Covid-19 Impact: Banks See Spike in Digital Banking Adoption by Corporates
For instance, a simple fund transfer or a fixed deposit placement requires manual letter instructions signed by two or more authorised persons of the company. The instruction is then faxed, mailed or couriered to the banks for processing. The more advanced a transaction, more are the paperwork and procedures.
The global digital banking market size is projected to grow at a CAGR of 8.9% by generating a revenue of $1,610.0 billion by 2027. The global digital banking market has seen major growth, owing to increasing utilization of mobile phones, tablets, and online banking platforms. In addition, due to constantly rising internet penetration and digitally literate population is expected to drive the growth of the global digital banking market. A large number of players are increasing their business around the globe, due to enhanced effective operations, the increased customer base and product portfolios, and extended geographical area. This is projected to strengthen the demand for the digital banking during the forecast period.
Connect with Analyst to Reveal How COVID-19 Impacting On Digital Banking Market: https://www.researchdive.com/connect-to-analyst/53
The cost and the user friendliness of digital banking and increased use of electronic devices and easy adoption to the internet facilities are the digital banking market drivers in the estimated period. The technical development in the integration of blockchain is an additional strengthening for the global digital banking market. Whereas the rising threat related to data breach and cyber-attacks may hinder the growth of the digital banking market.
Digital banking market trends lead to the increasing use of smart phones, internet usage and the government initiative is considered to be the opportunity for the market. As rising population is being inclining towards the technology the banks are also heading their segment towards digital channels to deliver their services with one touch to the customer. The initiative taken by the government related to digital banking globally and promoting cashless where the government and the customer can have accountability on each and every person regarding their financials
Based on type, the market is segmented into consumer banks, co-operative banks, credit unions. The consumer banks accounted for the highest share in the digital banking market. These growths in the consumer banks are due to the rising top line revenue, moderating risk and cost reduction. North America is the largest segment in the consumer banks digital banking market, the digital banking market for consumer bank will reach $1,166.1 billion by 2027 with a CAGR of 9.0%.
For More Detail Insights, Download Sample Copy of the Report at: https://www.researchdive.com/download-sample/53
Based on the services the market is segmented into digital payments and digital sales. The focus of government of various emerging countries to become cashless has led to the initiation of numerous policies which boosts and promotes different merchants to integrate digital payments. The digital payments segment is projected to reach $402.5 billion by 2027 at a CAGR of 9.3%.
Based on the region the North America is anticipated to have the highest market share globally. It is estimated that the North America will generate a revenue of $721.3 billion by 2027 with a CAGR of 8.3%. Many banks in this region focuses on preserving the customer by adopting various developmental strategies to preserve the customer and the customer data. Asia-Pacific regional market was valued at $69.9 billion in 2019, and is projected to reach $153.0 billion by 2027. Due to the increasing use of smartphones and various initiatives where they educate the customer through media promotions for mobile banking have given rise in Asia-Pacific region.
The global digital banking market players include Bank of America, Wells Fargo, Agricultural Bank of China, Bank of China Limited, Industrial and Commercial Bank of China Limited, China Construction Bank, JPMorgan Chase & Co., HSBC Group, China Merchants Bank., and Citi Group.
View out Trending Reports with the Impact of COVID-19: https://www.researchdive.com/covid-19-insights
The major players operating in the global market have adopted key strategies such as acquisition, and product development to strengthen their market outreach and sustain the stiff competition in the market. For instance, in 2019, Alliant Credit Union introduces a new online vehicle service program for its members. In 2019, twelve Hong Kong-based banks established Trade Connect, which is a blockchain-based trade finance platform. Similarly, in 2017, BNP Paribas planned to spend nearly $3bn in an aspiring plan to speed up the digital transformation of the bank in order to meet the changing needs of its customers.
