Digital Banking Market 2017 Size, Share, Technology and Application, Opportunities, Forecast by 2022


Pune, India -- (SBWire) -- 11/01/2017 --Digital Banking Market - Overview

Digital Banking refers to the application of technology to ensure seamless end-to-end processing of banking transactions/operations, originated by the client, ensuring maximum utility to the client in terms of availability, usefulness and cost to the bank in terms of reduced operating costs, perfectness and enhanced services. The global Digital Banking market is expected to grow at CAGR of around 8% between years 2016 to 2022.

With the advancement of continuous Internet penetration and changing consumer choices, online banking has developed as a popular and global banking tool of modern customers. The rising demand of flexibility among customers are driving the huge growth of Digital Banking Market. Moreover, advancement in e-commerce has also led a large number of customers switch from on paper transactions to online transactions.

Customer convenience, higher interest rates, and technologically advanced interface are some of the major driving factors of this market. High security risk of customer's data hinders the market growth. Growth in smartphone usage, increase in internet penetration among consumers, and increasing technology and growth of developing economies in Asia-Pacific region are some of the key factors, which are helping the market growth.

The random use of Internet in developed countries has also effected e-commerce and online payment services. This development is gradually making way for mobile payments in developing countries. In developing countries like China, and India the growing usage of mobile internet service to access bank accounts and changing customer behavior is driving the acceptance of online banking market.

Digital Banking Market Players:
- Urban FT, Inc. (U.S.)
- Misys (U.K.)
- Kony, Inc. (U.S.)
- Backbase (Netherlands)
- Technisys (Subsidiary of FMC Technologies) (U.S)
- Infosys (Bangalore)
- Cachet Financial Solutions, Inc. (U.S)
- Innofis (Spain)
- Mobilearth (Canada)

The other players operating in this market are- Nymbus, NLS Banking, IDEALINVENT Technologies, Capital Banking Solutions and among others.

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With increasing population rational brick and mortar banks are not able to skillfully provide services to its growing customers. The customer base of online banking is on a rise with the growth in internet penetration and mobile apps across the world. These digital banking technology simply manage large customer databases with fewer space and employee requirement. In comparison with the traditional banking system, digital banking is much more effective and user-friendly. These aspects are helping the acceptance of digital banking.

Online banking is not completely protected. There are some threats which are destructing the market growth of digital banking. Phishing is a scam where fraudsters 'fish' someone's personal details by using hoax emails claiming to be from financial institutions. This method continues to be favored by online thieves.

Online Banking Market - Competitive Analysis:
India-based Federal Bank, has over the last few months launched several solutions that allows merchants -both small and large -to accept digital payments using their existing infrastructure without spending additional money on new devices or applications. , IDFC Bank was the first to launch Aadhaar-enabled biometric payment even before Prime Minister of India Mr. Narendra Modi flagged it off on April 14.

Digital Banking Market Segmentation:
Digital banking market is majorly divided into 5 segments.
Segmentation by Deployment: On cloud and On- premises.
Segmentation by Services: Non-transactional activities, transactional among others.
Segmentation by Technology: Mobile banking, internet banking, digital payments.
Segmentation by Industry Type: Retail, banking, manufacturing, media & entertainment, and healthcare among others.
Segmentation by Region: North America, Europe and Asia Pacific.

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Online Banking Regional Analysis:
Geographically digital banking market is growing hugely with the factors such as increasing internet and smartphone users. North America is dominating the market of digital banking. High density of smartphone users and technologically advanced countries such as U.S. and Canada gives North America a competitive advantage. Europe stands as the second biggest revenue originator in this market. Rich financial sector of U.K., France and Germany among other countries are the major contributor in the growth of digital banking in European region. Also, high literacy rate and knowledge towards internet and mobile application are some of the factor which is supporting the market of digital banking in Europe. Asia-Pacific is emerging as fastest growing market due to the growing economy of India, China among other countries, and green earth initiatives. Also the government of these countries is also benefiting the market by adopting new policies regarding digital economy.

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