Digital banking is the paperless way of conducting financial transactions through your bank using a mobile application. The aim of financial institutions in digitizing all processes and redrawing of all traditional practices can lead to heavy investments in digital banking. The Digital Banking Market report by Market Research Future (MRFR) contains an overview of the industry, changing consumer expectations, and various moves made by financial organizations. It contains projections for revenue and growth for the period of 2016 to 2022 (forecast period) as well as the implications of the COVID-19 pandemic on the market.

Market Scope

The global digital banking market size is projected to scale at a CAGR of 8% over the forecast period. It can grow rapidly owing to increasing internet speeds and swelling size of smartphone users. The proliferation of information technology into the banking sector is expected to drive market growth over the forecast period. Ease of opening bank accounts online has led to many customers signing to ZA Bank in Hong Kong. Promotion of fintech and innovation in customer experiences can fuel the market growth. Financial organizations are partnering with fintech firms for creating API strategies to cater to small and medium enterprises. This is evident with the options of mobile banking and ability to conduct transactions seamlessly. The use of data and customer behavior for creating new experiences is pivotal to API strategy.

The digital banking market is expected to thrive despite the COVID-19 pandemic. The flurry of services offered to customers, integration of advanced technologies such as blockchain, and adoption of mobile banking platforms can drive the market during this unforeseen period. But the curtailing of budgets can affect the market growth.

However, digital illiteracy among the elderly and lack of networking infrastructure in developing economies can threaten the market growth.  

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Segmentation

The global digital banking market has been segmented on the basis of deployment, services, technology, and industry. By deployment, the market has been divided into on cloud and on- premises.

Services include non-transactional activities, transactional, and others.

On the basis of technology, it is segmented into digital payments, mobile banking, and internet banking.

On the basis of industries, the market includes healthcare, retail, banking, manufacturing, media & entertainment, and others.

Regional Analysis

North America is currently dominating the global digital banking market. High volume of smartphone users and technologically advanced countries such as the U.S. and Canada gives North America a competitive advantage over the other regions.

Europe stands as second biggest revenue generator in this market. Rich financial sectors in the U.K., France, and Germany are major contributors towards the growth of digital banking in the region. Also, high literacy rate and knowledge towards internet and mobile applications are some of the factor which is supporting the market of digital banking in Europe. New design approaches and development of dynamic business models can drive the regional market growth.

APAC has emerged as the fastest growing market due to the growing economies of India, China and countries, and green earth initiatives. The change in regulations and policies for assisting customers in taking the digital route and lower banking lines can bode well for the regional market . Digital bank licenses accorded to fintech firms as well as investments by new players have made this region prime and lucrative for the market.

Competitive Outlook

Cachet Financial Solutions, Inc., Infosys, Innofis, Backbase, Misys, Urban FT, Inc., Technisys, Mobilearth, and Kony, Inc. are key players of the global digital banking market. Other prominent names are IDEALINVENT Technologies, Nymbus, Capital Banking Solutions, NLS Banking, and others. The market is highly competitive due to new entrants in fintech and continuous development of API and customer experiences. Recently, Razer has applied for a digital banking license in Singapore and looking for viable investments in Latin America and Asia.

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