The 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 . The growth sectors of the Digital Banking Market are identified with precision for a better growth perspective.
Technological and digital development is presently moving at a breakneck speed and has completely revolutionized the way many end-user industries work. Digital banking has been around for some time and allows banks and customers to perform end-to-end processing of various banking transactions seamlessly. According to Market Research Future (MRFR)‘s latest report, the global digital banking market is projected to achieve a healthy CAGR of 8% during the forecast period of 2016 to 2022.
The proliferation of technology across various parts of the existing banking system and the high penetration of smartphones are some of the key factors driving the growth of digital banking services. Various qualities of digital banking such as easy availability, ease of use, and low to no cost are major contributors to the adoption of digital banking. Additionally, banks are continually improving their digital banking service offerings and improving existing services such as internet banking, mobile banking, and ATM services among others. The growing use of digital banking for both personal and commercial use combined with the widespread use of personal electronic devices has boosted the demand for advanced digital banking services thus, driving market growth. The rapid increase in preference for e-commerce has further increased the use of digital banking for the purpose of digital payments.
Bank fraud is a risk to the digital platform with cyber-attacks growing in sophistication, which has prompted the banking industry to employ stringent security solutions. The lack of internet infrastructure in underdeveloped areas and lack of awareness regarding digital banking among the geriatric population for their banking needs are some challenged to market growth. However, with growing cloud-based solutions, and simplification of the user interface these digital platforms use likely to make these services accessible in the future. Ongoing development of digital banking platforms to keep up with the changing technological advancements is expected to provide opportunities for market expansion in the coming years. Additionally, banks and other financial service platforms are launching digital-only banks which are aimed at eliminating the need for a customer to go to a physical bank location.
The global digital banking market is segmented on the basis of deployment, services, technology, industry, and region. By deployment, the market is segmented into on-premise and -cloud-based. By services, the market is segmented into non-transactional and transactional. By technology, the market is segmented into internet banking, digital payments, and mobile banking. By industry, the market is segmented into media & entertainment, manufacturing, retail, banking, healthcare, and others. By region, the global market is segmented into North America, Europe, the Asia-Pacific and the Rest of the World.
Led by the U.S, North America possesses the largest share of the global digital banking market. The high penetration of smartphone use and other electronic devices for digital banking has affected the adoption of digital banking solutions positively. The region also has a truly significant banking sector which, based in a developed country can offer well developed digital banking platform to its customers.
Global Digital Banking Market is expected to grow at CAGR of around 8% between years 2016 to 2022,…
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