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. Unlike traditional banking where any banking operation can only be performed by visiting the banks, digital banking allow customers to do seamless transaction such as money transfer, balance enquiry, payment to merchants by just one click on their smartphones.
In today’s world, digital banking is more than getting customers to use online or mobile banking or building a new app but it has also become a new way to run an entire organization. Recent trend shows that number of customer opting for digital banking services are increasing due to the benefits such as management and maintenance of their account, conducting transactions such as transfers and payments among others.
One of the technology which is supporting the digital banking from bankers end is cloud computing. Going paperless for a bank may lead to heavy disruption of data and banks are the most sensitive sector where data plays very vital role. On cloud infrastructure are helping the banking industry to store and manage the sensitive data and records efficiently. Digital economy brings various threats in countries and one of the important threat is security. Stealing data online is easy than the physical security breach in any bank and it becomes very important for the banks to adopt the latest security services and feature to keep the security threats out.
Current Trends in the Digital Banking Space
Numerous requirements in terms of customer experience, which cannot be fulfilled by banks alone have created a favorable groundwork for the entry of FinTechs in the digital baking marketplace. These non-traditional competitors are entering the market on the back of the gaps created by banks. The light structure of FinTechs, young brand image, and cutting-edge services focus on niche markets where banks do not cater. Digicash, Paypal, and Kickstarter are among the popular FinTechs.
The digital banking sector has witnessed the entry of non-traditional new competitors, retail companies. Retail companies possess deep technological know-how and abundance of data on consumer behavior, which provides them unprecedented leverage. Majority of minerals would be keen on availing financial services from companies such as Amazon, Apple, or Google due to their highly positive image, which has helped these companies revolutionize the digital banking experience.
New entrants are likely to play a crucial role in the future of the digital banking landscape. New business models in digital banking have made it easier for out of banking industry players to enter the arena, which was highly fenced until now.
Global Digital Banking Market is expected to grow at CAGR of around 8% between years 2016 to 2022,…
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