The global digital banking market is anticipated to grow at a CAGR of nearly 9.5% during the forecast period (2022-2028). The major factor expected to drive the market growth is the rising demand for digital banking to deliver enhanced customer experience and the increasing adoption of cloud-based solutions by financial institutions. Furthermore, increasing investment and supportive government initiatives will further drive the market growth during the forecast period. For instance, in August 2021, the Indian government launched a cashless and contactless solution for digital payment e-RUPI a new digital payment system that works by providing e-vouchers to its customer.
Moreover, banks are adopting advanced technologies and data analysis to better understand their clients and find new ways to cross-sell & improve relationship stickiness. It offers cost efficiency and ease of use advantage as compared to normal banking system along with increasing penetration of electronic gadgets, easy access to the high-speed internet services. In addition, the rising partnerships and collaborations for digital banking platforms will further propel the growth of the global digital banking market during the forecast period. For instance, in April 2021, NCR Corp. and Google Cloud announced the collaboration that allows NCR Corp. to expand the cloud availability of its digital banking software portfolio, which includes the NCR channels services for retail banking and payment processing platform.
Some major players in the market include Intellect ACI Worldwide, Inc., Fiserv Inc., Microsoft Corp., Oracle Corp., SAP SE, and FIS Global. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in September 2021, Tata Consultancy Services Ltd. announced the launch of TCS BaNCS Cloud for Asset Servicing, which automates the servicing of all classes of assets across all markets, and is targeted at custodians, broker-dealers, asset managers, and investment and private banks. In addition, in July 2021, Temenos Headquarters SA and UBL together announced a partnership with each other to provide and implement a next-generation digital banking solution. Further, the company added that this partnership brings digital transformation to UBL with support across all channels, products, and segments for its domestic and international markets.
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Market Coverage
The market number available for – 2021-2028
Base year- 2021
Forecast period- 2022-2028
Segment Covered-
By Component
By Banking Type
By Banking Mode
By Deployment Type
Regions Covered-
North America
Europe
Asia-Pacific
Rest of the World
Top Major Key Players:
ACI Worldwide, Inc., Fiserv Inc., Microsoft Corp., Oracle Corp., SAP SE, and FIS Global.
Key questions addressed by the report
What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How has COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
Who is the leader in the market?
How players are addressing challenges to sustain growth?
Where is the investment opportunity?
A full report of digital banking market is available at:
https://orionmarketreports.com/global-digital-banking-market/97118/
Global Digital Banking Market Report by Segment
By Component
Platforms
Services (Professional Services and Managed Services)
By Banking Type
Retail Banking
Corporate Banking
Investment Banking
By Banking Mode
Online Banking
Mobile Banking
By Deployment Type
On-Premises
Cloud
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