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Covid-19 Analysis : Increasing number of smartphone users and internet users is driving the Digital Banking Market Size

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Market News-Flash
Covid-19 Analysis : Increasing number of smartphone users and internet users is driving the Digital Banking Market Size

Digital Banking Market Size

The global market of digital banking around the world is growing rapidly. High technology proliferation and support heavy investment by the companies operating in the technology service are helping in the development of efficient cashless system. Many banks around the world are adopting cashless policies for various areas such as payments, transfers among other things. Increasing use of internet and smartphones to do the banking transaction are result of digital banking which makes the task easy and more transparent.

Digital banking is also helping the banking system in the management of records, data and retrieval of them. One of the major trend in this field is adoption of cloud for the management of data and use of it. Going digital helps the banks to monitor the each and every customer’s details and records more easily. Communication with customers for any announcement and revive feedback have become easy because of digital banking.

Whereas factors such as need of technical knowledge, growing security proliferation in BFIS industry among others are some of the restraints which is expected to slow the growth of overall market.

The digital banking market is expected to grow at CAGR of around 8% between years 2016 to 2022.

Market Research Future Analysis: 

Market Research Future analysis show that the global market of digital banking is estimated to grow at compound annual growth rate of ~8 % between forecast years. High adoption of cloud based services by the major banks around the world and increasing the number of internet and mobile phone consumers are playing role of major growth factor. In the regional market, North America is leading the market due to the high growth of on cloud adoption in banking and other BFSI industries. Also presence of technology and service providers in U.S. and Canada is giving competitive advantage to North America. Europe and Asia-Pacific digital banking market is expected to grow rapidly due to the green initiative by the government and owing to high number of smartphone users in this region.

Market Research Future (MRFR) recognizes the following companies as the key players in the Digital Banking Market are - 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), among other.

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

Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:

High adoption of smartphones phone and increasing number of internet users around the world few of the major factor which is driving the market of digital banking. Unlike traditional banking where any banking operation can only be performed by visiting the banks, digital banking allow customers to do seamless transaction such as money transfer, balance enquiry, payment to merchants by just one click on their smartphones.

In today’s world, digital banking is more than getting customers to use online or mobile banking or building a new app but it has also become a new way to run an entire organization. Recent trend shows that number of customer opting for digital banking services are increasing due to the benefits such as management and maintenance of their account, conducting transactions such as transfers and payments among others.

One of the technology which is supporting the digital banking from bankers end is cloud computing. Going paperless for a bank may lead to heavy disruption of data and banks are the most sensitive sector where data plays very vital role. On cloud infrastructure are helping the banking industry to store and manage the sensitive data and records efficiently. Digital economy brings various threats in countries and one of the important threat is security. Stealing data online is easy than the physical security breach in any bank and it becomes very important for the banks to adopt the latest security services and feature to keep the security threats out.

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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
Contact:
Market Research Future
+1 646 845 9312
Email: [email protected]

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