Digital Banking Market Growth by Top Players: Urban FT, Misys, Kony, Backbase, Technisys, Infosys, Cachet Financial Solutions, Innofis, Mobilearth

Digital Banking Market Insight
Digital banking is an important milestone in the journey of digitization. It is a superior and more integrated form of online banking, however, going digital is far better than going online. It is because this procedure has a lot of benefits for the banks and its customers. Ease of use and faster turn-around time are two major advantages of digital banking. When it was first introduced, this concept went unnoticed. But over the years, it has been successful in making quite an impressionable image for itself. Probably this is one the main reasons for the growth of the global digital banking market.

A digital bank can be described as a virtual banking procedure that is carried out through online banking and many other measures. It is an end to end medium that can manage the consumer side as well the banker’s side simultaneously. It has the ability to control all the operational stages of banking on each and every one of the service delivery platforms. In simple terms, it can do all the work that is carried out through online service, head office, bank cards, branch office, point of sale machines and ATMs.

On the whole, this concept is highly beneficial and has great future potential. In the coming years, digital banking will redefine the way the common man sees banking procedures.

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Market Scenario
Currently, the BFSI sector is undergoing a lot of changes and it is also open to accept new and innovative technologies. Owing to this fact, it can be safely assumed that the global digital banking market will grow by leaps and bounds in the coming years. This industry is expected to register higher conversion rates by the end of the forecast period. On the other hand, in terms of CAGR, the market is expected to tread forward at the rate of 8%.

There are many factors that cumulatively contribute towards the growth and success of this market. The rapid and effective advancements in technology happens to be a major growth factor for the market. New innovations have seeped into the current banking systems and due to this the market is getting benefitted.

Aspects like increased usage of digital devices for management and other purposes, higher ratio of smart phone users, rising need for security and proliferation of cloud-assisted solutions are some additional growth propellers that work in the favor of this market.

Market Segmentation
The worldwide Digital Banking Market has been segregated into five equal parts. They can be listed as industries, services, technologies, geographies and deployment types.
On the basis of industries, the market has been segmented into banking, media & entertainment, retail, manufacturing, healthcare and banking.
When it comes to services, the industry is bifurcated into transactional and non-transactional activities.
On account of technologies, the market is trifurcated into mobile banking, internet banking and digital payments.
Geographically, this industry is spread across various areas of the world like North America, Europe, Asia Pacific and Rest of the World.
Lastly, based on deployment types the market is divided into on premises and on-cloud.

Key Players & Growth Strategies
Some of the main players of this market can be listed as Technisys, Misys, Urban FT, Cachet Financial Solutions, Innofis and Backbase. There are two major strategies used by these brands to stay abreast of competition and they are new product development and higher investment in research and development.

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Industry Trends
There are three major trends that are anticipated to rule the global digital banking market during the forecast period and they are listed as below:
• Higher investments by banks on digital banking innovations.
• The main concentration in the coming years will be on digital selling.
• Digital disruptors will gain more importance.

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