Increasing adoption of smartphones during the Covid-19 Pandemic to Promote the Development of Digital Banking Market

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The world is facing an unexpected change and many of the industries are experiencing thought provoking situation due to the COVID-19 pandemic. Previous to the COVID-19 pandemic, there was high growth rate in digital banking market. But, since the occurrence of COVID- 19 outbreak it has been witnessed that digital banking has faced dual impact. The reason behind of this impact is the banks can utilize this disruption time as an opportunity for them by analyzing the need and importance of technologies to make their product and services digitalize across the globe. On the other side, larger use of technologies reduces completely the dependency on manual entities, person led reviews i.e. paper and employee intervention within banks. For example, According to RBI, for the financial year 2017-18, India’s banking sector witnessed a spike in cyber frauds and pegged the losses at $ 13.7 billion. With increased use of cashless and digital economy, it will be imperative for the banks to implement secure frameworks and systems. Some of the obvious cyber risks include financial frauds, money laundering, data loss, identity thefts and privacy breaches. In the course of this chaos, we are offering complete support to our clients in understanding the influence of COVID-19 on the global digital banking market. Our report consists of:

Our report includes:

• Technological Impact
• Social Impact
• Investment Opportunity Analysis
• Pre- & Post-COVID Market Scenario
• Infrastructure Analysis
• Supply Side & Demand Side Impact

According to a recent report published by Research Dive, the global digital banking market is anticipated to garner $1,702.4 billion by 2026, growing at a growth rate of 10.0% from 2018 to 2026. The report segments the global market on the basis of types, services and regions. This report is a comprehensive analysis of recent drivers, key segments, opportunities, restraints, and major players of the market. 

Factors Affecting the Market Growth

As per the report, increasing penetration of internet and rise in adoption of smartphones among consumers and changing customer behavior are significantly driving the growth of the market. However, increasing chances of cyberattacks associated bank transactions are expected to hinder the digital banking s market growth.

Consumer Banks Segment has Dominant Market Share

Based on types, the overall market is segmented into consumer banks, cooperative banks, and credit unions. Among these, consumer banks segment dominated the market in the year 2018 and is expected to register for $ 1,232.9 billion in 2026. These consumer banks are responsible for all the financial needs of customer as well as economy by providing funds to small and medium enterprises. Which will accelerate the growth of the market in the projected time.  

Digital Payments services Will Grow at a Significant Rate throughout the Forecast Years

On the basis of services, the digital banking market is classified into digital payments, and digital sales. The market for digital payments will witness to rise at a faster rate of CAGR and is predicted to register for $425.6 billion till the end of 2026. Digital payment service is gaining popularity due to rise in demand for cash alternatives, this factor will fuel the market size in the forecast time.

Regional Outlook and Major Market Players

Regionally, the report evaluates the global market across North America, Europe, Asia Pacific, and LAMEA. Among these, Asia-Pacific market has dominated the global market share, which was approximately in previous years and is estimated to reach up to $ 161.7 billion till 2026. This dominance is attributed to the wide adoption of electronic and mobile payment solutions in china.

Top Companies Leading the Market

The most prominent players in the global digital banking market include ackbase, BNY Mellon, Fiserv, Halcom, Appway, ebanklT, Crealogix, ETRONIKA, Fidor, Finastra, Intellect Design Arena, Oracle, IE Digital, Kony, NETinfo, EdgeVerve Systems, NF Innova, SAB, TCS, Temenos, and Technisys. These players are implementing various business strategies like mergers and acquisitions, collaborations & partnerships in order to gain a major market share in the global industry.