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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]), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI2651
  • Published Date: Dec 2022
  • Report Format: PDF

Industry Statistics

Digital Banking Market size surpassed USD 9.4 trillion in 2022 and is projected to witness around 3.6% CAGR from 2023 to 2032. Rising need for advanced financial services across North America to stimulate market expansion.
 

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The growing use of electronic & mobile payment services via NFC and POS terminals will augment market growth. Digital payment methods like UPI, mobile wallets, and internet banking have bolstered significantly ever since the COVID-19 pandemic. These solutions allow users to make payments cash-free while saving a substantial amount of paper which later benefits the environment.
 

Rising cybercrime cases around the globe could restrain digital banking market growth. Many firms and businesses are concerned about the security of their data owing to the rise in cybercrimes such as phishing, hacking, online identity theft, and ransomware attacks. Businesses are growing more vulnerable to cybercriminals as they store more of their own and customer data online. Dealing with cybercrimes would raise cybersecurity costs, which may ultimately influence the acceptance of digital banking services by customers.
 

Availability of a wide range of banking services in retail banking sector

The retail banking segment is estimated to exhibit 2.8% gains from 2023 to 2032. Financial firms are these days providing consumers and SMEs with a wide range of digital products and services. They are also concentrating on strategic collaboration arrangements to provide a long-term solution across regions like the MEA.
 

Improved customer retention using digital transactional service to supplement market growth

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The transactional services segment recorded over 91.65% of the digital banking market share in 2022. Digital transactional services can help reduce the cost of businesses on paper. The amount of expenses spent on paper and posts decrease as payments are processed more electronically. Additionally, accepting digital payments enables businesses to increase client retention. Customer are more likely to return to an e-commerce site that has their personal information already entered and stored. Leading banks are concentrating on introducing transactional services which should assist digital banking business growth.
 

Use of auto-debit/auto-credit services to pay bills will support industry growth

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The auto-debit/ auto-credit services segment is anticipated to record USD 2.65 trillion by 2032. Owners of digital banking accounts can use auto-debit to pay their invoices on a set cycle basis. The majority of digital banks offer consumers the extra convenience of paying bills directly through the bank account (either the minimum amount due or the complete amount due). It spares consumers the trouble of writing a check each month to cover their debts and guarantees that due dates are fulfilled.
 

Increasing demand for risk & compliance management systems to foster digital banking market revenue

The risk management services are projected to reach USD 490.5 billion by 2032. The demand for risk and compliance management systems is being driven by strict government laws designed to curb fraudulent activities associated to loan processing and approval. Digital lenders are increasingly in need of risk and compliance management solutions due to the rising demand for better, more complete portfolio management and comprehensive covenant monitoring.
 

Changing user preferences for digital banking solutions to influence North America market growth

North America digital banking industry size is expected to register 1.6% CAGR through 2032, attributed to the shifting consumer preferences and interest in cutting-edge financial technologies. A variety of simple-to-use products and services are offered by digital banks in the region. Despite this, digital banking is one of the most popular financial and banking services in North America. Leading regional banks are also developing their own online banking services.
 

Strategic expansion activities to define competitive landscape

Bank of New York Mellon Corporation, Appway AG, CREALOGIX AG, Etronika, ebankIT, Fidor Solutions AG, Halcom.com, Finastra, ieDigital, Intellect Design Arena Limited, Infosys Limited, Kony, NF Innova, NETinfo Plc, Oracle Corporation, SAP SE, SAB, Sopra Steria, Technisys S.A., Tata Consultancy Services Limited, Worldline, and Temenos AG are some of the key players operating in the global digital banking market report. These companies are focusing on the expansion of advanced technology in banking sector.
 

Impact of the COVID-19 pandemic on business trends

The COVID-19 pandemic strengthened the businesses of digital-only banks and improved their financial status, which had a favorable effect on the industry. Many people who choose to stay at home used digital banking channels to handle the majority of their transactions. Traditional branch visits and in-person encounters with bank employees decreased drastically during the pandemic. Banks are now adopting digital channels to provide a variety of services, including video customer onboarding, withdrawals, outbound remittances, payment collections, and deposits and withdrawals.
 

This online banking market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:

Market, By Type

  • Retail banking
  • Corporate banking
  • Investment banking

Market, By Service

  • Transactional services:
    • Cash deposits and withdrawals
    • Fund transfers
    • Auto-debit/auto-credit services
    • Loans
  • Non-transactional services:
    • Information security
    • Risk management
    • Financial planning
    • Stock advisory

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Netherlands
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Singapore
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa

 

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of digital banking crossed USD 9.4 trillion in 2022 and is projected to witness 3.6% CAGR from 2023 to 2032.
Retail banking services are anticipated to expand at nearly 2.8% growth rate up to 2032 as financial firms are providing consumers and SMEs with a wide range of banking services.
North America digital bank market is expected to register over 1.6% CAGR between 2023 and 2032 driven by shifting consumer preferences and interest in cutting-edge financial technologies.
Bank of New York Mellon Corporation, Appway AG, CREALOGIX AG, Etronika, ebankIT, Fidor Solutions AG, Halcom.com, and Finastra are some of the leading companies in the global market.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 22
  • Tables & Figures: 453
  • Countries covered: 21
  • Pages: 270
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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