What's Driving the Digital Banking Market Growth? | Key Players: - Appway, Backbase, BNY Mellon, CREALOGIX, Fidor Solutions, Finastra, Fiserv, Intellect Design Arena, Kony, SAP SE, Technisys, Temenos
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Digital banking market had been expected to exceed a valuation of USD 9 trillion by the year 2024 owing to the surging investments within the fintech market. Consumers are experiencing a paradigm shift towards mobile applications as well as websites to help access their bank accounts owing to the rapid increase in the adoption of internet services and mobile phone devices.
The Major Key Players in the Market are as follows:
3. BNY Mellon
5. Fidor Solutions
8. Intellect Design Arena
10. SAP SE
Retail banking segment accounts for more than 75% of digital banking market share. Mobile users are being offered significant incentives by payment solution apps that have encouraged the use of electronic payment solutions. This has been a prime reason that will drive the growth of digital banking industry.
Fintech players have intense competition among each other that has proved to be an important reason for the increase in the adoption of digital banking within the corporate banking sector. Corporate sector digital banking market was estimated to grow at more than 6% CAGR between 2018-2024.
Integration of enhanced analytics technologies like Big Data to manage the assets will be reducing major risks and help gain insights from the consumers, while also encouraging the adoption of other digital solutions. There have been considerable support from governments and other responsible authorities across countries that have helped in the promotion of such banking solutions.
Developing nations have been experiencing massive growth in terms of infrastructure and technology which has led to the rise in the penetration of internet services as well as adoption of smartphones, which will help support the growth of the digital banking market. Asia Pacific held more than 60% of global digital banking industry share in the year 2017.
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Governments have taken several initiatives in emerging economies like China and India pertaining to digitalization. Demonetization scheme of India in 2016 significantly proliferated digital banking platforms in the region. Rapid emergence of online and mobile shopping sites for apparel and groceries have also fueled the need to access digital payment solutions.
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