IMARC Group’s latest report, titled “Online Banking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global online banking market size reached US$ 4.0 Billion in 2022. Online banking, also known as web or internet banking, refers to a digital method wherein transactions are conducted electronically. It allows customers of a banking or financial institution to access and use various banking services, such as online bill payments, account opening, deposits, and transfers, over the internet. It also enables users to check account balances and recent transactions, obtain statements, apply for credit cards, and order checks. It is available both on desktop versions and through mobile apps and eliminates the need for individuals to visit a physical branch for basic banking transactions. Since it offers instant access, convenience, a smooth experience, enhanced security, fast service, and cost-effectiveness, online banking has gained immense traction across the globe.
Global Online Banking Market Trends:
The increasing penetration of the internet and smartphones, coupled with the shifting consumer preferences toward real-time payment solutions, represents the primary factor driving the market growth. Besides this, the escalating demand for better customer experience is positively influencing the market growth as online banking saves time, offers ease of use, and 24x7 service. Additionally, the implementation of lockdowns, social distancing norms, and remote working policies amid the coronavirus disease (COVID-19) outbreak has accelerated the adoption of online banking services. In line with this, the surging need for enhanced transparency and flexibility among consumers has augmented product demand. Apart from this, online banking allows investors to track their investment portfolio in real-time while investing or trading online with continual access to their funds, which in turn, has catalyzed market growth. Furthermore, several key players are offering customized services and introducing intuitive user interfaces for websites and applications to expand their customer base. Along with this, recent advancements in innovative technologies, such as chatbots, cloud computing, application programming interfaces (APIs), robotic process automation (RPA), machine learning (ML), and blockchain, are contributing to the market growth. Other factors, including the advent of the cashless age, the growing popularity of the Banking as a Service (BaaS) model, rapid digitization, and supportive government initiatives, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 5.2 Billion by 2028, expanding at a CAGR of 4.3% during 2023-2028.
- Based on the banking type, the market has been categorized into retail, corporate, and investment banking.
- On the basis of the software type, the market has been bifurcated into customized and standard software.
- The market has been segmented based on the service type into payments, processing services, customer and channel management, wealth management, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Aci Worldwide Inc., Backbase, Capital Banking Solutions, CGI Inc., ebankIT, EdgeVerve Systems Limited (Infosys Limited), Fiserv Inc., Halcom d.d. (Constellation Software Inc.), Oracle Corporation, Tata Consultancy Services Limited, Technisys, and Temenos AG.
|Base Year of the Analysis
||Banking Type, Software Type, Service Type, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Aci Worldwide Inc., Backbase, Capital Banking Solutions, CGI Inc., ebankIT, EdgeVerve Systems Limited (Infosys Limited), Fiserv Inc., Halcom d.d. (Constellation Software Inc.), Oracle Corporation, Tata Consultancy Services Limited, Technisys and Temenos AG
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