Global Digital Banking Market Analysis, Outlook, Opportunities, Size, Share Forecast and Supply Demand 2020-2026

The growing penetration of mobile banking and rising adoption of online banking platforms would fuel the Digital Banking Market growth over the coming years. In fact, according to cybersecurity data provider, DataProt, the total amount of payments made through mobile devices would cross the worth $503 billion mark in 2020.    

Additionally, rapidly growing adoption of smartphones across the globe would also positively influence the overall industry size through the analysis period. In fact, DataProt estimates that by 2021, there will be approximately 7 billion smartphone users across the world. Given that a smartphone is the most preferred tool for staying connected to the digital world, growth of this demographic would majorly fuel industry revenues.

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On that note, Global Market Insights Inc. estimates the digital banking industry would likely surpass a valuation of $12 trillion by the end of 2026.

With respect to type, the corporate banking segment is projected to register a CAGR of more than 8% through the analysis period. Corporate banking serves large scale organizations and it is also considered among the most profitable divisions of banks. The projected segment expansion is ascribed to the rising demand for reduction in complexities when it comes to managing banking processes. Moreover, digital banking services allow corporate banks to simplify the process of managing cash payments and transactions with other partner corporate banks. Furthermore, it facilitates enhanced liquidity management capabilities along with convenience and control within major banking procedures.

 

Meanwhile, the rising demand for effective financial planning services is estimated to impel the non-transactional service segment size through the analysis period. In addition, the increasing prevalence of digital platforms backed by data-driven algorithms that offer financial planning services should majorly contribute to the overall segment expansion. Such digital platforms are cost-effective and can be easily maintained when compared to human financial consultants. The use of such platforms allows banks to ensure that there is an attentive consumer service, low service costs, and comprehensive offerings, which further fuels segment outlook.

 

On the regional front, increasing digitization as well as development of different financial technologies is slated to drive the Asia Pacific digital banking market. In fact, the regional market is projected to account for more than 65% of the overall industry share by the end of 2026. Several banking institutes in Singapore and India are increasingly adopting digital banking solutions. In fact, the significant spending power of the large population as well as banks in India is expected augment the industry outlook by using digital banking platforms.

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In addition, local industry players are increasingly focusing on innovating and launching highly advanced digital banking platforms. Taking August 2020 for instance, Sub-K IMPACT Solutions Ltd. unveiled its new digital finance platform, Sub-K Sarthi. The primary aim of the platform is to provide more affordable and accessible financial services to consumers. Sub-K Sarthi is developed by keeping in mind the needs of SMEs and underserved consumers.   

However, market players are also significantly leveraging strategic acquisitions as means to consolidate their industry position and boost revenues. Taking April 2020 for instance, SoFi, a renowned consumer financial services platform, reportedly announced the acquisition of banking and payments platform, Galileo for $1.2 billion in total stock and cash.

The competitive landscape of the digital banking market is inclusive of players such as Temenos AG, SAP SE, Oracle Corporation, Infosys Limited, and Fiserv Inc. among others.

Browse key industry insights spread across 325 pages with 408 market data tables and 20 figures & charts from the report, Digital Banking Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/digital-banking-market

Report Content

Chapter 3    Digital Banking Industry Insights

3.1    Introduction

3.2    Industry segmentation

3.3    Industry landscape, 2015-2026

3.3.1    Digital banking market revenue, 2015-2026

3.3.2    Digital banking users, 2015-2026

3.4    Impact of COVID-19 outbreak on digital banking industry

3.4.1    Global outlook

3.4.2    Impact by region

3.4.2.1    North America

3.4.2.2    Europe

3.4.2.3    Asia Pacific

3.4.2.4    Latin America

3.4.2.5    MEA

3.4.3    Impact on industry value chain

3.4.4    Impact on competitive landscape

3.5    Industry ecosystem analysis

3.6    Digital banking market evolution

3.7    Consumer trends

3.7.1    Demographic breakdown

3.7.2    Digital banking vs traditional banking

3.8    Digital payment transaction volume

3.9    Digital banking transactional value

3.10 Mobile banking penetration

3.11 Internet banking penetration

3.12 Technology & 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    The Gramm-Leach-Bliley Act (GLB) Act of 1999

3.13.6    The Sarbanes-Oxley Act of 2022

3.13.7    General Data Protection Regulation (GDPR)

3.13.8    Alternative Investment Fund Managers Directive (AIFMD)

3.13.9    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    Markets in Financial Instruments Directive (MiFID)

3.14 Digital banking impact forces

3.14.1    Drivers

3.14.1.1    Changing customer behavior

3.14.1.2    Increasing investment in Fintech

3.14.1.3    Supportive government policies

3.14.1.4    Growth of the ecommerce industry

3.14.1.5    Increasing adoption of electronic and mobile payment solutions

3.14.2    Pitfalls

3.14.2.1    Lack for clear regulatory framework

3.14.2.2    Rising cybersecurity issues

3.15 Porter’s analysis

3.15.1    Bargaining power of suppliers

3.15.2    Bargaining power of buyers

3.15.3    Threat of new entrants

3.15.4    Threat of substitutes

3.16 PESTEL analysis

3.17 Growth potential analysis

About Global Market Insights

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.

 

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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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