The European digital banking market is estimated to grow at a significant growth rate of 8.2% over the forecast period to hit over $10.0 billion in 2025 from nearly $6.0 billion in 2018. European countries are considered to be significant markets for digital banking as these countries provide a positive environment for various digital banking platforms. Moreover, major economies of Europe such as Germany, France, Spain, and others are moving rapidly towards digital payments which as a result are driving the growth of digital banking market in the region.
In addition, according to a study (2019) revealed by Mastercard, who has been the partner of choice for over 60 digitized banks across Europe, states that 84% of these 60 banks pursue digital banking regularly, 63% use mobile banking apps from traditional banks, one in five from digital-only banks and almost two-thirds expect the demand for digital banking solutions to even increase in the near future as they make transactions simple and convenient. This will propel the banking industry for implementing multi-factor authentication, secure applications, and other forms of security such as biometrics in its various solutions.
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The European digital banking market is segmented on the basis of type and solution. Based on type, the market is classified into corporate banking, investment banking, and retail banking. Retail banking held the largest share in 2018 and is expected to maintain its dominance during the forecast period. Retail banking involves a wide range of services, including saving accounts, personal loans, mortgages, certificates of deposit (CDs) and investment and fund management. Rising demand for internet banking among individuals to manage their accounts and conduct financial transactions is primarily contributing to the growth of the segment. Based on solution, the market is classified into processing services, payment solutions, customer and channel management, and risk management.
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European Digital Banking Market Segmentation
By Type
- Corporate Banking
- Investment Banking
- Retail Banking
By Solution
- Processing Services
- Payment
- Customer and Channel Management
- Risk Management
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