How COVID-19 Lockdown Triggered Mobile Banking Market Growth? Major Players are American Express Company, Bank of America Corporation, BNP Paribas S.A., Citigroup Inc., Crédit Agricole Group, HSBC Holdings plc

According to a new report published by Allied Market Research, titled, " Mobile Banking Market by Transaction, and Platform: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global mobile banking market size was valued at $715.3 million in 2018, and is projected to reach $1,824.7 million by 2026, growing at a CAGR of 12.2% from 2019 to 2026.

The increase in demand for personalization on products & services and instant self-service assistance via mobile application propel the growth of the mobile banking market. However, lack of proper connectivity and unavailability of network infrastructure in developing countries for integrating mobile banking usage, are some of the factors that limit the mobile banking market growth. Conversely, utilization of chatbots, blockchain, and other services is expected to improve consumer engagements which fuel the growth of the market.

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The key players operating in the global mobile banking market include American Express Company, Bank of America Corporation, BNP Paribas S.A., Citigroup Inc., Crédit Agricole Group, HSBC Holdings plc, JPMorgan Chase & Co., Mitsubishi UFJ Financial Group, Inc., Société Générale S.A., Wells Fargo & Company. Other players operating in the value chain are Temenos Group AG, Capital Banking Solutions, Ally Financial Inc., Infosys Limited, and Strands, Inc.

Mobile banking, which allows users to conduct financial transactions remotely using a mobile device, is operated by a bank or other financial institution in the market. The devices such as smartphones or tablets are used for mobile banking, primarily for transferring money from one account to another and depositing a check by taking a picture, which is prominently provided feature for mobile banking in the market.

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Moreover, mobile banking is conducted with the availability of an internet or data connection to the mobile device. Depending on the feature provided in applications, the products and services included in the mobile banking are peer-to-peer (P2P) payments, obtaining account balances and lists of latest transactions, electronic bill payments, remote check deposits, funds transfers between a customer's or another's accounts, and others.

Depending on platforms, the android segment generated the highest revenue in 2018 and is anticipated to continue the same during the forecast period. Owing to the fact that, the developing economies are at the forefront in the usage of android platform, resulting in banks to concentrate more on providing mobile banking services on this platform, becoming a major mobile banking market trend. In addition, Google Play Store downloads has increased by 14% growth rate from 2017 to 2018 via android operating system.

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North America and Europe dominated the mobile banking market share in terms of revenue in 2018 and are expected to retain its dominance throughout the forecast period. Owing to rise in adoption of mobile banking, banks have been investing in advance technologies at a large scale and enhancing customized product portfolios via mobile applications. Asia-Pacific is projected to grow at the highest CAGR during the forecast period, owing to development of digital banking, increase in usage of internet, implementation of next generation mobile technologies like 4G, and a robust economy driving strong mobile banking industry growth in the region.

Key Benefits for Stakeholders:

• The study provides an in-depth analysis of the global mobile banking market share with the current trends and future estimations to elucidate the imminent investment pockets.

• Comprehensive analysis of the factors that drive and restrict the mobile banking market size is provided in the report.

• Comprehensive quantitative mobile banking market analysis of the mobile banking industry from 2019 to 2026 is provided to enable the stakeholders to capitalize on the prevailing market opportunities.

• An extensive analysis of the key segments of the industry helps to understand the mobile banking market trends.

• Key players and their strategies are provided to understand the competitive outlook of the mobile banking market forecast.

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Key Market Segments:

By Transaction

• Consumer-to-consumer
• Consumer-to-business

By Platform

• Android
• iOS
• Others

By Region

• North America

o U.S.
o Canada
o Mexico

• Europe

o Germany
o France
o UK
o Rest of Europe

• Asia-Pacific

o Australia
o Japan
o India
o China
o Rest of Asia-Pacific

• LAMEA

o Latin America
o Middle East
o Africa
o Rest of LAMEA

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.