Digital banking is a quick, easy, and convenient way of managing daily finances by an individual or business. To transfer money, payment accounts, and check account balance, the customer must merely login onto any internet-connected device. Most banks now offer digital banking services, but bank-by-bank characteristics and benefits vary.
The report provides comprehensive insights into the prospects, key segments, constraints, drivers, and leading players in the digital banking industry worldwide.
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Key Features of the Market:
- According to Research Dive, the global digital banking market accounted for $803.8 million in 2018 and is predicted to grow at a CAGR of 8.9%, generating a revenue of $1,610 million by 2027.
- The consumer bank type is anticipated to be the most profitable segment in the forecast period and display the highest market share.
- The digital payments segment is predicted to show the fastest growth in the global market.
- The flourishing economy in North America is predicted to make this region a hub of lucrative investment opportunities.
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Forces Controlling the Growth of the Global Digital Banking Market:
The main drivers of the digital banking market are cost efficiency and a user-friendly interface of digital banking systems as compared to conventional banking systems. The market is expected to be boosted by the increasing penetration of electronic gadgets and easy access to high-speed internet services during the estimation period.
The rising threat of data infringement and cyber-attack by banking servers might conversely delay the forecast on the digital banking industry. Furthermore, the global digital banking industry is expanded further by technical developments such as the convergence of blockchain technologies. When it comes to the finance-related purchases, customers still believe in the brick and mortar model. The majority of the population still believes that they go to the banks and sell their capital. The customer’s confidence in brick and mortar is still regarded as the biggest limit on the digital banking industry. Many banks invest a great deal on their cyber protection, but they have to be on the front line, follow, and mitigate risk. The majority of customers are still reluctant to take advantage of online purchases; this factor is acting as the key constraint on the development of the digital banking industry.
The developments in the digital banking industry are leading to the increasing use of mobile phones and Internet penetration across the globe. In addition, banks are working in partnership to bring additional client-centric products & services and thus provide a stronger customer experience.
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The key players of the digital banking market are Industrial and Commercial Bank of China Limited, China Construction Bank, Bank of America, Citigroup, HSBC Group, Bank of China Limited, Agricultural Bank of China, Wells Fargo, JPMorgan Chase, and China Merchants Bank among others.
Product development, mergers, and acquisitions are the key strategies opted by the companies operating in this market. Governments are launching numerous programs globally to encourage and facilitate the use of digital banking services. The Indian government announced an annual revenue bill of $7.0 million to make low-cost digital payment methods accessible to customers, including BHIM UPI, RTGS, NEFT, Aadhaar Pay, debit cards, and UPI-QR. The government of several countries is focusing on going cashless and has introduced a number of policies, such as demonetization to encourage and promote the integration of digital payments between different traders. MDR, i.e., merchant discount rate, was introduced, which means a merchant or customer would not be charged with hefty charges. Therefore, these legislation and policy funding will broaden the digital banking market further worldwide.
In a nutshell, it can finally be expected that this upward trend of the digital banking market will not be slowing down anytime soon.
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As the population is growing, the banks are also moving for digital platforms, intending to provide their services with one touch to their consumers. Trends in increased smartphone usage, internet use result in the digital banking market growth. The government initiatives are considered as a market opportunity for the digital banking market. Government initiative has connected digital banking globally to the promotion of cashless business, through which the government and consumers will keep each individual accountable for their finances.
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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