Digital Banking Market Demand to Hit $12 Trillion by 2026; Global Market Insights, Inc.

SELBYVILLE, Del., Oct. 13, 2020 /PRNewswire/ — Global Market Insights, Inc. has recently added a new report on the digital banking market which estimates the market valuation for online banking will cross US$ 12 trillion by 2026. The extensive adoption of online banking platforms and proliferation of mobile banking solutions are anticipated […]

SELBYVILLE, Del., Oct. 13, 2020 /PRNewswire/ — Global Market Insights, Inc. has recently added a new report on the digital banking market which estimates the market valuation for online banking will cross US$ 12 trillion by 2026. The extensive adoption of online banking platforms and proliferation of mobile banking solutions are anticipated to contribute significantly to the market growth.

The growing demand to improve customer experience and reduce the CAPEX & OPEX associated with the banking processes by embracing digital technologies is expected to support the digital banking market growth. The banking & financial industry across the world is flourishing with a large number of transactions. The global digital payment transactions in 2019 were estimated to be over 750 billion in terms of volume and valued at over USD 740 trillion. Moreover, the digitalization of financial offerings and growing digital transformation across BFSI sector are contributing to the market growth.

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The corporate banking segment in the global digital banking market is expected to grow at a CAGR above 8% from 2020 to 2026. Corporate banking is considered as a highly profitable division of banks and serves large-scale organizations. The segment growth is attributed to the increasing demand for reduced complexities in managing banking processes. The digital banking services help corporate banks to minimize the complications in managing transactions and cash payments across other partner banks. Moreover, it provides improved liquidity management capabilities along with control and convenience in major banking processes.

The non-transactional service segment is anticipated to witness an exponential growth rate over the forecast timeline. The segment growth is attributed to the increasing demand for financial planning services. The emergence of digital platforms powered by data-driven algorithms that provide financial planning services is contributing to segment growth. These platforms are easy and cost-effective to maintain compared to human financial consultants. Moreover, this helps banks to ensure attentive customer service, comprehensive offerings, and low service costs.

Asia Pacific is expected to hold above 65% of the digital banking market by 2026 due to extensive digitization and developments in financial technologies. In addition, banking institutes across India and Singapore are embracing digital banking solutions. For instance, the expansive spending power of banks and a large population in India leveraging digital banking platforms will fuel the market growth.

Furthermore, the enterprises operating in the region are focusing on developing and launching advanced digital banking platforms. For instance, in August 2020, Sub-K IMPACT Solutions Ltd. launched Sub-K Sarthi, a new digital finance platform. This provides more accessible and affordable financial services to customers. The platform is designed by considering the requirements of underserved customers and SMEs.

Browse key industry insights spread across 325 pages with 408 market data tables and 38 figures & charts from the report, “Digital Banking Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:

The companies operating in the market are focusing on strategic collaboration to deliver digital banking services to their customers. For instance, in April 2020, New Bank, Israel’s first fully digital bank partnered with Tata Consultancy Services to modernize and support its digital services. Under the partnership, TCS provided its BaNCS Digital to power banks digital services. In addition, this helped the bank to enhance the customer experience and drive innovations across banking operations.

Some major findings of the digital banking market report include:

  • The emergence of open banking and cloud-based platforms followed by the adoption of online & mobile banking platforms will support technology development in the market.
  • In addition, the technology evolution and advancements in financial technology are anticipated to fuel market growth.
  • Asia Pacific is expected to hold a major market share for the digital banking market due to the widespread adoption of mobile wallets and mobile payment solutions in the countries across the region.
  • Companies operating in the market are focusing on the strategic partnerships to deliver digital banking services and support digital transformation.

Major players operating in the Digital Banking market are Fiserv Inc., Infosys Limited, Oracle Corporation, SAP SE, Temenos AG, etc.

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Partial chapters of report table of contents (TOC):

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    North America    Europe    Asia Pacific    Latin America    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    Changing customer behavior    Increasing investment in Fintech    Supportive government policies    Growth of the ecommerce industry    Increasing adoption of electronic and mobile payment solutions

3.14.2    Pitfalls    Lack for clear regulatory framework    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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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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Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Digital Banking Market size worth over $12 Trillion by 2026
Digital Banking Market size is set to surpass USD 12 trillion by 2026, according to a new research report by Global Market Insights, Inc.

Related Links

Mobile Wallet Market

Neobanking Market

SOURCE Global Market Insights, Inc.

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