Digital Banking Market Overview
The Digital Banking Market research report offers in-depth information to acknowledge the imperative parts of the market that align demand, raw materials, and capacity; this helps make strategic decisions. In addition, the analysis provides demands for the future, besides the available opportunities for an individual. The study focuses on industry chain analysis, upstream and downstream raw material suppliers, key players, production process analysis, cost analysis, market distribution channels, and major downstream buyers.
Digital Banking Marketv Size By Service (Transactional [Cash Deposits & Withdrawals, Fund Transfers, Auto-Debit/Auto-Credit Services, Loans], Non-Transactional [Information Security, Risk Management, Financial Planning, Stock Advisory]) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Digital Banking Market size was estimated at USD 8341.2 Billion in 2023 and is projected to reach USD 11374.2 billion in 2030 at a CAGR of 4.1% during the forecast period 2023-2030.
Get a Sample Copy of the Report: https://www.delvens.com/get-free-sample/digital-banking-market
The surge in the number of individuals utilizing the internet and the shift from conventional banking to online banking are the primary catalysts behind the expansion of the market. Additionally, the rise in the adoption of cloud-based platforms for attaining enhanced scalability further propels the market's growth. Nevertheless, the existence of security and compliance concerns within the digital lending platform poses obstacles to the expansion of the digital banking platform market. Moreover, the proliferation of machine learning and artificial intelligence within the digital banking platform, coupled with the increase in innovative banking services and the rise in corporate investors, is anticipated to present profitable opportunities for the market.
The retail banking sector is anticipated to experience the most substantial growth rate and is projected to possess a considerable market share throughout the anticipated period. This can be attributed to the considerable upsurge in the desire for digital banking platforms among individuals, as well as the increased investment by small and medium-sized enterprises in the nation's digital banking platform.
The occurrence of the COVID-19 pandemic has resulted in an increased utilization of banking elements as a consequence of the implementation of remote working and social distancing measures, which have facilitated the significant expansion of digital banking's customer base. Within North America, a notable 35% of individuals are presently employing online banking services to a greater extent than they were prior to the advent of the coronavirus. However, it is worth noting that individuals who exclusively utilize digital banking methods exhibit considerably lower levels of overall satisfaction when compared to their counterparts who rely on traditional branch-based banking services. Additionally, it is pertinent to mention that approximately 20% of the European banking sector consists of small and medium-sized banks, which are subject to direct oversight by their respective national authorities.
Delvens Industry Expert's Standpoint
The digital banking system is gaining significant traction as it enables various banking transactions, such as fund transfers, loan payments, EMI payments, cash deposits and withdrawals, through the internet. This system ensures swift monetary transactions without the need to physically visit a bank, which is a key driver of the global market's revenue growth. Furthermore, the demand for digital banking is further boosted by the numerous benefits it offers, including internet banking, SMS banking, ATMs, mobile banking, e-cheques, and debit/credit cards. The adoption of online and mobile banking platforms, as well as the emergence of open banking and cloud-based platforms, are also contributing factors to the market's revenue growth.
The banking sector has experienced rapid modernization following the advent of Information Technology (IT) and the internet, benefiting both customers and banks alike. Banking services are no longer restricted to physical branches but have expanded to include handheld devices such as smartphones and tablets.
Digital Banking Market Key Findings
· On the basis of component, Digital banking platforms serve to digitize the operations of banks, thereby facilitating digital interactions with customers and enabling banks to provide a wide range of digital financial products. The utilization of these platforms allows banks to transition from traditional brick and mortar establishments to digital banks with multiple channels. Primarily, these platforms support modern customer-facing interfaces and offer a development environment that enables the integration of mid- and back-office systems. The functionality of these platforms is heavily reliant on process automation, web-based services, and Application Programming Interfaces (APIs), which collectively contribute to the creation of fully digital banking services. Furthermore, these platforms serve as a foundation for connecting internally developed core banking solutions, Software as a Service (SaaS) software, and Financial Technology (FinTech) infrastructure and services.
