Albany, NY -- (SBWIRE) -- 12/07/2018 -- The retail banking sector underwent transformation with the introduction of online banking in the mid 1990s. Customer convenience and ease of handling banking transactions 24/7 all year round from home and other suitable locations is the primary benefit offered by online banking.
Online banking or Internet banking enables customers of a financial institution, such as retail bank, credit union, building society, or virtual bank to carry financial transactions on a secure network employed by the institution.
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The report evaluates the dynamics of online banking market on three perspectives, which are informational services, transactional services, and communicative services. Each of these segments are sub-segmented and analyzed, based on which online banking market shares and projections are estimated in the report.
The overview section of the research report features detailed qualitative analysis of the drivers, restraints, and opportunities that will impact the demand and supply trends of the online banking market. Using primary and secondary sources of information and industry-centric tools such as Porter's five force analysis, the research report assesses both micro and macro vital components for existing players and new entrants.
Driven by incessant Internet penetration and changing consumer preferences, online banking has emerged as a popular and ubiquitous banking tool of modern consumers. Consumers are demanding higher degree of transparency and flexibility for banking operations that is predominantly driving the global online banking market. Additionally, growth in e-commerce has led to a large number of customers switch from paper transactions to online transactions.
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In the last decade, online banking was touted as the most popular banking service owing to the convenience and ease of handling financial transactions from the comforts of the home and other convenient settings. In 2011, above 40% of the banking operations, from shopping to placing order to payment were transacted online. Among the different consumer groups based on their ages, online banking is most preferred by consumers in the age group of 25 to 55 years, consumers in the age group of 18 to 35 years preferred mobile banking, while people above 55 years of age prefer 'brick and mortar' banking.
The widespread use of Internet in developed countries has spurred extensive use of e-commerce and online payment services. This trend is gradually making way for mobile payments in developing countries. In developing countries such as Kenya, China, and India the increasing use of mobile internet service to access bank accounts and changing consumer behavior paved the way for entrepreneurial outfits to design alternate payment solutions. This is a major factor driving the online banking market.
Further, online banking market is expected to grow significant during the forecast period due to the increase in the state institutions contributions for the expansion of alternate payment channels. However, concerns regarding protection of financial information may hinder to the growth of the global online banking market.
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