The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Digital Banking Market trends. The growth sectors of the Digital Banking Market trends are identified with precision for a better growth perspective.
The global market of digital banking around the world is growing rapidly. High technology proliferation and support heavy investment by the companies operating in the technology service are helping in the development of efficient cashless system. Many banks around the world are adopting cashless policies for various areas such as payments, transfers among other things. Increasing use of internet and smartphones to do the banking transaction are result of digital banking which makes the task easy and more transparent.
Digital banking is also helping the banking system in the management of records, data and retrieval of them. One of the major trend in this field is adoption of cloud for the management of data and use of it. Going digital helps the banks to monitor the each and every customer’s details and records more easily. Communication with customers for any announcement and revive feedback have become easy because of digital banking.
Whereas factors such as need of technical knowledge, growing security proliferation in BFIS industry among others are some of the restraints which is expected to slow the growth of overall market.
The digital banking market is expected to grow at CAGR of around 8% between years 2016 to 2022.
The prominent players in the Digital Banking Market includes- Urban FT, Inc. (U.S.), Misys (U.K.), Kony, Inc. (U.S.), Backbase (Netherlands), Technisys (Subsidiary of FMC Technologies) (U.S), Infosys (Bangalore), Cachet Financial Solutions, Inc. (U.S), Innofis (Spain), Mobilearth (Canada), among other
The other players operating in this market are- Nymbus, NLS Banking, IDEALINVENT Technologies, Capital Banking Solutions and among others.
Market Research Future Analysis:
Market Research Future analysis show that the global market of digital banking is estimated to grow at compound annual growth rate of ~8 % between forecast years. High adoption of cloud based services by the major banks around the world and increasing the number of internet and mobile phone consumers are playing role of major growth factor. In the regional market, North America is leading the market due to the high growth of on cloud adoption in banking and other BFSI industries. Also presence of technology and service providers in U.S. and Canada is giving competitive advantage to North America. Europe and Asia-Pacific digital banking market is expected to grow rapidly due to the green initiative by the government and owing to high number of smartphone users in this region.
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