Market Research Future published a Cooked research report on Digital Banking Market Research Report - Forecast to 2032– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2032.
Digital Banking Global Market – Overview
The Digital Banking Market industry is projected to grow from USD 107.67 billion in 2024 to USD 199.38 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.01% during the forecast period (2024 - 2032). Additionally, the market size for digital banking was valued at USD 98.6 billion in 2023.
Digital transformation is far beyond just moving from traditional banking to a digital world, it is a vital change in how banks and other financial institutions learn about, interact with and satisfy customers. An efficacious digital transformation begins with an understanding of digital customer behaviour, preferences, choices, likes, dislikes, stated as well as unstated needs, aspirations among others. This transformation leads to the major changes in the organizations, from product-centric to customer-centric view.
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Digital banking includes banking and financial services, mobile phones, social media, and internet providers. Actual account balances and other information are available at the touch of a few buttons. This makes banking faster, easier, efficient, and more effective because consumers are able to stay up to date with their account balances. Less bank staff, no cost of significant infrastructure, and overhead costs allow online banking portals to pay higher interest rates on savings and charge lower mortgage and loan rates.
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Digital banking is also helping the banking system in the management of records, data and retrieval of them. One of the major trends in this field is adoption of cloud for the management of data and use of it. Digitization helps the banks to monitor the each and every customer’s details and records more easily. Communication with customers for any announcement and revive feedback have become easy because of digital banking.
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In recent study, it has been identified as high usage of digital devices in management, growing market of smartphones and tablets, growing demand for security and growing cloud-based solution are some major key trends in the market of digital banking whereas factor such as illiteracy among old population and lack of internet infrastructure in various countries are some of the major restrains which is expected to slow the growth of market.
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Key Players
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Urban FT, Inc. (U.S.), Misys (U.K.), Kony, Inc. (U.S.), Backbase (Netherlands), Technisys (Subsidiary of FMC Technologies) (U.S), Infosys (Bangalore), Cachet Financial Solutions, Inc. (U.S), Innofis (Spain), Mobilearth (Canada), are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Human Machine Interface (HMI)  Market.
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Digital Banking Market: Competitive Analysis
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The market for digital channel platforms has changed significantly over the last few years, from online and mobile-specific banking solutions to many vendors offering channel-agnostic digital banking platforms. Although custom-built digital platforms remain a widely used approach, the lower maintenance and development costs of a single platform and more easily managed security are making packaged systems an attractive option for banks, especially as the replacement cycle for front-office platforms is accelerating and banks are moving toward a more continuous development approach.
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Industry/ Innovation/ Related News
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November, 2017 – Cachet Financial Solutions Inc., a provider of cloud-based remote deposit capture and mobile prepaid card solutions, has announced a corporate rebranding and name change to Digiliti Money Inc. The rebrand reflects the company's digital agilityto innovate solutions that swiftly and seamlessly move money for financial institutions.
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Decemeber, 2016 - Capgemini, an IT consulting company acquired I-Gate to improve their customer database in North America. I Gate was a dominant player in providing business solutions in the U.S.
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December, 2017 - CIMB Group Holdings Bhd. is making a push into digital banking in Southeast Asia, starting with Vietnam, as Malaysia’s second-biggest bank by assets seeks to expand in the region without swelling costs. The Kuala Lumpur-based lender will launch its first fully digital bank in Vietnam in January, followed by the Philippines.
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December, 2017 - Technology start-up Kuzzle, the open-source backend solution for mobile, web and internet of things (IoT), will launch its latest solution for digital banking at FinTech Connect Live in London. Created to meet the needs of a digital backend solution, Kuzzle says it will enable banks and financial services organisations to deliver a “seamless customer experience and real-time features via their online applications”. These include real-time data processing and collaboration, security and API management services, user authentication, and publish and subscribe engines for event-driven apps.
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Digital Banking Market – Segmentation
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The Global digital banking is segmented in to 5 key dynamics for the convenience of the report and enhanced understanding;
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Segmentation by Deployment: Comprises on-premise and cloud
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Segmentation by Services: Comprises Non-transactional activities, transactional among others.
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Segmentation by Technology: Comprises mobile banking, internet banking, and digital payments among others.
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Segmentation by Industries: Comprises retail, banking, manufacturing, media & entertainment, and healthcare among others.
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Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
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Regional Analysis
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North America has the largest market and is projected to show its dominance over the forecast period on account of the widespread banking sector and high concentration of digital banking. North America is being followed by Asia Pacific mainly on a result of the government-run banking industry. Significant demand is observed in emerging economies including India and China on account of the emergence of private and rural banking.
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Large players are trying to acquire small players in the industry to increase their business and enter into untapped markets. Mergers and acquisition by multinationals are expected to remain as the primary strategy for increasing position in the global market.
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Report details
| Base Year | 2017 |
| Companies Covered | 15 |
| Pages | 110 |
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