Digital Banking Market Size & Share:
Key players in the digital banking market include Appway AG, Bank of New York Mellon Corporation, CREALOGIX AG, bank, Etronika, Fidor Solutions AG, Finastra, Halcom.com of Digital, Infosys, Intellect Design Arena, Kony, NETinfo Plc, NF Innovation. , Oracle, SAB, SAP SE, Sopra Steria, Tata Consultancy Services, Technisys SA, Temenos AG, and Worldline
The size of the global digital banking market is expected to grow during the forecast period at an exponential CAGR, which is attributed to various technological developments in the banking sector. Banking institutions use technologies and devices such as artificial intelligence (AI) and the Internet of Things (IoT) not only to enhance products and services but also to enhance the overall customer experience.
The COVID-19 pandemic has played a key role in the increasing use of digital banking solutions by customers around the world, as several governments have imposed restrictions and blocked circulation. This has led many people to turn to internet banking for their daily transactions.
These are the trends that will lead the development of the digital banking market:
Online investment banking will grow in the Pacific:
The valuation of the digital banking market in Asia and the Pacific will exceed $ 8 billion by 2026. The digital investment banking segment is expected to grow by more than 10% in 2026 with a CAGR. This is because the area moves fast. Internet, which easily yielded more financial products. and services available to a wider range of customers.
Investment banking services today have become much simpler than a few years ago because people only rely on the suggestions of their brokers and thus make important investment decisions. However, this is not the case today, as people participate and learn the basics of the stock market themselves, thanks to the millions of online investment platforms available. E-commerce has played an important role in saving time, money, and energy for many investors as it is possible to access the stock market through the smartphone.
Mobile payments will benefit the APAC digital banking market:
Developing countries in the APAC region are convinced that NFC and payment terminals in these countries will become strong thanks to rapid digitization. Banking services in these economies are not only taking the digital path to expand their customer base, but also to expand their business. Modern devices such as tablets and smartphones are experiencing a rapid increase in consumer demand in India, Indonesia, the Philippines, and Malaysia, leading to the introduction of mobile wallets.
These wallets are a digitized version of physical wallets and perform functions such as cash payments and withdrawals. Unlike physical wallets, mobile wallets offer security for the money that you save. The increase in the use of mobile wallets has forced stores to switch to online payment platforms to accept mobile payments. All these factors will have a positive effect on the size of the market in the Asia-Pacific region.
Strategic alliances for digital innovation in pasta:
Several companies that are part of the digital banking market in Asia and the Pacific are entering into strategic alliances with other fintech companies. They want to create innovative products and services to better serve banking customers. In January 2019, Western Union announced its partnership with Korea Corporation, Kakaobank, to launch Western Union’s money transfer services in an application created by Kakaobank. This partnership has been very beneficial for Kakaobank’s customers as it enables them to send and receive money, which enhances their overall experience.
Digital corporate banking is gaining momentum in Europe:
The size of the digital banking market in Europe is expected to exceed $ 2 billion by 2026. The corporate banking sector is expected to grow by approximately 5% CAGR during the forecast period 2020-2026. One of the main reasons for this is the increasing need of customers to reduce a large number of formalities and complexities facing the banking sector. Conventional banks usually have many portals and competitors, which makes life difficult for customers who want different accounts for their business.
This is where digital banking solutions come in handy, as it offers an online dashboard with comprehensive information in a consolidated format. Help business customers see their transaction history