Digital Banking Market Analysis Focusing on Top Key Players – Appway AG, Bank of New York Mellon Corporation, CREALOGIX AG, ebankIT, Etronika, Fidor Solutions AG, Finastra, Halcom.com, ieDigital, Infosys

What determinants are likely to foster digital banking market growth through 2020-2026?

The digital banking market is projected to foresee commendable growth in coming years owing to the rising popularity of online banking platforms coupled with the rapidly increasing adoption of mobile banking solutions. Additionally, the technological advancements and evolution in the field of financial technology are also likely to drive the market growth.

As per a Global Market Insights, Inc., report, digital banking market is slated to surpass a $12 trillion valuation by 2026.

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How are industry players contributing toward increasing the digital banking market share?
Prominent market players are continuously focusing on launching new digital banking solutions and improving their product portfolios by frequently innovating new products in the market. Citing an instance, in October 2020, First Commonwealth Bank, Indiana-based financial services company, reportedly launched a novel digital banking platform for both business and personal customers.

The novel customer experience provides personal and modern services along with improved security for mobile and online banking with regards to the fast-changing banking behaviors of customers.
The platform comprises of improved security features such as biometric identification and two-factor authentication options. The novel technology overall provides customers a unified experience when they access their finances through smartphone, tablet, and laptop, nine times more faster than other competitors’ apps.

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Which services segment is anticipated to showcase momentous growth over the forecast timeframe?

In terms of services, the non-transactional segment is projected to record a remunerative rate of growth through the analysis time period. The anticipated growth is ascribed to the surging demand for financial planning services globally. The advent of digital platforms driven by data-driven algorithms that facilitate financial planning services is supporting the growth of this segment. In fact, in comparison to human financial consultants, digital platforms are more cost-effective and easy to maintain. These platforms further help banks in ensuring enhanced customer service, low service costs, and comprehensive offerings.

Which aspects would emerge as primary growth facilitators for the digital banking market in Asia-Pacific?

On the geographical front, APAC digital banking market is likely to account for more than 65% of the global industry share by the end of the forecast time period. This anticipated growth can be attributed to the digitization of businesses and new developments in financial technologies.

Additionally, banking institutes across countries like Singapore and India are adopting new digital banking solutions. In fact, the extensive spending power of banks along with the large population across India, leveraging various digital banking platforms, will drive the regional market landscape.

With new development in financial technologies, global enterprises are adopting numerous business growth strategies and are continuously innovating novel solutions to increase their market share.

Citing an instance, in October 2020, Italian multinational energy company, Enel, reportedly announced the launch of new digital banking services. These services would let customers to open a current account using debit card to pay energy bills as well as other financial services. The firm is the first among Europe’s big utilities to launch a digital banking service. Enel X Financial Services. The platform would be a part of the utility’s digital solutions division. Enel X would launch a novel app to provide 30 million company customers the ability to pay their bills directly with debit cards or from Enel accounts.

Temenos AG, SAP SE, Infosys Limited, Fiserv Inc., and Oracle Corporation among many others are some of the key players operating in the digital banking market.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

This release was published on openPR.