The global Digital Banking market size was estimated at USD 13.8 billion in 2023 and is projected to reach USD 25.4 billion in 2030 at a CAGR of 14.8% during the forecast period 2024-2030.
The digital banking market is poised for substantial growth, with a projected compound annual growth rate (CAGR) of 14.8% from 2023 to 2030, as highlighted in the report. This growth trajectory is primarily driven by the global surge in digitization, which has revolutionized the way banking services are accessed and delivered. Digital banking encompasses a range of online and mobile services that enable customers to manage their finances efficiently, including transferring funds, checking account balances, and paying bills, all through internet-connected devices. Many financial institutions are increasingly partnering with FinTech companies and third-party service providers to enhance customer experience and streamline service delivery. This collaborative approach not only boosts customer satisfaction but also accelerates innovation in digital banking solutions.
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Additionally, the adoption of cloud-based platforms is gaining momentum, offering scalability and flexibility that traditional banking systems often lack. The move towards digital banking is further fuelled by the growing consumer preference for conducting financial transactions online, driven by the high penetration of electronic gadgets and the widespread availability of high-speed internet services. Moreover, advancements in artificial intelligence (AI) are playing a pivotal role in transforming digital banking. AI technologies are enhancing customer service through chatbots, improving fraud detection with sophisticated algorithms, and personalizing banking experiences through data analytics. These innovations are expected to open up new revenue streams and enhance operational efficiencies for banks.
Key Findings:
On the basis of Services, the digital banking market is divided into transactional services & non-transactional services. The transactional services segment held a major market share of around 82% in 2023. Transactional services in digital banking are essential for facilitating immediate financial needs. For instance, cash deposits and withdrawals provide convenient access to funds, reducing reliance on physical branches.
On the basis of Mode, in 2023, the online banking segment dominated the digital banking platform market, commanding an 81.2% revenue share. This segment is poised to maintain its leadership, projected to grow at a CAGR of 19.7% throughout the forecast period. Online banking encompasses a range of services including inter-account transfers, balance reporting, and other retail banking tasks, enabling customers to manage finances conveniently from their homes or workplaces via telecommunication networks. Meanwhile, the mobile banking segment is anticipated to grow at a faster CAGR of 22.3% in the forecast period.
On the basis of Banking, In the banking segment, retail banking dominates, serving individual consumers with products like savings accounts and loans. It's driven by accessibility, convenience, and personalized experiences, generating revenue through fees and interest. In India, digital payments surged from 162 crore to over 14,726 crore transactions from FY13 to FY24, highlighting rapid adoption of digital banking services.
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The prominent players in the Digital Banking market are
- Appway AG.
- THE BANK OF NEW YORK MELLON CORPORATION
- CREALOGIX AG.
- ebanklT
- ETRONIKA
- Fidor Solutions AG
- Finastra
- Halcom
- ieDigital
- Infosys
- Intellect Design Arena Ltd
- NETinfo Plc
Table of Contents
Based on Services:
- Transactional Services
- Cash deposits and withdrawal
- Fund transfers
- Auto-debit/auto-credit services
- Loans
- Non-Transactional Services
- Information security
- Risk management
- Financial planning
- Stock advisory
Based on Mode:
- Online banking platforms
- Mobile banking apps
Based on Banking:
- Retail
- Corporate
- Investment
Based on region:
- Asia Pacific
- North America
- Europe
- South America
- Middle East & Africa
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