Digital Banking Market Synopsis
The Global Digital Banking Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of digital Banking will grow moderately over the forecast period. The market is forecasted to witness slow but steady growth by 2027, which will be a surplus growth at a moderate CAGR during the projected period (2016 -2022).
Digital transformation is far beyond just moving from traditional Banking to a digital world, it is a vital change in how banks and other financial institutions learn about, interact with and satisfy customers. An efficacious digital transformation begins with an understanding of digital customer behavior, preferences, choices, likes, dislikes, stated as well as unstated needs, aspirations among others. This transformation leads to the major changes in the organizations, from product-centric to customer-centric view.
The prominent players in the Digital Banking Market are-
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), are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Human Machine Interface (HMI) Market.
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Digital Banking Market Segmentation:
- The Digital Banking markets has been segmented on the basis of deployment, services, Technology, and industry.
- By deployment the market has been segmented as- On cloud and On- premises.
- The services includes Non-transactional activities, transactional among others.
- On the basis of technology includes- mobile Banking, internet Banking, digital payments.
- Whereas on the basis of industries, the market includes- retail, Banking, manufacturing, media & entertainment, and healthcare among others.
Digital Banking Market: Competitive Analysis
The market for digital channel platforms has changed significantly over the last few years, from online and mobile-specific Banking solutions to many vendors offering channel-agnostic digital Banking platforms. Although custom-built digital platforms remain a widely used approach, the lower maintenance and development costs of a single platform and more easily managed security are making packaged systems an attractive option for banks, especially as the replacement cycle for front-office platforms is accelerating and banks are moving toward a more continuous development approach.
Digital Banking Market Regional Analysis:
Global digital Banking market is growing rapidly owing to the factors such as increasing internet and smartphone users. Currently, North America is dominating the market of digital Banking. High density of smartphone users and technologically advanced countries such as U.S. and Canada gives North America a competitive advantage over the other regions.
Europe stands as second biggest revenue generator in this market. Rich financial sector of U.K., France and Germany among other countries are the major contributor in the growth of digital Banking in Europe region. Also, high literacy rate and knowledge towards internet and mobile application are some of the factor which is supporting the market of digital Banking in Europe.
Asia-Pacific has emerged as fastest growing market due to the growing economy of India, China among other countries, and green earth initiatives. Also the government of these countries is also helping the market by adopting new policies regarding digital economy.
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Industry/ Innovation/ Related News:
November, 2017 – Cachet Financial Solutions Inc., a provider of cloud-based remote deposit capture and mobile prepaid card solutions, has announced a corporate rebranding and name change to Digiliti Money Inc. The rebrand reflects the company’s digital agilityto innovate solutions that swiftly and seamlessly move money for financial institutions
Decemeber, 2016 – Capgemini, an IT consulting company acquired I-Gate to improve their customer database in North America. I Gate was a dominant player in providing business solutions in the U.S.
December, 2017 – CIMB Group Holdings Bhd. is making a push into digital Banking in Southeast Asia, starting with Vietnam, as Malaysia’s second-biggest bank by assets seeks to expand in the region without swelling costs. The Kuala Lumpur-based lender will launch its first fully digital bank in Vietnam in January, followed by the Philippines.
December, 2017 – Technology start-up Kuzzle, the open-source backend solution for mobile, web and internet of things (IoT), will launch its latest solution for digital Banking at FinTech Connect Live in London. Created to meet the needs of a digital backend solution, Kuzzle says it will enable banks and financial services organisations to deliver a “seamless customer experience and real-time features via their online applications”. These include real-time data processing and collaboration, security and API management services, user authentication, and publish and subscribe engines for event-driven apps.
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