Digital Banking Market Analysis Trends, Growth Opportunities, Size, Type, Dynamic Demand and Drives with Forecast 20222

Posted by sandra k on December 20th, 2022

The global digital banking market size was valued at USD 8.4 billion in 2021. The market is projected to grow from USD 8.4 billion in 2021 to USD 19.2 billion by 2028, exhibiting a CAGR of 14.80% during the forecast period.
 
The market is expanding due to greater digitization, increased usage of online banking tools, and rising demand for non-transactional services. Several financial institutions are combining with other financial corporations to improve their services to client requirements. Young people have an edge since they are quite comfortable with web apps. In a recent Oracle poll, it was discovered that 86% of customers stated they wanted to make payments online, while 60% said they wanted to create bank accounts online. Additionally, the government has made an effort to encourage digital banking, which is a fantastic potential for market growth. Due to this action, people are becoming more aware of the technology that is beneficial for society. Adhar Pay, BHIM UPI, and NEFT are just a few low-cost digital platforms the Indian government created in 2019 for Indian consumers. Another newly-emerging market development prospect is the progress of technology. Increasing the usage of blockchain, AI, and other emerging technologies. However, the risk of cyberattacks is impeding industry expansion.

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COVID-19 IMPACT

Customer preferences for remote and digital capabilities have increased due to the ongoing COVID-19 epidemic. Mobile customer contact with banks was predicted tod increase more quickly between December 2019 and May 2020 than during the pre-COVID-19 timeframe. Due to greater adoption during the lockout, certain end-use markets have seen a boost in digital payments. Examples include online pharmacies, OTT players (telecom and media), EdTechs, online gaming, recharges, and utility/bill payments.
 
DRIVING FACTORS

Market is Expected to Grow as a result of Cost Effectiveness and User-Friendliness in Financial Transactions

The cost-effectiveness and ease of use advantages of digital banking over traditional banking systems, the rising popularity of electronic devices, and the accessibility of high-speed internet services are the main market drivers for the sector. These factors are anticipated to support growth over the forecast period. The market projection for digital banking may be affected by the rising risk of data breaches and cyberattacks on banking servers. Further supporting the global digital banking market are technological developments like the incorporation of blockchain technology.
 
RESTRAINING FACTORS

High Potential for Market Restriction due to Security Concerns with Consumer Personal Data

Consumers continue to trust the brick-and-mortar business model for transactions involving their money. Still, most people believe that banks are where they should go to handle their finances. Therefore, the largest barrier to the digital banking business's growth is consumer belief in physical and mortar. Most banks and financial institutions invest a lot of money in cyber security, but they must be proactive in catching fraudsters and reducing risks. Most consumers are still unwilling to take a chance when making purchases online, which is thought to be the main barrier to the market's expansion.

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LIST OF KEY COMPANIES PROFILED:

• Industrial and Commercial Bank of China Limited
• Bank of China Limited
• Bank of America
• Citigroup
• China Construction Bank
• Agricultural Bank of China
• Wells Fargo
• JPMorgan Chase
• HSBC Group
• China Merchants Bank

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