Sarasota, FL -- (SBWire) -- 03/13/2019 --Zion Market Research has published a new report titled "Digital Banking Market by Banking Type (Retail Banking, Corporate Banking, and Investment Banking), by Solution (Payments, Processing Services, Customer and Channel Management, and Risk Management), by Organization Size (Small- and Medium-Sized Enterprises and Large-Sized Enterprises), by Technology (BaaS, BaaP, Cloud-Based, White Label Banking, and Chatbots), and by Payment Vertical (Banking Cards, Unstructured Supplementary Service Data, Uniform Payment Interface, Mobile Wallets, Point of Sale, Mobile Banking, Internet Banking, and Micro ATMs): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025". According to the report, the global digital banking market was valued at approximately USD 6,620 million in 2018 and is expected to generate around USD 8,646 million by 2025, at a CAGR of around 3.8% between 2019 and 2025.
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Digital banking is the digitization of the banking sector, where all the banking services and activities can be accessed by users over the internet. However, with the advent and growth of digital banking, customers can now access their financial data and enjoy personalized banking services through their mobiles or desktops. Digital banking includes high levels of automation process and web-based services. The increasing use of digital devices in managing a business, rising demand for cloud-based solutions, and the growing number of smartphones are some major factors that are driving the market digital banking market. Technological advancements along with the advent of AI-based smart solutions have resulted in an increased number of companies opting for these digital solutions. It saves time and provides customers with new solutions at their comfort and discretion. However, the lack of organized internet infrastructure and several security issues may hamper the overall growth of the digital banking market over the forecast period. Change in technological solutions along with the higher emphasis on comfort through connected devices will provide new opportunities for the digital banking market globally.
On the basis of banking type, the market for digital banking is divided into retail, corporate, and investment banking. It is the retail banking segment that held the largest market share for the digital banking market globally. The high share of the retail banking segment can be contributed to the usage of card payments or mobile payments for shopping purpose. The growth of the e-commerce platform for shopping saves a lot of time and money for the customers resulting in the large application of digital banking in the retail sector.
By solution, the market comprises payments, processing services, customer and channel management, and risk management. The organization sizes of this market include small- and medium-sized enterprises and large-sized enterprises. Based on technology, the digital banking market is divided into BaaS (banking as a service), BaaP (banking as a platform), cloud-based, white label banking, and chatbots.
Banking cards, uniform payment interface (UPI), the point of sale (POS), mobile wallets, unstructured supplementary service data (USSD), mobile banking, internet banking, and micro ATMs form the payment vertical of the global digital banking market. Banking cards are mainly used instead of cash by customers for a majority of transactions these days, such as online shopping, bill payments, etc. These card holders are benefitted with the opportunity to build credit, earn rewards, and protect themselves against credit card frauds.
By region, North America holds the maximum share of the digital banking market and is likely to grow significantly over the forecast time period. Technological advancements and the increasing use of AI-based solutions across multiple business sectors are the major growth drivers of the digital banking market in the Asia Pacific region.
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Some major players of the global digital banking market are ACI Worldwide, Ally Financial Inc., Backbase, Capital Banking Solution, CR2, Digiliti Money, Inc., Fiserv, Inc., Infosys Ltd., Innofis, JPMorgan Chase & Co., Kony, Inc., Microsoft Corporation, Oracle, Tata Consultancy Services, Technisys, Temenos Headquarters SA, TRG Mobilearth Inc., and Urban FT.
This report segments the global digital banking market into:
Global Digital Banking Market: Banking Type Analysis
Retail Banking
Corporate Banking
Investment Banking
Global Digital Banking Market: Solution Analysis
Payments
Processing Services
Customer and Channel Management
Risk Management
Global Digital Banking Market: Organization Size Analysis
Small- and Medium-Sized Enterprises
Large-Sized Enterprises
Global Digital Banking Market: Technology Analysis
BaaS (Banking as a Service)
BaaP (Banking as a Platform)
Cloud-Based
White Label Banking
Chatbots
Global Digital Banking Market: Payment Vertical Analysis
Banking Cards
Unstructured Supplementary Service Data (USSD)
Uniform Payment Interface (UPI)
Mobile Wallets
Point of Sale (POS)
Mobile Banking
Internet Banking
Micro ATMs
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Global Digital Banking Market: Regional Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
Global Digital Banking Market Is Expected to Reach Around USD 8,646 Million by 2025
Global digital banking market expected to generate around USD 8,646 million by 2025, at a CAGR of around 3.8% between 2019 and 2025. Digital banking is the digitization of the banking sector, where all the banking services and activities can be accessed by users over the internet.