Miraculous growth in Digital banking market is expected to reach US$ 9012.34 million by 2030, growing at an estimated CAGR of 3.2% over the forecast period due to the advent of AI-based smart solutions. The global research report titled Digital banking market was published by Absolute Markets Insights. The study elucidates current market statistics, in addition to underlying future predictions of the Digital banking market. The base year considered for the study is 2019 and forecast period is 2021-2030. The research report has been compiled by means of effective techniques such as primary and secondary research methodologies. Top level industries are enlisted in order to obtain penetrative business insights. The companies profiled in this research report include erudite information on product types, features, capacity, and productivity.
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Banks are deploying AI-based solutions that are compliant with ethical practices focusing on competitiveness and profitability. The advent of AI-based chatbots and robo advisors that helps customers manage their finances better, detect fraud, bill payments and prevent money laundering is expected to drive the digital banking market. SBI launched SIA which is an AI-enabled virtual assistant specializing in assisting customers their banking tasks and supposedly handles nearly 10,000 queries per second. HDFC, has introduced "Eva," which is an Electronic Virtual Assistant. The same provides information about the bank’s products and services out rightly. Another product named EnlightBot duly helps the online customers in understanding the loan-acquiring process. This product also helps in utilizing other facilities of Udyamimitra. The Bank of America launched “Erica” which specializes in recommending smart solutions to bank’s customers. However, owing to their complex processes these technological innovations can sometimes be expensive, thus critically impacting the overall digital banking market growth and also not letting the small & medium firms to adopt the technology. But at the same time, the introduction of AI in banking is not just limited to chatbots. This also includes the usage of software robotics by organizations that commonly helps in achieving a better functional design. The firm named JPMorgan Chase has recently launched COIN to analyze complex contracts saving, thus saving ample number of man-hours.
The detailed research study provides qualitative and quantitative analysis of digital banking market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- In terms of revenue, global digital banking market is expected to reach US$ 8646.34 million by 2030, as there is an increasing demand for AI-based solutions.
- Retail banking segment held the largest share in 2018 and is expected to continue the same trend over the forecast period. The application of automated credit scoring and service chatbots is expected to aid the particular segment and also the global digital baking digital banking market in general.
- On the basis of organization size, the small & medium enterprise segments is anticipated to exhibit the highest CAGR of 2.5% over the next eight years. The collaborative AI-driven tools primarily built on shared datasets enables safer and efficient banking for the small market participants.
- Some of the players operating in the digital banking market are ACI Worldwide, Ally Financial Inc., Backbase, Capital Banking Solutions, CR2, Digiliti Money, Inc, Fiserv, Inc., Infosys Ltd., Innofis, JPMorgan Chase & Co., Kony, Inc., Microsoft Corporation, Oracle, Tata Consultancy Services, Technisys, Temenos Headquarters SA, TRG Mobilearth Inc., Urban FT (North America), LLC, amongst others.
Digital Banking Market:
By Deployment Type
- Cloud based
- On-Premise
By Banking Type
- Retail Banking
- Corporate Banking
- Investment Banking
By Solutions
- Payments
- Processing Services
- Customer and Channel Management
- Risk Management
By Organization Size
- Small and Medium Size Enterprises
- Large Size Enterprises
By Technology
- BaaS (Banking as a Service)
- BaaP (Banking as a Platform)
- Cloud-Based
- White Label Banking
- Chatbots
By Payment Verticals
- Banking Cards
- Unstructured Supplementary Service Data (USSD)
- Uniform Payment Interface (UPI)
- Mobile Wallets
- Point of Sale (POS)
- Mobile Banking
- Internet Banking
- Micro ATMs
By Geography
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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Digital Banking Market trendsThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Digital Banking Market trends.
The growth sectors of the Digital Banking Market trends are identified with precision for a better growth perspective.The global market of digital banking around the world is growing rapidly.
Increasing use of internet and smartphones to do the banking transaction are result of digital banking which makes the task easy and more transparent.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.The prominent players in the Digital Banking Market includes- Urban FT, Inc. (U.S.), Misys (U.K.), Kony, Inc. (U.S.), Backbase (Netherlands), Technisys (Subsidiary of FMC Technologies) (U.S), Infosys (Bangalore), Cachet Financial Solutions, Inc. (U.S), Innofis (Spain), Mobilearth (Canada), among otherThe other players operating in this market are- Nymbus, NLS Banking, IDEALINVENT Technologies, Capital Banking Solutions and among others.Market Research Future Analysis: Market Research Future analysis show that the global market of digital banking is estimated to grow at compound annual growth rate of ~8 % between forecast years.
Digital Banking Market trendsThe global market of digital banking around the world is growing rapidly.
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.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 Research Future (MRFR) recognizes the following companies as the key players in the Digital Banking Market are - Urban FT, Inc. (U.S.), Misys (U.K.), Kony, Inc. (U.S.), Backbase (Netherlands), Technisys (Subsidiary of FMC Technologies) (U.S), Infosys (Bangalore), Cachet Financial Solutions, Inc. (U.S), Innofis (Spain), Mobilearth (Canada), among other.The other players operating in this market are- Nymbus, NLS Banking, IDEALINVENT Technologies, Capital Banking Solutions and among others.Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:High adoption of smartphones phone and increasing number of internet users around the world few of the major factor which is driving the market of digital banking.
