Pune, India, May 23, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America digital banking market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 800 billion by 2026.
With the upgradation of FinTech products being in full gear, North America digital banking market outlook is resolved upon achieving consistent progress. The growing emphasis toward digitalization has brought about a remarkable rise in the utilization of mobile devices for completing banking procedures. This has rendered it necessary for enterprises to improve and invest in banking service delivery for catering to the customer needs amidst and after the COVID-19 pandemic.
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Retail banking has been making strides, determining North America digital banking market trends, with significant impetus from enterprises that have been targetting consumer-oriented businesses. These enterprises are adopting digital platforms, models, and products for staying ahead of the game.
Canadian banks meet COVID-19 need for online account opening procedure
Canada digital banking industry size is set to expand at a noteworthy rate between 2020 and 2026. Banking enterprises throughout the nation are migrating to digital channels for accelerating operations and coping with the losses incurred during the pandemic.
Recently, in August 2021, the Canadian Imperial Bank of Commerce (CIBC) introduced a new alternative for potential customers who might be interested in opening an account with them. Instead of going to the bank branch in person, individuals can now log in to the CIBC mobile app or website for completing their identity verification process using a government-issued ID and a selfie. Eligible products consist of savings account, checking account, credit card, and personal line of credit.
Sophistication of cyberattacks fosters innovative non-transactional services
North America digital banking market share from the non-transactional service segment is projected to augment at a favorable 9% CAGR through 2026. Since the introduction of mobility restrictions due to the pandemic, the need for risk management and fraud management solutions has increased significantly due to the sophistication of online frauds and malware.
Several banks are adopting solutions for enhancing customer experience and optimizing their service delivery across financial planning, account services, stock advisory, consultancy, customer service, and asset management applications. To cite a recent example, in August 2021, DataVisor announced the launch of its AI-powered fraud management solution on FusionStore, a marketplace owned by Finastra. The next-generation solution deploys machine learning for helping enterprises mitigate abuse and fraud.
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Investment banking sector in America seeks scalability
The transactional service segment is expected to achieve a considerable revenue, fueling North America digital banking market size over the forecast timeframe. With the adoption of digital banking apps and websites, it becomes easier to conduct financial transactions, without physically visiting the bank.
By type, the digital banking industry share from the investment banking segment is poised for a stable expansion at a 7% CAGR through the analysis timeline, favored by the noteworthy rise in the number of investment banks. The future of the sector depends upon how well they strategize to upgrade and maintain legacy applications at competitive costs. Gearing up for the existing challenges, these banks are investing in AI for boosting efficiency, RPA for minizing manual labor, as well as cloud platforms and open application program interfaces (APIs) for lowering infrastructure costs.
As numerous vendors have been providing faster, easy-to-use, and highly scalable solutions to meet the needs of American banks, U.S.-based industry participants are emphasizing research & development, followed by product launches, for gaining a larger market share. Adoption of third party systems that use modern APIs for developing their own software for auto-debit/auto-credit services, cash deposits and withdrawals, loans, and fund transfers has been robust, as they ensure a seamless experience.
Browse Related Report:
Europe Digital Banking Market Size, By Type (Retail Banking, Corporate Banking, Investment Banking), By Service (Transactional [Cash Deposits & Withdrawals, Fund Transfers, Auto-debit/Auto-credit Services, Loans], Non-transactional [Information Security, Risk Management, Financial Planning, Stock Advisory]), Industry Analysis Report, Regional Outlook (UK, Germany, France, Italy, Spain, Netherlands, Russia), Growth Potential, Competitive Market Share & Forecast, 2020-2026
https://www.graphicalresearch.com/industry-insights/1537/europe-digital-banking-market
Asia Pacific Digital Banking Market Size By Service (Transactional [Cash Deposits & Withdrawals, Fund Transfers, Auto-Debit/Auto-Credit Services, Loans], By Type (Retail Banking, Corporate Banking, Investment Banking), Non-Transactional [Information Security, Risk Management, Financial Planning, Stock Advisory]), Industry Analysis Report, Regional Outlook (China, India, Japan, South Korea, Australia, Singapore), Growth Potential, Competitive Market Share & Forecast, 2020-2026
https://www.graphicalresearch.com/industry-insights/1544/asia-pacific-digital-banking-market
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
