Online Banking Market expected to reach Grow CAGR of 22.6% to 2023 | ACI Worldwide, Microsoft, and Fiserv

The Online Banking Market size is expected to reach $29,976 million in 2023 from $7,305 million in 2016, growing at a CAGR of 22.6% from 2017 to 2023. Digital banking includes all kinds of online/internet transactions done for various purposes. It is the incorporation of new technologies, to deliver enhanced customer services.

Market Players in the Value Chain
ACI Worldwide (U.S.), Microsoft Corporation (U.S.), Fiserv, Inc. (U.S.), Tata Consultancy Services (India), Cor Financial Solutions Ltd. (UK), Oracle Corporation (U.S.), Temenos Group AG (Switzerland), Rockall Technologies (Ireland), EdgeVerve Systems Limited (India), Capital Banking Solutions (U.S.)

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Customer convenience, higher interest rates, and technologically advanced interface majorly drive the market. High security risk of customer’s data hinders the market growth. Growth in smartphone usage, increase in internet penetration among consumers, and increasing technology and growth of developing economies in Asia-Pacific region are some of the key factors, which are fueling the market growth.

The global online banking market is segmented on the basis of banking type, service type, and geography. Based on banking type, it is classified into retail banking, corporate banking, and investment banking. Based on solution type, it is divided into payments, processing services, customer & channel management, risk Management, and others. Geographically, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Netherland, France, UK, Sweden, and rest of Europe), Asia-Pacific (South Korea, Australia, Singapore, China, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle-East, and Africa). Key players profiled in the report include ACI Worldwide (U.S.), Microsoft Corporation (U.S.), Fiserv, Inc. (U.S.), Tata Consultancy Services (India), Cor Financial Solutions Ltd. (UK), Oracle Corporation (U.S.), Temenos Group AG (Switzerland), Rockall Technologies (Ireland), EdgeVerve Systems Limited (India), and Capital Banking Solutions (U.S.)

Top Impacting Factors
Customer Convenience and Better Rates of Interest
Online banking includes banking and financial services, mobile phones, social media, and internet providers. Actual account balances and other information are available at the touch of a few buttons. This makes banking faster, easier, efficient, and more effective because consumers are able to stay up to date with their account balances. Less bank staff, no cost of significant infrastructure, and overhead costs allow online banking portals to pay higher interest rates on savings and charge lower mortgage and loan rates.

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Greater Market Penetration with Increasing Consumer Base
With growth in population rational brick and mortar banks would not be able to skillfully provide services to its ever increasing customers. The customer base of online banking is on a rise with the growth in internet penetration and mobile apps across the world.
These online banks easily manage large customer databases with fewer space and employee requirement. Online banking saves much more time and energy compared with the traditional banks.

Key Benefits
A comprehensive analysis of the current trends and future estimations is provided.
The report elucidates key drivers, restraints, and opportunities and a detailed impact analysis from 2017 to 2023.
Porter’s Five Forces model of the industry illustrates the potency of the buyers and suppliers in the market.
A quantitative analysis of the current scenario and the forecast period highlights the financial competency of the market.
The report provides a detailed analysis of the market with respect to banking type, service type, and geography.

Table of Contents:
Chapter: 1 Introduction
Chapter: 2 Executive Summary
Chapter: 3 Market Overview
Chapter: 4 Global Online Banking Market by Banking Type
Chapter: 5 Global Online Banking Market by Solution Type
Chapter: 6 Online Banking Market by Geography
Chapter: 7 Related Industry Insights
Chapter: 8 Company Profiles

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Posted by on Thursday January 09 2020, 5:00 AM EST. All trademarks acknowledged. Filed under Automotive, Automotive & Transportation, Automotive Manufacturing, Business & Financial Services, Business Services, Featured Press Release, Transportation. Comments and Trackbacks closed. Follow responses: RSS 2.0

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