Digital banking is a type of banking done through the digital platform by using advance technology. Digital banking includes the traditional banking activities and paperwork like cheques, pay-in slips, demand drafts, and etc. Digital banking makes the all traditional banking activities available all the time without having personal visit to bank branch. In digital banking, customer can access the different type of activities like money deposits, withdrawals, and transfers, checking/saving account management, applying for financial products, loan management, bill pay and account services. Due to the 4G, 5G internet availability, digital banking can be done either through a laptop, tablet or your mobile phone. Moreover, digital banking is highly convenient for working class, elderly people, to carry out their bank work from the comfort of their homes and receive alerts for payments which are due through apps and emails and number. The proven efficacy and improving acceptance of this technology are expected to lead the surge in the market demand for it during the forecast period.
Digital Banking Market is valued at USD 6542.6 Million in 2018 and expected to reach USD 8726.2 Million by 2025 with CAGR of 4.2% over the forecast period.
Digital Banking Market report is segmented on the basis of type, mode, deployment type and regional & country level. Based on type, market is classified as retail banking and corporate banking. Based on mode, market is classified as online banking and mobile banking. Based on deployment, market is classified as on-premises and cloud.
The regions covered in this Digital Banking market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Digital Banking Market report covers prominent players like
Increasing adoption of smartphones, internet penetration and increasing government initiatives are major factors driving the growth of global digital banking market. For example, in 2018; globally approximately 6.8 billion Peoples are using mobile phones account from which 3.5 billion people are using mobile with bank account. Due to the fast lifestyle, people have no time to traditional banking meant visiting the banks for each and every transaction and keeping track of the account history through all paper statements which is the another factor fostering the market growth. Digital banking have many advantages such as; people can save on the travel time and conveyance money, customer can do the transaction whenever it is convenient and customer can get there account history on their emails and etc. However, different security risk like, identity theft, card skimming, viruses and Trojans, spyware and adware, social engineering ,website cloning and cyber stalking may hinder the digital banking market. For example, according to NetGuardians, in 2016; a criminal gang penetrated the security systems of Bangladesh Bank with malware that cloned legitimate transactions. The malware sent 35 withdrawal requests through the international SWIFT system to the New York Federal Reserve, where the Bangladeshi central bank had money on deposit. The fraudsters attempted to steal a total of $951m. Moreover, change in technological solutions along with the higher importance on comfort through connected devices can provide new opportunities for the digital banking market globally.
North America dominates the digital banking market due to high prevalence of technological advancement and high focused on innovation in technology. Asia Pacific is the emerging market in global digital banking market due to the increasing prevalence of electronic & mobile payment solution in this region especially in the Australia, New Zealand, Singapore and china are the emerging market. According to FintechNews; 15 Asia Pacific countries, 52 percent of urban bank customers in emerging countries used digital banking services last year. In China, mobile payments maintained a rapid growth momentum in China in 2016 while online payments were also growing rapidly. The supportive government policies and initiatives in the emerging economies including India and China are also supplementing the digital banking market growth in this region.
Europe digital banking market is expected to foster by the rapid surge in e-commerce in this region. Approximately, 38% of the smartphone users use the mobile applications for operating their bank accounts in this region.