Digital Banking Market Size, Share, Industry Analysis & Forecast 2019-2025
A full report of Global Digital Banking Market is available at: https://www.omrglobal.com/industry-reports/digital-banking-market
Factors Driving Digitization in Banking Beyond Cost Savings:
Reduction in the error rates
Provides better management of repeatable tasks
Provide enhanced standardization of process workflow
Reduction in the dependency on multiple systems or screens for completing a process
By implementing digitalization, banks can provide enhanced customer services. This offers convenience to customers and assists in saving time. Digital banking provides the luxury of freely accessing and performing all traditional banking activities 24*7 without having to personally visit a bank branch to get the work done. This shows that banking is more inclined towards automation than any other industry, owing to their increasing need to better focus on customers.
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Digital banking industry transforms the customer experience using innovative and advanced technology and thereby, delivers customer delight. Robotic Process Automation, and image processing technologies are such technological innovations that have brought in automation, at lower costs, and enhanced the customer experience significantly. Some of the applications of image processing technology include scanning of forms, automatic signature verification, photo bill pay, and instant and accurate data upload from physical forms. Such ease of operation propels the industry to adopt automation technologies.
The payment industry has been one of the most dynamic areas of innovation in the digital banking industry. Traditional financial institutions, fintech firms, and big tech players are continuously bringing in innovation, impacted by changing consumer expectations and driven by technological advances. Innovations in the payment industry will occur together with the Internet of Things (IoT), mobile wallets, point of sale (POS), cryptocurrencies, and the blockchain. These innovations in the payment industry will enhance the experience of the customers served by the industry.
Current Market Trends in the Banking Industry:
Institutes are collaborating with FinTech companies to develop more customer-centric products and provide a better customer experience.
Penetration of advanced technologies such as AI, robotic process automation, and image processing technologies in the banking and finance sector.
Many banks will begin offering basic banking on smart voice-assistants. IoT adoption will accelerate in the trade finance and lease financing business.
Banks are enhancing their security controls and making significant investments in security talent, tools, and expertise for dealing with the increasing threat from evolved hacking techniques.
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Global Digital Banking Market- Segmentation
By Banking Type
Customer and Channel Management
Global Digital Banking Market – Segment by Region
Rest of the World
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