Global Online Banking Market

[Aarti Ghodke]

Global Online Banking Market is anticipated to reach US$ XX a billion by 2027 from US$ XX in 2020, at a CAGR of XX % during the forecast period.

 

The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.

Global Online Banking Market Introduction & Overview:

 

Online banking, also known as Internet banking or web banking allows a customer to conduct financial transactions via the Internet. Almost every service including deposits, transfers, and online bill payments is offered virtually through online banking. The service is designed to be convenient and time-saving letting a customer accomplish any transaction online, starting with opening an account.

 

Online banking enables consumers to monitor their accounts closely, allowing them to keep the accounts safe. Around-the-clock access to banking information provides early detection of fraudulent activity, thereby acting as a guardrail against financial damage or loss. The majority of banks has already introduced mobile applications or online banking services, making digital and online banking mainstream.

 

The study includes a detailed market assessment. It does so by in-depth qualitative perspectives, historical evidence, and market size verifiable predictions. Using validated research methodologies and assumptions, the predictions featured in the study have been derived. The research report thus serves as an analysis and information for all aspects of the market, including, regional markets, technologies, by Detection, types of equipment, and applications.

Global Online Banking Market Dynamics:

 

Convenience and ease of handling financial transactions from the comforts of the home along with the other convenient settings are predominantly driving the online banking market. The widespread use of the Internet across the globe has spurred extensive use of e-commerce and online payment services. Furthermore, changing consumer behavior is paving the way for service providers to design alternate payment solutions. This is a major factor driving the online banking market. An increase in the state institutions' contributions for the expansion of alternative payment channels and digital services is likely to push the market forward.

 

Consumers are increasingly demanding better transparency and flexibility for banking operations that are predominantly driving the global online banking market. However, the rising frequency of cyber-attacks is likely to hamper the adoption of online banking. According to a report by Clearswift, 70% of financial companies experienced cyber-security cases in FY20. Avoiding cyber-attacks is one of the biggest challenges banks are facing around the globe.

 

Similarly, Global Online Banking Market drivers and restraints are covered in the MMR report by region since each region has different market dynamics. Demand drivers and restraints are covered in a separate chapter by keeping the user’s convenience in mind. Drivers are divided into demand-side drivers and supply-side.

Covid-19 Impact on the Global Online Banking Market:

 

With the spread of the COVID-19, governments across the world forced citizens to follow stringent regulations over lockdowns. This has resulted in the online banking industry experiencing a sharp growth in revenue, owing to the massive demand for online banking services from all the user segments. Moreover, consumers are increasingly switching from traditional services to online services, thus driving the online banking market.

Global Online Banking Market Segment Analysis:

 

Global Online Banking Market

 

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On the basis of banking type, the market is segmented as retail banking, corporate banking, and investment banking. The retail banking segment dominated the online banking market in 2020 with a market share of US$ XX Bn. The retail banking segment is projected to maintain dominance during the forecast period as the banks are initiating partnerships, providing personalized offerings, executing business models, and enhancing the digital channels to the customers.

Global Online Banking Market Regional Insights:

 

Global Online Banking Market 1

 

By region, North America dominated the global online banking market in 2020 and is expected to maintain the hold during the forecast period. Population in North America is more inclined and open towards using technology and services. Advancements in information technology and the development of a consumer-friendly interactive user interface of websites and applications are further driving the growth of the online banking market in the region.

 

Asia Pacific is likely to register the highest growth of XX % during the forecast period. Rising government initiatives like Digital India towards the use of online facilities are driving the market growth in this region. Several nations including the Nordics, Germany, and Austria from Europe have witnessed a significant reduction in physical cash transactions, accentuating the market revenue, thus driving the online banking market.

 

The objective of the report is to present a comprehensive analysis of the Global Online Banking Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

 

The report also helps in understanding Global Online Banking Market dynamics, structure by analyzing the market segments and project the Global Online Banking Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Online Banking Market make the report investor’s guide.

Scope of Global Online Banking Technologies Market: Inquire before buying

 

Global Online Banking Technologies Market by Software type

 

• Customized software
• Standard software

Global Online Banking Technologies Market by Service Type

 

• Payments
• Processing Services
• Customer & Channel Management
• Wealth Management
• Others

Global Online Banking Technologies Market  by Banking Type

 

• Retail Banking
• Corporate Banking
• Investment Banking

Global Online Banking Technologies Market  by Region

 

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Global Online Banking Technologies Market Major Players

 

• ACI Worldwide, Inc.
• Capital Banking Solution
• CGI Inc.
• COR Financial Solutions Limited
• EdgeVerve Systems Limited
• Fiserv, Inc.
• Microsoft
• Oracle
• Tata Consultancy Services Limited
• Temenos Headquarters SA
• Financial Network services
• Corillian
• I-flex Solutions
• Canopus Software Laboratory
• First Source Bank
• Rockall Technologies.
• Appway AG
• CREALOGIX AG
• ebankIT
• Etronika
• Fidor Solutions AG
• Finastra
• Halcom.com
• Infosys Limited
• Intellect Design Arena Limited
• SAP SE
• Sopra Steria

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