Digitization is transforming the financial services industry as financial industry is effectively leveraging digital technologies to innovate and improve the customer experience. Digitization in banking incorporates high levels of automation process and web-based services. The banking sector is exploring ways to convert to a more digital business model. The increasing use of digital devices in managing a business and rising demand for cloud-based solutions are some of the major factors that contribute to the growth of the global digital banking market. Moreover, the rising usage of the internet coupled with increasing smartphone penetration in are other factors contributing significantly to the growth of the market.

The global digital banking market is classified on the basis of banking type, and solutions. Based on the banking type, the global digital banking market is further segmented into corporate banking, investment banking, and retail banking. The retail banking segment is estimated to have considerable market share in the global digital banking market owing to its wide application due to increasing trend of offering advanced customer services and solutions to retail consumers by banking service providers. Based on solutions, the global digital banking market is further classified into processing services, payment, customer and channel management, and risk management. The customer and channel segment is estimated to have a significant market share in the global digital banking market due to an increasing number of the customer base in emerging economies.

Moreover, the global digital banking market is further classified on the basis of geography into North America, Europe, Asia-Pacific and Rest of the World. North America is projected to have significant market share in the global digital banking market due to the presence of major fintech companies. In addition, rising adoption of enhanced IT technologies in the BFSI sector further contributed to the market growth in the North American region. Moreover, Asia-Pacific is anticipated to have considerable market growth in the global digital banking market due to technological advancement in digital banking services. Further, supports from the government organizations to encourages digital transactions in emerging economies such as China and Indiaand  the trend of advanced digital technologies in banking sector propels the market growth in the region.

Some of the players that contribute to the growth of the global digital banking market include ACI Worldwide, Inc., Atos SE,Fidelity National Information Services, Inc., The Bank of New York Mellon Corp., Computer Services, Inc., Intellect Design Arena Ltd, Microsoft Corp., NCR Corp., NETinfo Plc, Oracle Corp., SAP SE, Technisys, Tata Consultancy Services Ltd. and others. Advancement in technologies coupled with the advent of AI-based smart have encouraged the market players opting for these digital solutions. These market players are contributing to the market by adopting various market approaches such as bringing new apps to the market for digital paymenst, merger and acquisition, and partnerships and collaborations for gaining a strong position in the market. For instance, ACI Worldwide Inc. in May 2019, completed the acquisition of Speedpay, United States bill pay business  of Western Union for $750 million. With this acquisition, the company is aimed at expanding its reach into existing and complementary segments such as consumer finance, insurance, healthcare, higher education, utilities, government and mortgage.

Research Methodology:

The market study of the global digital banking market is incorporated by extensive primary and secondary research conducted by the research team.  Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.

Secondary Sources Include:

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalogue

The report is intended for digital banking service providers, digital payment service providers, BFSI sector, software vendors, government organizations for overall market analysis and competitive analysis. The report provides an in-depth analysis of the market size and growth opportunities. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions.

Market Segmentation:

1. Global digital banking Market Research and Analysis, By Type
2. Global digital banking Market Research and Analysis, By Solution

The Report covers:

• Comprehensive research methodology of the global digital banking market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global digital banking market.
• Insights about market determinants which are stimulating the global digital banking market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.