6%+ growth for Digital Banking Market by 2026, global revenue to reach $12Tn

A steady shift towards online banking platforms will generate lucrative growth opportunities in the digital banking market over the estimated period. With the availability of high-speed internet and  smartphones, accessing mobile banking services have become easier for customers. Increasing need to enhance user experience and lower the OPEX & CAPEX associated with banking transactions could massively boost the adoption of digital banking systems. The digital banking market might surpass USD 12 trillion by the year 2026.

The global banking & financial industry is flourishing, with huge amounts of transactions being done on a daily basis. Back in 2019, overall digital payment transactions were valued over USD 740 trillion, and were predicted to be more than 750 billion in terms of volume. Digitalization of financial offerings and digital transformation in the BFSI sector could considerably advocate industry outlook.

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Mentioned below are some of the ongoing trends advancing the digital banking market size:

Corporate banking is regarded as an extremely profitable unit of banks which supports a lot of large-scale enterprises. Surging need for a platform with reduced complexities and simplifies banking processes could stimulate the adoption of digital banking solutions across corporate banks. Estimates suggest that the segment could record a CAGR of more than 8% within the predicted timeframe.

These services allow corporate banks to decrease complications in handling cash payments and transactions across different partner banks. Additionally, it offers enhanced liquidity management capabilities as well as optimum convenience and control in major banking processes.

Rapid digitization across the banking sector coupled with increasing developments in financial technologies could accelerate the Asia Pacific digital banking market share. Forecasters claim that the region could control almost 65% of the global market share by the end of 2026. Banking institutes across Singapore and India are embracing digital banking technologies with open arms. Citing an instance, Singapore’s biggest mobile operator, Singtel along with its partner Grab is considered to be a strong contender for a digital banking license in Singapore.

Businesses operating in APAC are constantly focusing on launching and developing advanced digital banking solutions. For example, earlier in August 2020, Sub-K IMPACT Solutions introduced a new digital finance platform dubbed Sub-K Sarthi. The platform offered affordable and accessible financial services to users. This feature is ideal for SMEs and underserved customers.

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Established players operating in the digital banking market are engaged in a series of growth strategies like product innovations, strategic collaboration, and business expansion to enhance their customer base and overall market share. Taking October 2020 for instance, HSBC launched a new cash flow forecasting tool for enterprises functioning from the US. The move would improve a range of HSBC’s digital commercial banking products.

Table of Contents (ToC) of the report:

Chapter 3    Digital Banking Market 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

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