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What are the Growth Drivers of Digital Banking Market? Analysis of Key Players Oracle, Sopra, TCS, Backbase, BNY Mellon, Appway Crealogix, EdgeVerve Systems, Finastra, Fiserv, Fidor, NETinfo, NF Innova, Kony, SAB, SAP

03-17-2020 12:01 PM CET | Business, Economy, Finances, Banking & Insurance

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Digital Banking Market trends

Digital Banking Market trends

The increasing adoption of mobile & online banking platforms is also propelling the market growth. As the adoption of smartphone and internet services across the countries is increasing, consumers prefer mobile applications and websites to access their banking accounts. Furthermore, the integration of the advanced technologies, such as AI and blockchain, into the banking is also fostering market growth.

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Digital Banking Market is anticipated to surpass USD 9 trillion mark by 2024 due to the rising investments in the Fintech market. Fintech has emerged as the most disruptive technology and venture capitalists and angel investors are investing billions to take advantage of the lucrative market. The banking institutes are also collaborating and investing in Fintech companies to develop their own digital solutions for customers to meet the consumer requirements.

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 supportive government initiatives and policies across the countries are also promoting the adoption of digital banking solutions. The governments are constantly working on delivering banking services via the internet to reach remote areas. The digitalization & demonetization policies launched by the government will also encourage the adoption of digital banking solutions.

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.

The corporate sector is anticipated to grow at a CAGR of over 6% over the timeline. The increasing competition among Fintech players is the primary factor driving the adoption of digital banking in the corporate banking sector. Moreover, the integration of advanced analytics technologies such as Big Data to manage the assets, will reduce the risks and extract consumer insights, encouraging the adoption of digital solutions.

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.

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.

Table of content:
Chapter 1. Methodology & Scope

1.1. Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope

1.1.5. Definitions

1.1.6. Methodology & forecast parameters

1.2. Data Sources

1.2.1. Secondary

1.2.1.1. Paid

1.2.1.2. Public

1.2.2. Primary

Chapter 2. Executive Summary

2.1. Digital banking industry 360 synopsis, 2013 - 2024

2.1.1. Business trends

2.1.2. Regional trends

2.1.3. Type trends

2.1.4. Services trends

Chapter 3. Global Digital Banking Industry Insights

3.1. Introduction

3.2. Industry segmentation

3.3. Industry landscape, 2013 - 2024

3.3.1. Digital banking market revenue, 2013-2024

3.3.2. Digital banking users, 2013-2024

3.4. Industry ecosystem analysis

3.5. Digital banking market evolution

3.6. Consumer trends

3.6.1. Demographic breakdown

3.6.2. Digital banking vs traditional banking

3.7. Digital banking transaction volume

3.8. Digital banking transaction value

3.9. Mobile banking penetration

3.10. Internet banking penetration

3.11. Technology & innovation landscape

3.11.1. Artificial intelligence (AI)

3.11.2. Blockchain

3.11.3. APIs

3.11.4. Human digital interface (HMI)

3.12. Regulatory landscape

3.12.1. Health Insurance Portability and Accountability Act (HIPAA)

3.12.2. Payment Card Industry Data Security Standard (PCI DSS)

3.12.3. North American Electric Reliability Corp. (NERC) Standards

3.12.4. Federal Information Security Management Act (FISMA)

3.12.5. The Gramma-Leach-Bliley Act (GLB) Act of 1999

3.12.6. Sarbanes-Oxley Act of 2002

3.12.7. General Data Protection Regulation (GDPR)

3.12.8. Alternative Investment Fund Managers Directive (AIFMD)

3.12.9. Anti-Money Laundering Directive 2015/849/EU (AMLD)

3.12.10. Dodd-Frank Wall Street Reform and Consumer Protection Act

3.12.11. European Market Infrastructure Regulation (EMIR)

3.12.12. Foreign Account Tax Compliance Act (FATCA)

3.12.13. Markets in Financial Instruments Directive (MIFID)

3.13. Industry impact forces

3.13.1. Growth drivers

3.13.1.1. Changing customer behavior

3.13.1.2. Increasing investment in fintech

3.13.1.3. Supportive government policies

3.13.1.4. Growth of e-commerce industry

3.13.1.5. Rising adoption of electronic and mobile payment solutions

3.13.2. Industry pitfalls & challenges

3.13.2.1. lack of regulatory framework

3.13.2.2. increasing threat of cyber-attacks

3.14. Growth potential analysis

3.15. Porter's analysis

3.16. PESTEL analysis

Chapter 4. Competitive Landscape

Chapter 5. Global Digital Banking Market, By Type

Chapter 6. Global Digital Banking Market, By Services

Chapter 7. Global Digital banking Market, By Region

Chapter 8. Global Digital banking Market Company Profiles

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Related Report:

Digital Banking Market Insights 2019, Global and Chinese Analysis and Forecast to 2024

Digital Banking Market Insights 2019, Global and Chinese Scenario is a professional and in-depth study on the current state of the global Digital Banking industry with a focus on the Chinese market. The report provides key statistics on the market status of the Digital Banking manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.Overall, the report provides an in-depth insight of 2014-2024 global and Chinese Digital Banking market covering all important parameters.

https://www.marketstudyreport.com/reports/digital-banking-market-insights-2019-global-and-chinese-analysis-and-forecast-to-2024?utm_source=openpr.com-SP

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