Mr. Abhishek Paliwal
30 Wall St. 8th Floor, New York
NY 10005 (P)
+ 91 (788) 802-9103 (India)
+1 (917) 444-1262 (US) Toll
Free : +1 -888-961-4454
Follow us on: https://covid-19-market-insights.blogspot.com
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Covid-19 Impact: Banks See Spike in Digital Banking Adoption by Corporates here
News-ID: 2040466 • Views: 503
More Releases from Research Dive
Digital Health Market Report 2020: Witness a Sustainable Growth over 2027
A newest report on the global digital health market has been added by Research Dive to its repository. The report presents thorough insights on the impact of COVID-19 pandemic on the present and forthcoming growth of the global industry, by scrutinizing important factors such as key drivers & limitations, newest trends & advances, regional market circumstances, and size & scope of the market in the course of the pandemic. The
North America Orthopedic Implants Market
According to a new report published by Research Dive, titled, "Orthopedic Implants Market : North America Opportunity Analysis and Industry Forecast, 2018-2025," the North America orthopedic implants market size was valued at $23,461 million in 2018, and is projected to reach $30,646 million by 2025, growing at a CAGR of 3.9% from 2019 to 2025. Orthopedic implant is a medical device surgically placed inside the body to restore bone function
North America Sports Medicine Market Revenue, Key Players, Supply-Demand, Invest …
According to a new report published by Research Dive, titled, "Sports Medicine Devices Market : North America Opportunity Analysis and Industry Forecast, 2018-2025," the North America sports medicine devices market was valued at $3,580 million in 2018, and is expected to reach $5,382 million by 2025, registering a CAGR of 6.7% from 2019 to 2025. Sports medicine deals with the physical fitness of athletes. It is used for prevention and
North America Mechanical Ventilator Market Projected to Deliver Greater Revenues
According to a new report published by Research Dive, titled, "North America Mechanical Ventilator Market : Opportunity Analysis and Industry Forecast, 2019-2025," the North America mechanical ventilator market was valued at $623.4 million in 2018 and is projected to reach $963.4 million by 2025, growing at a CAGR of 6.3% from 2019-2025. Mechanical ventilator is also known as a respirator or breathing machine. It provides oxygen to a patient who is
More Releases for Bank
Neo and Challenger Bank Market by Type of Bank (Neo Bank and Challenger Bank)
Neo and Challenger Bank Market is registering a CAGR of 50.6% during the forecast period 2016-2020. Neo and challenger bank market has witnessed healthy growth rate in terms of customer base over the past few years, and is expected to witness optimistic growth in the near future. Access Full Report: https://www.alliedmarketresearch.com/neo-and-challenger-bank-market The global market is driven by factors such as government regulations, convenience offered to consumers, and low interest rates as compared
India Retail Loan Market 2018 - State Bank of India, ICICI Bank, HDFC Bank, Axis …
The growth in the retail finance disbursement would be largely driven by improving affordability, increasing propensity to consume and the fact that the penetration level of retail finance loans is still low. Retail Loan industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years, Retail Loan market size to maintain the average annual growth rate of X% from XXXX million $ in 2014
Load banks offer one of the most flexible ways to validate critical power systems and components. Load bank testing of power systems includes validating the operational conditions and output of electrical power systems such as generators, gas turbines, transformers, HVAC systems, UPS, batteries, and relays in various industries like oil and gas, power, healthcare, marine and defense, and telecom. It is also very effective in reducing wet stacking problems, removal
Blood Bank Market 2017
ReportsWeb.com has announced the addition of the “Global Blood Bank Market Research Report 2017” The report focuses on global major leading industry players with information such as company profiles, product picture and specification. Blood Bank industry from two aspects. One part is about its production and the other part is about its consumption. In terms of its production, we analyze the production, revenue, gross margin of its main manufacturers and
Trend survey “Bank & Zukunft”
Latest edition in the survey series reveals trends and developments in the financial sector More than 365 decision-makers from the banking sector took part in the Bank & Zukunft 2014 trend survey. In rating current challenges and developments, their responses reveal that banks are generally optimistic about the future. The biggest challenges remain the difficult interest rate situation and how to implement consistent, customer-oriented service. Once a year as part of the
Kaupthing Bank Luxembourg acquires Robeco Bank Belgium
Reykjavik, Iceland--October 21st 2007--Kaupthing Bank Luxembourg S.A., a subsidiary of Kaupthing Bank hf., has signed an agreement by which Kaupthing Bank Luxembourg S.A. purchases Robeco Bank Belgium. Robeco Bank Belgium is a small Belgian bank that was founded in 2002 and focuses mainly on private banking and asset management. The bank has 32 employees and is based in Brussels and Antwerp. Robeco Bank Belgium has 6,800 clients. At the