Digital Banking Market to raise its stake by redefining banking sector by 2024; industry valuation to cross $9 trillion mark |By Key Vendors: Oracle, SAP SE, Intellect Design Arena, Kony, BNY Mellon, Finastra Fiserv, Temenos, Backbase

The North American digital banking market is anticipated to grow at a CAGR of 2.5% during the forecast period. The market is driven by the early adoption of digital solutions among the banking institutes. The high penetration of internet and smartphone users is also augmenting the demand for digital banking solutions. Large volumes of credit card and debit card transactions in the region also promote the digital banking market.

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Asia Pacific is dominating the digital banking market with over 60% stake in 2017. The growing penetration of internet services and the adoption of smartphones are supporting market growth. Moreover, the digitalization initiatives launched by the government of emerging economies including India and China will also foster the demand for digital banking.

The key vendors operating in the digital banking market are Backbase, BNY Mellon, Appway Crealogix, EdgeVerve Systems, ebanklT ETRONIKA, Finastra, Fiserv, Fidor, IE Digital, Halcom Intellect Design Arena, NETinfo, NF Innova, Kony, SAB, SAP, Oracle, Sopra, TCS, Technisys, Tagit, Worldline, and Temenos.

Transactional services account for more than 90% share in the digital banking market. The market growth is credited to the growing adoption of electronic & mobile payment solutions. As the younger population across the countries is increasing, the demand for faster, convenient, and safer payment solutions is also rising. This is encouraging banking institutes to develop their own mobile & online platforms and provide services on the digital channel to gain customer loyalty and reduce the churn rate.

Non-transaction services in the digital banking market are anticipated to grow at a CAGR of 14% during the projected timeline. The increasing need to provide enhanced customer experience is driving the adoption of non-transaction digital services among the banking institutes. The digital disruption and generational shift cause fundamental changes in customer behavior that are rapidly influencing customer expectations from banks. Over a third of the millennials (population aged between 16 to 34) believe they will be able to live a bank-free existence in the future. Customers, especially the younger population who are digitally savvy, hyper-connected, and choice conscious have an inclination toward tech-oriented services as their preferences are changing. These customers are accustomed to digital experiences offered by online retailers and expect the same or perhaps a richer experience from the banks.

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Retail banking holds over 75% share in the digital banking market. The market is driven by the rising adoption of the internet and smartphones across the countries. As the adoption of the internet services and smartphones is increasing, and the information is easily available to customers, the buying of consumers is increasing. This is forcing banking institutes to provide a better customer experience and reach customers on their choice of the channel. Moreover, the increasing adoption of mobile and electronic payment solutions and the attractive offers and incentives offered by the payment solution providers are also the major forces accelerating the adoption of digital banking.

Corporate banking held over 13% share in the digital banking market in 2017. The emergence of the fintech players is the primary factor accelerating the adoption of digitalization among the corporate banks. The corporate banks are experiencing tough competition from the fintech companies that are offering standalone products at low costs. This is encouraging corporate banks to embrace the technologies to provide a better experience to their customers. Moreover, the integration of the advanced technologies into the banking platforms, such as artificial intelligence, blockchain, big data analytics, is also augmenting the demand for digital solutions among the corporate banking sector to analyze the customer behavior and meet their requirements.

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Charts & Figures

FIG. 1 Industry segmentation
FIG. 2 Digital banking market, by region, 2013-2024, (USD Billion)
FIG. 3 Digital banking users, 2013-2024, (Billion)
FIG. 4 Digital banking industry ecosystem
FIG. 5 Digital banking industry value chain
FIG. 6 Evolution of digital banking
FIG. 7 Digital banking demographic breakdown by age group (% of internet users)
FIG. 8 Demographic breakdown by gender (% of total internet users)
FIG. 9 Digital banking user vs traditional banking user, 2017 & 2024 (Billion)
FIG. 11 Porter’s analysis
FIG. 12 PESTEL analysis
FIG. 13 Growth potential analysis
FIG. 14 Company analysis of market leaders, 2017
FIG. 15 Company analysis of market leaders, 2017
FIG. 16 SWOT Analysis, Appway AG
FIG. 17 SWOT Analysis, The Bank of New York Mellon Corporation
FIG. 18 SWOT Analysis, CREALOGIX AG
FIG. 19 SWOT Analysis, ebankIT
FIG. 20 SWOT Analysis, Etronika
FIG. 21 SWOT Analysis, Fidor Solutions AG
FIG. 22 SWOT Analysis, Finastra
FIG. 23 SWOT Analysis, Halcom.com
FIG. 24 SWOT Analysis, ieDigital
FIG. 25 SWOT Analysis, Infosys Limited.
FIG. 26 SWOT Analysis, Intellect Design Arena Limited.
FIG. 27 SWOT Analysis, Kony
FIG. 28 SWOT Analysis, NETinfo Plc
FIG. 29 SWOT Analysis, NF Innova
FIG. 30 SWOT Analysis, Oracle Corporation
FIG. 31 SWOT Analysis, SAB
FIG. 32 SWOT Analysis, SAP SE
FIG. 33 SWOT Analysis, Sopra Steria
FIG. 34 SWOT Analysis, Tata Consultancy Services Limited
FIG. 35 SWOT Analysis, Technisys S.A.
FIG. 36 SWOT Analysis, Temenos AG
FIG. 37 SWOT Analysis, Worldline

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