Digital Banking Market 2022 – Sales Revenue, Forecast, Trends, Grow Pricing and Industry Growth Analysis (SARS-CoV-2, Covid-19 Analysis)

Digital Banking Market

The global market of digital banking around the world is growing rapidly. High technology proliferation and support heavy investment by the companies operating in the technology service are helping in the development of efficient cashless system. Many banks around the world are adopting cashless policies for various areas such as payments, transfers among other things. Increasing use of internet and smartphones to do the banking transaction are result of digital banking which makes the task easy and more transparent.

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Digital banking is also helping the banking system in the management of records, data and retrieval of them. One of the major trend in this field is adoption of cloud for the management of data and use of it. Going digital helps the banks to monitor the each and every customer’s details and records more easily. Communication with customers for any announcement and revive feedback have become easy because of digital banking.

Whereas factors such as need of technical knowledge, growing security proliferation in BFIS industry among others are some of the restraints which is expected to slow the growth of overall market.

The digital banking market is expected to grow at CAGR of around 8% between years 2016 to 2022.

Market Scenario

Currently, the BFSI sector is undergoing a lot of changes and it is also open to accept new and innovative technologies. Owing to this fact, it can be safely assumed that the global digital banking market will grow by leaps and bounds in the coming years. This industry is expected to register higher conversion rates by the end of the forecast period. On the other hand, in terms of CAGR, the market is expected to tread forward at the rate of 8%.

There are many factors that cumulatively contribute towards the growth and success of this market. The rapid and effective advancements in technology happens to be a major growth factor for the market. New innovations have seeped into the current banking systems and due to this the market is getting benefitted.

Aspects like increased usage of digital devices for management and other purposes, higher ratio of smart phone users, rising need for security and proliferation of cloud-assisted solutions are some additional growth propellers that work in the favor of this market.

Current Trends in the Digital Banking Space

Numerous requirements in terms of customer experience, which cannot be fulfilled by banks alone have created a favorable groundwork for the entry of FinTechs in the digital baking marketplace. These non-traditional competitors are entering the market on the back of the gaps created by banks. The light structure of FinTechs, young brand image, and cutting-edge services focus on niche markets where banks do not cater. Digicash, Paypal, and Kickstarter are among the popular FinTechs.

The digital banking sector has witnessed the entry of non-traditional new competitors, retail companies. Retail companies possess deep technological know-how and abundance of data on consumer behavior, which provides them unprecedented leverage. Majority of minerals would be keen on availing financial services from companies such as Amazon, Apple, or Google due to their highly positive image, which has helped these companies revolutionize the digital banking experience.

New entrants are likely to play a crucial role in the future of the digital banking landscape. New business models in digital banking have made it easier for out of banking industry players to enter the arena, which was highly fenced until now.

White label banking is a new business model in digital banking, which allows telecom/IPS to render financial services by partnering with banks to utilize bank's baking licenses, existing core infrastructure. This model eliminates all major organizational hassles and combines the expertise of both banking and telecom for better business outcomes. Additionally, it allows access to financial services without having to look after compliance and regulatory requirements. Furthermore, selling value-added services to the existing customer base is much easier.

Industry Trends

There are three major trends that are anticipated to rule the global digital banking market during the forecast period and they are listed as below:

Higher investments by banks on digital banking innovations.

The main concentration in the coming years will be on digital selling.

Digital disruptors will gain more importance.

Key Players & Growth Strategies

Some of the main players of this market can be listed as Technisys, Misys, Urban FT, Cachet Financial Solutions, Innofis and Backbase. There are two major strategies used by these brands to stay abreast of competition and they are new product development and higher investment in research and development.

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Global Core Banking Solutions Market Report- Forecast 2023

https://www.marketresearchfuture.com/reports/core-banking-solutions-market-3208

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