Online Banking Market

Online banking or internet banking refers to the online systems that provide access to users for their personal bank account information and functions but are not limited to account balances and transactions. Online banking offers customers almost every service which is usually provided by the local branch, such as transfers, online bill payments, and deposits. Additionally, almost every banking institutes across the world have some form of online banking, available through mobile apps and desktop versions. Some of the financial tasks that customers could complete using online bank include paying bills, obtaining bank statements, viewing account balance, and completing basic account maintenance.

To have an edge over the competition by knowing the market dynamics and current trends of “Online Banking Market,” request for Sample Report here

The key factors contributing toward the growth of the global online banking market include the increasing adoption of smartphones, customer convenience, better rate of interest, and shift toward digitalization. In 2018, more than 80 percent of banks across the world started shifting toward digitalization. Banking is a competitive business landscape, wherein changing customer preference and competitive pressure is compelling traditional banks to shift toward faster digital banking transformation. Traditional banks are progressively offloading routine banking tasks such as account onboarding, account balances, fund transfer, and bill payments to digital channels, which enables them to streamline branch operations, and back-office functions. Online banking is a part of digital transformations in the bank, wherein customers can perform different transactions such as booking holiday periods without visiting banks. Through online banking offers numerous benefits such as faster speed, enhanced security, cost-efficient, easy to monitor, and environment friendly. Thus, due to multiple innovations, and revolutionizing in digitalization, the interaction between banks and money have changed completely, which will further boost the growth of the online banking market globally. On the contrary, the integration of online banking platforms with legacy systems might hinder the growth of the market.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Based on type, the market is segmented into retail banking, corporate banking, and investment banking. Among these, retail banking segment is expected to lead the market during the forecast year. This is attributed to the increasing adoption of mobile payment solutions among customers. Moreover, along with a change in market dynamics and customer preference, the banks are developing new business models to cope up with the changes, which will further accelerate the growth of the segment during the forecast period.

On the basis of solution, the market is segmented into payments, processing services, customer and channel management, risk management, and others. Among these, solution segment would witness a higher CAGR during the forecast period. This is due to the inclination of banks and customers toward a faster, convenient, and safer payment methods. Furthermore, the online banking services allow faster payments and enhance value preposition which further drives the growth of the segment.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

Based on region, North America would lead the market during the forecast period owing to the early adoption of technology and the high focus of region toward advancements or innovations. Asia-Pacific is projected to witness higher CAGR during the forecast period. This is attributed to the increasing adoption of multiple mobile platforms in the region, along with the shift of individuals toward convenient payment methods.

The major players in the market include Microsoft Corporation, ACI Worldwide, Inc., Fiserv, Inc., Tata Consultancy Services Ltd., Oracle Corporation, Cor Financial Solutions, Temenos Headquarters SA, Broadridge Financial Solutions, Inc., EdgeVerve Systems Ltd., and Capital Banking Solutions, among others.

Key Developments:

• • In 2019, Oracle Financial Services partners with FSS, a provider of integrated payment products. With this partnership, a centralized payment system was offered to customers to support real-time payment processing and straight-through processing of cross-border transactions.
  • In 2019, ACI Worldwide acquired Speedpay, a Western Union’s United States bill pay business. With this acquisition, ACI Worldwide is expanding its reach to complementary and existing segments such as insurance, finance, healthcare, utilities, consumer finance, higher education, mortgage and government.

The global online banking market has been segmented on the basis of type, solution, and region. Based on type, the market is segmented into retail banking, corporate banking, and investment banking. Based on solution, the market is segmented into payments, processing services, customer and channel management, risk management, and others.

For detailed scope of the “Online Banking Market” report request a Sample Copy of the report

Key questions answered in this research report:

• • At what pace is global online banking market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in global online banking market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global online banking market?
  • Which solution generated maximum revenues in 2019 and identify the most promising solution during the forecast period?
  • What are the various types of global online banking market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Online Banking Market by Type

• • Retail Banking
  • Corporate Banking
  • Investment Banking

Global Online Banking Market by Solution

• • Payments
  • Processing Services
  • Customer and Channel Management
  • Risk Management
  • Others

Global Online Banking Market by Region

• • North America Online Banking Market (Option 1: As a part of the free 25% customization)
    • North America Online Banking Market by Type
    • North America Online Banking Market by Solution
    • US Online Banking Market All-Up
    • Canada Online Banking Market All-Up
  • Europe Online Banking Market (Option 2: As a part of the free 25% customization)
    • Europe Online Banking Market by Type
    • Europe Online Banking Market by Solution
    • UK Online Banking Market All-Up
    • Germany Online Banking Market All-Up
    • France Online Banking Market All-Up
    • Spain Online Banking Market All-Up
    • Rest of Europe Online Banking Market All-Up
  • Asia-Pacific Online Banking Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Online Banking Market by Type
    • Asia-Pacific Online Banking Market by Solution
    • India Online Banking Market All-Up
    • Japan Online Banking Market All-Up
    • Rest of APAC Online Banking Market All-Up
  • RoW Online Banking Market (Option 4: As a part of the free 25% customization)
    • RoW Online Banking Market by Type
    • RoW Online Banking Market by Solution
    • Brazil Online Banking Market All-Up
    • South Africa Online Banking Market All-Up
    • Saudi Arabia Online Banking Market All-Up
    • UAE Online Banking Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Online Banking Market All-Up

Global Online Banking Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Microsoft Corporation
  • ACI Worldwide, Inc.
  • Fiserv, Inc.
  • Tata Consultancy Services Ltd.
  • Oracle Corporation
  • Cor Financial Solutions
  • Temenos Headquarters SA
  • Broadridge Financial Solutions, Inc.
  • EdgeVerve Systems Ltd.
  • Capital Banking Solutions