Transparency Market Research

Online Banking Market: Higher Internet Penetration Augurs Well for Banking on the Go

Transparency Market Research Report Added "Online Banking Market" to its database.


Albany, NY -- (SBWIRE) -- 03/25/2015 -- The trend of online banking has been growing rapidly across the globe. The option of digitized banking comes with an array of advantages promoting heightened consumer experience. The ease of transacting online through secured websites has made banking more convenient than ever. The remarkable growth of online banking in the last decade has been one of the most significant trends revolutionizing banking operations across the globe. Underpinning the development, of course, is the growing incidence of the Internet and rapid proliferation of personal computers. It is only seldom that one comes across a bank that does not offer the facility of online banking. Furthermore, within the next few years mobile banking will also emerge as one of the most preferred options of managing banking operations.

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The secured websites for online banking are operated either through a virtual bank by using a local retail operator or through credit unions. Online banking offers customers a wide range of options such as managing and maintaining their account, and conducting transactions such as money transfer, bill payments, apart from other important tasks.

Growing Number of Internet Users to Drive Growth in Global Online Banking Market

The global market for online banking has registered remarkable growth in the last couple of years. The rapidly expanding customer base and increasing number of internet subscribers have emerged as major factors driving growth in the global online banking market. According to recent research conducted to study the market prospects for online banking, in 2011 more than 40 percent of financial transactions, such as the payment of shopping bills, were carried out online. The survey also revealed that among different consumer groups, people belonging between the ages of 25 to 55 years preferred online banking over other options. The recent trends depict that people belonging to this age group prefer transacting online through secured websites than actually visiting regional bank branches at any point.

The primary reason for this shift in consumer behavior can be attributed to the benefits offered by online banking such as round-the-clock access to your bank account and prompt transactions. Despite registering strong growth in demand globally, the online banking market has to face certain challenges pertaining to security issues that can negate its benefits. Online accounts are mostly protected by passwords. Access to this password could lead to unauthorized access of the customer's account balance as well as information leakage.

However, the growing popularity of mobile banking among internet subscribers between the age group of 18 to 35 years will create substantial opportunities for the global online banking market to capitalize on. Apart from this, the convenience associated with the ease of transacting bank operations from the comforts of one's own home, and other factors such as the increasing number of tech-savvy people and expanding PC and tablet markets will bolster demand for online banking in the global market.

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Global Market Segmentation on the Basis of Banking Services and Software

The global online banking market can be segmented on the basis of banking services and software used. Based on the different types of online services, the global market for online banking can be segmented into communicative services, information services, and transactional services. In terms of software used, the market can be categorized into standard software, and customized software. Apart from this the global online banking market is also segmented in terms of geography, which includes North America, Asia Pacific, Europe and Rest of the World (RoW).

Leading Software Vendors Dominating the Market

The global online banking market is dominated by leading banking software vendors that include First Source Bank, COR Financial Solutions, CGI, Corillian, Rockall Technologies, Financial Network Services, I-flex Solutions, Canopus Software Laboratory, Banker Hill, and many more.

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About Transparency Market Research
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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