into consideration the micro and macroeconomic factors that will be affected by the pandemic.