Digital Banking Market Set for Massive Growth Over 2024 | Appway, Backbase, BNY Mellon, CREALOGIX, Fidor Solutions, Finastra, Fiserv, Intellect Design Arena, Kony, SAP SE, Technisys, Temenos

The global digital banking market valuation is set to experience a commendable surge, as technology and banking behemoths worldwide come together to revolutionize the financial business space. Looking at the path-breaking innovations that are dominating the digital banking industry at present, it is likely that banks will soon expedite new mobile application and voice-driven device testing to boost both delivery & contextual personalization.

Digital banking market trends have also been witnessing a commendable transformation on account of increased innovative banking solutions that utilize and streamline data, digital technologies, advanced analytics, and novel delivery platforms. On the global front, many organizations can be seen modernizing operations, escalating services, re-configuring distribution channels, proffering proactive assistance, integrating payments, and utilizing blockchain technology to uphold their position in the overall digital banking industry.

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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.

The fact that digital banking market is one of the most rapidly growing financial business verticals has been underlined by the robust consumer banking trends in recent times. For instance, the consumer banking segment of Bank of America depict commendable growth in the final quarter of 2018 and is expected to continue doing so in the years to come, moderately impacting the overall digital banking industry.

Indeed, Q4 2018 saw the Bank of America registering 26.4 million mobile banking users and 36.3 million digital banking users. Of all the Consumer Banking sales, 27% were digital sales and 49% of all digital sales came from mobiles. Besides the conveniences offered by digital banking, the large millennial population is also helping to add impetus to the digital banking market growth. Estimates show that millennials make up for nearly 83 million digital users who prefer to use digital bank channels to carry out their transactions and being the most recognized demographic segment in the current economic sector, their activities have become a major avenue for the growth of the digital banking market.

Since the digital banking market has come to hold significant promise for further expansion in the future, investment in digital banking has been pouring in rapidly in recent years. For instance, Cogni Inc, a lifestyle banking startup based in New York, recently raised $1.7 million seed funding as it prepares to launch. Cogni Inc basically aims to be a single payment and commerce platform which will hold deposits for consumers and book their hotels, flights and movie tickets. Such models have been highly successful outside the U.S. Significantly, 2% of Cogni is owned by Barclays, one of the largest and most recognized investment banks in the world.

Experts opine that in the recent years, digital banking has been creating one milestone after the other with new players entering the digital banking market and thriving within a short period of time. Two of the leading European digital banks, namely N26 of Germany and Revolut of UK have 2 million and 3.3 million customers respectively and as they prepare to make their debut in the U.S. in 2019, they are anticipated to garner significant number of customers there as well. One of the features that has made easy for these banks to gain such as huge number of customers is the simplicity of opening an account. Digital banks are easily winning the competition against brick and mortar banks to win customers as they let customers use only the mobile phone to open an account, that too within only a few hours.

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