· On the basis of banking type, the market of digital banking platforms has witnessed the emergence of retail banking as a crucial facilitator in the global translation of banking models. The advent of the digital revolution has caused significant disruption in the marketplace, characterized by shifts in customer behavior and expectations, the rise of new competitors, and the introduction of innovative technologies. As the number of channels continues to grow, financial institutions are modifying their operational procedures to offer customers high-quality services and enhance their account management capabilities.
· The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is expected to have highest share due to the digital banking is a highly sought-after financial and banking service within the confines of North America.
To Grow Your Business Revenue, Make an Inquiry Before Buying at: https://www.delvens.com/get-free-sample/digital-banking-market
Digital Banking Market Regional Analysis
North America to Dominate the Market
· North America is expected to have highest share due to the digital banking is a highly sought-after financial and banking service within the confines of North America.
· Prominent regional banks are actively engaged in constructing their own internet-based banking services.
Digital Banking Market Competitive Landscape
· Alkami
· Apiture
· Appway
· Backbase
· BNY Mellon
· CR2
· EdgeVerve
· ebankIT
· Finastra
· Fiserv
· Intellect Design Arena
· Mambu
· MuleSoft
· nCino
· NCR
· NETinfo
· Oracle
· SAP
· Sopra Banking Software
· TCS
· Technisys
· Temenos
· TPS
· Velmie
· Worldline
Recent Developments in the Digital Banking Market
· In September 2021, TCS launched TCS BaNCS Cloud for Asset Servicing, which automates the servicing of all classes of assets across all markets, and is targeted at custodians, broker dealers, asset managers, and investment and private banks.
· In April 2021, NCR and Google Cloud collaborated which would allow NCR to expand cloud availability of its digital banking software portfolio, which includes the NCR channels services for retail banking and payment processing platform.
Reasons to Acquire Digital Banking Market Report
· Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
· Gain authentic and granular data access for the Digital banking Market to understand the trends and the factors involved in changing market situations.
· Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
· In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
Frequently Asked Questions
What are the years considered to study Digital Banking Market?
What is the compound annual growth rate (CAGR) of the Digital Banking Market?
Which region holds the largest market share in Digital Banking Market?
Which region is the fastest growing in Digital Banking Market?
Who are the major players in Digital Banking Market?
Get Direct Order of this Report: https://www.delvens.com/checkout/digital-banking-market
Browse Related Reports:
Digital Banking Market – Trends Forecast Till 2030
Digital Banking Market Size By Service (Transactional [Cash Deposits & Withdrawals, Fund Transfers, Auto-Debit/Auto-Credit Services, Loans], Non-Transactional [Information Security, Risk Management, Financial Planning, Stock Advisory]) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Telecom IT Services Market – Trends Forecast Till 2030
Telecom IT Services Market, by Service Type (Fixed Voice Services, Fixed Internet Access Services, Mobile Voice Services, Mobile Data Services, Pay-TV Services, Machine-to-Machine (Mobile IoT) Services), By Transmission (Wireline, Wireless), By End-use (Consumer/Residential, Business) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Hybrid Cloud Market – Trends Forecast Till 2030
Hybrid Cloud Market, by Component (Solutions, Services), End-user Industry (Government and Public Sector, Healthcare, BFSI, Retail, Information and Communication Technology, Media and Entertainment), Workloads, Organization size, Vertical, and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
About Us:
Delvens is a strategic advisory and consulting company headquartered in New Delhi, India. The company holds expertise in providing syndicated research reports, customized research reports, and consulting services. Delvens qualitative and quantitative data is highly utilized by each level from niche to major markets, serving more than 1K prominent companies by assuring to provide the information on the country, regional, and global business environment. We have a database for more than 45 industries globally in more than 115+ major countries.
Delvens database assists clients by providing in-depth information on crucial business decisions. Delvens offers significant facts and figures across various industries: Healthcare, IT & Telecom, Chemicals & Materials, Semiconductor & Electronics, Energy, Pharmaceutical, Consumer Goods & Services, and Food & Beverages. Our company provides an exhaustive and comprehensive understanding of the business environment.
Contact Us:
UNIT NO. 2126, TOWER B,
21ST FLOOR ALPHATHUM
SECTOR 90 NOIDA 201305, IN
+44-20-8638-5055
