Pune, Oct. 08, 2024 (GLOBE NEWSWIRE) -- “The SNS Insider report indicates that the Digital Banking Market size was valued at USD 9.3 billion in 2023 and is expected to grow to USD 26.5 billion by 2032, achieving a CAGR of 12.32% over the forecast period of 2024-2032.”
The digital banking market is undergoing rapid transformation as traditional banks and fintech companies adjust to meet the changing demands of consumers. Key drivers of this growth include fast urbanization, technological advancements, and evolving consumer behaviors. Innovations like artificial intelligence, machine learning, and blockchain are reshaping the banking sector by enhancing customer experiences and boosting operational efficiency. For instance, AI-powered chatbots provide 24/7 customer support, enabling banks to respond to inquiries promptly and effectively. Additionally, government initiatives aimed at fostering financial inclusion and digitalization are further driving market growth. Numerous countries are enacting policies that encourage the adoption of digital banking, increasing access to financial services, particularly in underserved communities.
As mobile banking apps and online platforms become more popular, consumers are increasingly seeking banking solutions that match their fast-paced lifestyles. The demand for mobile payment systems, digital wallets, and online account management tools is rapidly increasing. For instance, in 2023, 63% of bank account holders processed banking tasks using their smartphones or tablets, showing a significant reliance on mobile devices for financial management. With consumers growing more tech-savvy, they expect banking services to be as convenient and user-friendly as other online services they use daily. Although the digital banking market is expanding quickly, it also encounters challenges such as cybersecurity threats, regulatory compliance, and the need for significant technology investments. Financial institutions are focusing on cybersecurity measures to protect sensitive customer data, which helps build consumer trust in digital banking platforms.
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Major Players Analysis Listed in this Report are:
- Ant Group - (Alipay, MyBank)
- PayPal - (PayPal Digital Wallet, Venmo)
- Square, Inc. - (Cash App, Square Payments)
- Revolut - (Revolut Banking, Cryptocurrency Trading)
- N26 - (N26 Bank Account, N26 Business Account)
- Chime - (Chime Spending Account, Chime Savings Account)
- Robinhood - (Stock Trading App, Cash Management Account)
- Monzo - (Monzo Current Account, Monzo Business Account)
- Starling Bank - (Starling Personal Account, Starling Business Account)
- Sofi - (SoFi Invest, SoFi Money)
- Stripe - (Stripe Payments, Stripe Atlas)
- LendUp - (LendUp Loans, LendUp Credit Card)
- Zelle - (Zelle Payment Service, Zelle App)
- NuBank - (NuConta, NuPay)
- Varo Bank - (Varo Bank Account, Varo Savings Account)
- Fidor Bank - (Fidor Smart Account, Fidor Business Account)
- Tink - (Tink API, Tink Payments)
- Curve - (Curve Card, Curve Money Management)
- TransferWise - (Wise) (Wise Currency Exchange, Wise Multi-Currency Account)
- Klarna - (Klarna Pay Later, Klarna Checkout)
Digital Banking Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 9.3 billion |
| Market Size by 2032 | USD 26.5 billion |
| CAGR | CAGR of 12.32% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | •Increased smartphone usage makes mobile banking more accessible to a larger population. •Growing internet penetration provides better access to digital financial services. •Digital banking is a key tool for reaching unbanked populations, especially in developing countries. |
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Segmentation Analysis
By Service
In 2023, the professional services segment dominated the market with a revenue share of 65.01%. The growing demand for digital transformation is compelling financial institutions to adopt innovative solutions, thereby increasing the need for professional consulting and implementation services. Moreover, the complexity of technology infrastructure, combined with rising cybersecurity concerns, is intensifying the dependence on professional services to enhance operational efficiency and protect sensitive data. This trend highlights the essential role that professional services play in navigating the dynamic digital banking market.
The managed services segment is expected to grow at the highest compound annual growth rate (CAGR) during the forecast period. Managed data center services are instrumental in enhancing corporate operations within a hybrid IT environment by increasing automation and improving business management processes. As cyberattacks become more frequent, the demand for managed security services across various industries is anticipated to rise significantly. These services are vital for protecting sensitive data, and their demand is primarily fueled by the complexities of managing data security in increasingly intricate network environments. Companies are increasingly adopting managed security services to streamline compliance monitoring and effectively identify and mitigate risks through security audits.
Additionally, as banks strive to meet client expectations and navigate competitive pressures, they are being driven toward complete digitization. However, they face performance challenges that necessitate cost reductions while maintaining operating margins. To tackle these issues, banks are turning to emerging technologies like AI and robotics, particularly as new regulatory requirements and data protection laws add pressure to their already limited resources.
Digital Banking Market Segmentation:
By Component
- Platforms
- Services
By Deployment
- On-Premise
- Cloud
By Mode
- Online Banking
- Mobile Banking
By Service
- Professional Service
- Managed Service
By Type
- Retail Banking
- Corporate Banking
- Investment Banking
Regional Landscape
The Asia Pacific region led the digital banking market with a 32.7% share in 2023. This growth is driven by new digital firms that are transforming banking for both consumers and businesses in response to the rising demand for mobile and online solutions. Enhanced regulatory measures, including increased license allocations and the establishment of new standards, present substantial opportunities for both established companies and newcomers.
Conversely, North America ranked as the second-largest regional market, with a revenue share of 29.2% in 2023, and is projected to grow at the highest CAGR during the same period. The adoption of cloud-based solutions is increasing across various industries, including banking and finance. Banks are increasingly implementing cloud-based digital banking platforms, a trend expected to persist due to their low startup costs and quick update capabilities.
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Recent Developments
In April 2024, nCino enhanced its consumer banking solution for banks and credit unions by expanding its omnichannel functionality and streamlining multi-product origination workflows for bankers and customers.
In February 2024, nCino partnered with Saikyo Bank, Ltd. in Japan to improve operational efficiencies and customer convenience by simplifying its mortgage business processes, from reception to loan execution. These developments aim to enhance the overall efficiency and user experience in the banking sector.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Digital Banking Market Segmentation, by Deployment
8. Digital Banking Market Segmentation, By Mode
9. Digital Banking Market Segmentation, By Component
10. Digital Banking Market Segmentation, By Service
11. Digital Banking Market Segmentation, By Type
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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