The digital banking market will reach $13.5 Tn by 2032, says Global Market Insights Inc.
Major players in the digital banking market are Appway AG, CREALOGIX AG, Etronika, ebankIT, Fidor Solutions AG, Halcom.com, Finastra, ieDigital, Intellect Design Arena Limited, Infosys Limited, Kony, NF Innova, NETinfo Plc, Oracle Corporation, SAP SE, SAB, Sopra Steria, Technisys SA and Tata Consultancy Services Limited.
Selbyville, Delaware, Jan. 19, 2023 (GLOBE NEWSWIRE) —
The digital banking market value is predicted to exceed USD 13.5 trillion by 2032, as reported in a research study by Global Market Insights Inc.
An increase in the number of new fintech players will give significant momentum to market demand. Fintech companies these days offer a wide range of digital banking features on their platforms that focus on categories such as remittances, payments, investments, insurance, lending and asset management, among others. Customers who are digitally savvy, hyper-connected and choice-conscious mostly prefer to use these platforms. These customers are also used to the digital experiences offered by online stores and expect the same user experience from the banks.
But unlike traditional banks, fintech companies lack clear regulatory requirements that address the laws they must follow. For example, every fintech company has a distinct and dynamic business model that operates according to the principles of innovation. Since innovation leads to constant change, managing these companies becomes challenging. Additionally, while some fintech firms may act as banks, they may not offer all the services that banks do.
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The digital banking market from the corporate banking segment is estimated to cross USD 2.30 trillion by 2032. Within corporate banking, large customers (wholesale customers and large corporations, and other institutions such as pension funds and government and public enterprises) are offered financial services. Compared to private customers, which are focused on households and small and medium-sized enterprises, corporate banking is a very profitable division for banks. The benefits of digital corporate banking for banks include easier and faster customer acquisition, improved customer experiences (and subsequently increased customer loyalty) and a faster time to market for new and cutting-edge products and services.
The non-transactional service segment is projected to expand at a CAGR of 9.8% CAGR between 2023 and 2032. The non-transactional service includes several different services including customer support, wealth management, account services, advisory, stock advisory, financial planning, and SMS- services. Consumers use mobile and digital media more often to search for and buy goods and services, as well as discuss their experiences after a purchase. The technology is used by digital banking services to better understand the client’s pain points and provide them with a responsive, sympathetic, accessible and connected service.
The cash deposit and withdrawal segment accounted for 26% of the digital banking market share in 2022. Digital banking is gaining significant acceptance due to improvements in cash deposit and withdrawal services. The convenience and ease of depositing and withdrawing cash has helped digital banking customers to avoid visits to the bank branch. The majority of digital banks allow customers to create a cash withdrawal voucher through the mobile banking app, which can then be used to withdraw cash from any ATM without the need for a card.
Europe’s digital banking market held more than USD 1.62 trillion in 2022. The financial sector in Europe is undergoing significant changes due to changing consumer behavior, rising expectations, channel proliferation, disruption, inventive use of new technology and business digitization. Online banking, which enables customers of banks or other financial institutions to carry out a wide range of financial transactions through websites, is fast becoming one of the most popular payment methods in Europe.
Major players involved in the digital banking market include Appway AG, CREALOGIX AG, Etronika, ebankIT, Fidor Solutions AG, Halcom.com, Finastra, ieDigital, Intellect Design Arena Limited, Infosys Limited, Kony, NF Innova, NETinfo Plc, Oracle Corporation, SAP SE, SAB, Sopra Steria, Technisys SA and Tata Consultancy Services Limited. These companies focus on innovative techniques to expand their product and service portfolio.
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Sections of the report’s table of contents (TOC):
Chapter 2 Summary
2.1 Digital banking industry 360º synopsis, 2018 – 2032
2.2 Industry trends
2.2.1 Total Addressable Market (TAM) trends, 2023–2032
2.3 Regional trends
2.4 Type trends
2.5 Service Trends
Chapter 3 Digital Banking Market Insights
3.1 Introduction
3.2 Industry landscape, 2018-2032
3.2.1 Revenues from the digital banking market, 2018-2032
3.2.2 Digital banking users, 2018-2032
3.3 The impact of the outbreak of covid-19
3.4 The impact of the war between Russia and Ukraine
3.5 Evolution of digital banking
3.6 Industry ecosystem analysis
3.6.1 Suppliers of digital banking solutions
3.6.2 Cloud Service Providers
3.6.3 Third party service providers
3.6.4 Distribution channel
3.6.5 End Users
3.6.6 Profit margin analysis
3.6.7 Supplier matrix
3.7 Consumer trends
3.7.1 Demographic distribution
3.7.2 Digital banking vs traditional banking
3.7.3 Mobile Banking Penetration
3.7.4 Online banking penetration
3.8 Digital Payment Transaction Value and Volume
3.9 Patent Analysis
3.10 Investment portfolio
3.11 Key news
3.12 Technology and innovation landscape
3.12.1 Artificial intelligence (AI)
3.12.2 APIs
3.12.3 Blockchain
3.12.4 Human digital interface
3.13 Regulatory landscape
3.13.1 Health Insurance Portability and Accountability Act (HIPAA)
3.13.2 Payment Card Industry Data Security Standard (PCI DSS)
3.13.3 North American Electric Reliability Corp. (NERC) standards
3.13.4 Federal Information Security Management Act (FISMA)
3.13.5 Gramm-Leach-Bliley Act (GLB) Act of 1999
3.13.6 Sarbanes-Oxley Act of 2022
3.13.7 General Data Protection Regulation (GDPR)
3.13.8 The Alternative Investment Fund Managers Directive (AIFMD)
3.13.9 The Anti-Money Laundering Directive 2015/849/EU (AMLD)
3.13.10 Dodd–Frank Wall Street Reform and Consumer Protection Act
3.13.11 European Market Infrastructure Regulation (EMIR)
3.13.12 Foreign Account Tax Compliance Act (FATCA)
3.13.13 The Markets in Financial Instruments Directive (MiFID)
3.14 Industry’s influencing forces
3.14.1 Growth drivers
3.14.1.1 Change in customer behaviour
3.14.1.2 Increasing investment in Fintech
3.14.1.3 Supporting government policy
3.14.1.4 Growth in the e-commerce industry
3.14.1.5 Increasing use of electronic and mobile payment solutions
3.14.2 The industry’s pitfalls and challenges
3.14.2.1 Lack of clear regulations
3.14.2.2 Growing Cyber Security Issues
3.15 Growth potential analysis
3.16 Porter’s analysis
3.16.1 Suppliers’ bargaining power
3.16.2 Buyers’ bargaining power
3.16.3 The threat of new players
3.16.4 The threat of damages
3.16.5 Competitive rivalry
3.17 PESTEL analysis
3.17.1 Political
3.17.2 Financial
3.17.3 Social
3.17.4 Technological
3.17.5 Legal
3.17.6 Environmental
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and consulting services, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports provide clients with penetrating insights and actionable market data specifically designed and presented to aid strategic decision making. Designed via a proprietary research methodology, these comprehensive reports are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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