Online Banking Market: Comprehensive Analysis of the Current Trends and Future Estimations by 2023

The market is estimated to reach $29,976 million by 2023, registering a CAGR of 22.6% from 2017 to 2023. In 2017, online retail banking dominated the overall online banking market. Europe is the market leader and accounts for nearly 31% share of the global market in 2017, closely followed by North America.

In addition, Asia-Pacific is estimated to grow at the highest CAGR of 26.1% during the forecast period due to rise in internet users, and increase in consumer base due to higher population size.

The online banking market share is on an increase in the developing economies of Asia-Pacific due to higher penetration of internet, and increased smartphone usage. Threat to security and service issues associated with online banking hinder the market growth.

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The key driver of the global online banking market is associated with higher interest rates given in online banking compared with traditional banks and ease of usage. Also growth in use of smart phones, mobile banking, and e-commerce further fuels the market growth. Furthermore, majority of global players are increasingly competing for market share by improvising their services and coming up with better interest rates.

Top Impacting Factors:

Customer Convenience and Better Rates of Interest

Online banking includes banking and financial services, mobile phones, social media, and internet providers. Actual account balances and other information are available at the touch of a few buttons. This makes banking faster, easier, efficient, and more effective because consumers are able to stay up to date with their account balances. Less bank staff, no cost of significant infrastructure, and overhead costs allow online banking portals to pay higher interest rates on savings and charge lower mortgage and loan rates.

Greater Market Penetration with Increasing Consumer Base

With growth in population rational brick and mortar banks would not be able to skillfully provide services to its ever increasing customers. The customer base of online banking is on a rise with the growth in internet penetration and mobile apps across the world.These online banks easily manage large customer databases with fewer space and employee requirement. Online banking saves much more time and energy compared with the traditional banks.

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Market Players:

•ACI Worldwide (U.S.)
•Microsoft Corporation (U.S.)
•Fiserv, Inc. (U.S.)
•Tata Consultancy Services (India)
•Cor Financial Solutions Ltd. (UK)
•Oracle Corporation (U.S.)
•Temenos Group AG (Switzerland)
•Rockall Technologies (Ireland)
•EdgeVerve Systems Limited (India)
•Capital Banking Solutions (U.S.)

Key Findings:

•Europe leads the global online banking market, closely followed by the North America.

•Asia-Pacific is growing with the highest CAGR of 26.1%, mainly because its population size and growing economy.

•The retail banking type segment accounted for the highest market share with nearly 52% in 2016; however, the corporate banking type is anticipated to witness highest demand during the forecast period.

•The transactional service type is expected to show better growth rate as compared to specialty stores and footwear stores.

Asia-Pacific is anticipated to dominate the market later in the analysis period, due to the increase in internet penetration, smartphone usage, and higher population size. Also, Asia-Pacific is expected to witness the highest growth rate, owing to the presence of emerging countries, such as China and Japan.

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