March 31, 2020
Online Banking

Online Banking Market (4.28% CAGR) 2019 to 2027: Global Industry Size, Share, Growth, Trends, and Forecast

The global online banking market was valued at US$ 7.60 billion in 2018 and is set to grow at 4.28 per cent CAGR during the forecast period.

According to The Banker’s report, the top 1,000 World Bank ratings for 2018 show that banks’ total assets amounted to more than US$ 120.0 Tn. More than 68% of the world’s adult population now have an account with a financial institution or a mobile money service. The increase in Internet penetration, customer convenience and the increase in smartphone users is boosting the online banking market. There is a continuous increase in non-cash transactions currently in excess of US$ 500 billion. Technological advancements and availability of banking apps have ensured a robust adoption of digital banking services, giving rise to industry. Now, through online banking, banking services are a touch away forĀ loans, credit cards and other banking services.

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Based on the banking type, retail banking is the leader in online banking leadership with more than 1/3 of the market share. Retail banking is essentially the typical mass marketing banking in which consumers use the local branches of the big commercial banks. As the number of bank accounts coupled with related internet services and penetration is increasing, so is the use of online banking. The growth of the e-commerce platform has resulted in a large number of customers switching from paper transactions to online transactions. Today, consumers prefer to carry on all their banking transactions online instead of going to brick & mortar banks. Subsequently, retail banking continues to be the most widely used digital banking services and is expected to retain its dominant market position throughout the forecast period.

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On the basis of the vertical type of payment, online banking is led by the banking card segment, which covers debit and credit cards. With the advent of online payment platforms and ATMs, banking cards have emerged as the primary mode of banking transactions, online shopping, bill payments, and so on. As a result, the segment is estimated to hold its market share during the forecast period. Geographically speaking, North America is the leader in the online banking market, accounting for more than 30% of the total market revenue followed by Asia-Pacific and Europe. As internet penetration is on the rise in Asia-Pacific, we expect an enormous increase in the online banking market in the forecast period.

India and China are expected to remain the growth engines for the online banking market in Asia-Pacific. For example, under the Government of India’s Jan Dhan Yojana initiative in 2014, the number of bank current & savings accounts went up to 15.71 million in March 2017, compared to 12.23 million two years earlier. According to the Avaya Banking Survey 2017 in India, more than 50 per cent use online banking channels from which 26 per cent of Indian consumers prefer to access services via the bank’s website and rest prefer to use a mobile app. Subsequently, Asia Pacific is set to record the fastest growth in the market over the forecast period.

Some of the major companies profiled in the report include ACI Worldwide, Microsoft Corporation, Temenos Group AG, Oracle Corporation, Fiserv, Inc., Cor Financial Solutions Ltd., EdgeVerve Systems Limited, Symitar (A division of Jack Henry & Associates, Inc.), Capital Banking Solutions, JPMorgan Chase & Co., Tata Consultancy Services Limited, TRG Mobilearth Inc. and others.

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[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]

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