Online Banking Market – Global Opportunities & Forecast, 2020-2027
This report researches and evaluates the impact of COVID-19 outbreak on the market, including potential opportunities and challenges, drivers, and risks associated with the market. We present a detailed assessment of market growth based on numerous scenarios.
Market Overview:
The market report offers a detailed
analysis of the market size, regional and country-level market size,
segmentation, market growth, market share, competitive landscape, and the
impact of domestic and global leading players.
Market Drivers:
The accelerating adoption of smartphones
for customer convenience, along with the significant shift toward
digitalization, are the major factors that are surging the growth of the online banking
market size. In 2018, more than 80 percent of banks around the world had started
shifting toward digitalization. Banking is a competitive business landscape,
wherein the significant change in the customer’s preference and competitive
pressure is promoting traditional banks to shift toward faster digital banking
transformation. Traditional banks are progressively offloading routine banking
tasks, including account onboarding, fund transfer, account balances, and bill
payments to digital channels, which allows them to streamline branch
operations, and back-office functions.
Online banking is an important part of
digital transformations in the bank, wherein customers can perform several
transactions such as booking holiday periods without visiting banks. Online
banking provides innumerable advantages such as faster speed, improved
security, cost-efficient, easy to monitor, and environment friendly. The
combination of these factors is surging the growth of the online banking market share in terms of
revenue. Therefore, various innovations, and revolutionizing in digitalization,
the interaction between banks and money have changed completely, which will
have a positive impact on the market. On the other hand, the integration of
online banking platforms with legacy systems is likely to hamper the market
growth.
Market Segmentation:
The Online Banking Market is split by type,
solution, and regions. For the forecast period, the growth among the segments
provides accurate calculations and forecasts for sales by different segments in
terms of volume and value. This analysis will help in expanding the business by
targeting qualified niche markets.
Segment by Type:
·
Retail Banking
·
Corporate Banking
·
Investment Banking
Segment by Solution:
·
Payments
·
Processing Services
·
Customer and Channel Management
·
Risk Management
·
Others
Segment by Region:
·
North America
o
United States of America
o
Canada
·
Asia Pacific
o
China
o
Japan
o
India
o
Rest of APAC
·
Europe
o
United Kingdom
o
Germany
o
France
o
Spain
o
Rest of Europe
·
RoW
o
Brazil
o
South Africa
o
Saudi Arabia
o
UAE
o
Rest of the world (remaining
countries of the LAMEA region)
Competitive Landscape and Analysis:
The Online Banking Market offers detailed
information including company overview, company total revenue, market
potential, global presence, and total revenue generated. The report will also
provide market share, production sites, SWOT analysis, product launch, and
other relevant data.
The key players for the Online Banking
Market are Fiserv, Inc., Cor Financial Solutions, EdgeVerve Systems Ltd., Temenos
Headquarters SA, Tata Consultancy Services Ltd., Microsoft Corporation, ACI
Worldwide, Inc., Oracle Corporation, Broadridge Financial Solutions, Inc., and
Capital Banking Solutions, among others.
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