According to a new market research report published by Acute Market Reports “Online Banking Market (By Banking Type - Retail Banking, Corporate Banking (Small and Medium Scale Enterprise and Large Scale Enterprise), Digital Investing, By Payment Vertical - Banking Cards, Uniform Payment Interface, Mobile Wallets, Mobile Banking, Internet Banking)), Market – Growth, Future Prospects, and Competitive Analysis, 2021 - 2029”, the overall online banking market worldwide is set to grow with 4.28% CAGR during the forecast period.

Market Insights

According to a report from The Banker, top 1,000 world banks ratings for 2018 shows that the total assets of banks reached to more than US$ 120.0 Tn. Now, more than 68% of the world’s adult population have an account with a financial institution or through a mobile money service. Rise in internet penetration, customer convenience and increase in smartphone users is boosting the online banking market. There is a continuous increase in the non-cash transactions which is currently at, more than US$ 500 Bn. Technological advancements and availability of banking apps has ensured robust adoption of digital banking services, thereby giving rise to the industry. Now, through online banking, banking services are a touch away for loans, credit cards and other banking services.

Based on banking type, retail banking is the leader in online banking leadership race with more than 1/3rd of the market share. Retail banking is basically the typical mass marketing banking in which consumers use local branches of the big commercial banks. As the number of bank accounts coupled with related internet services & penetration is rising, so is the usage of online banking. The growth of e-commerce platform has led to a large number of customers switch from paper transactions to online transactions. Today, consumers prefer to carry all their banking transactions online instead of going to brick & mortar banks. Subsequently, retail banking remains the most commonly used digital banking services and is expected to retain its dominant position in the market throughout the forecast period.

Based on payment vertical type, online banking is led by banking cards segment covering debit and credit cards. With the advent of online payment platforms and ATMs, banking cards have emerged as the primary mode for banking transactions, online shopping, bill payments and various others. As a result, the segment is estimated to hold its share in the market through the forecast period. Based on the geography, North America is the leader in online banking market with more than 30% of the overall market revenue followed by Asia Pacific and Europe. As the internet penetration is on rise in Asia Pacific, we are expecting a huge growth in online banking market in the forecast period.

India and China are expected remain the growth engines for online banking market in Asia Pacific. For instance, under government of India’s ‘Jan Dhan Yojana’ initiative in 2014, the number of current & savings accounts in banks has risen to 15.71 Mn in March 2017, compared with 12.23 Mn two years earlier. According to the Avaya Banking Survey 2017 in India, more than 50% use online banking channels from which 26% Indian consumers prefer to access service via bank’s website and rest prefer to use a mobile app. Subsequently, Asia Pacific is set to register the fastest growth in the market over the forecast period.

Some of the major companies profiled in the report include ACI Worldwide, Microsoft Corporation, Temenos Group AG, Oracle Corporation, Fiserv, Inc., Cor Financial Solutions Ltd., EdgeVerve Systems Limited, Symitar (A division of Jack Henry & Associates, Inc.), Capital Banking Solutions, JPMorgan Chase & Co., Tata Consultancy Services Limited, TRG Mobilearth Inc. and others.

Browse the full report at https://www.acutemarketreports.com/report/online-banking-market

The Global Online Banking Market is Segmented into:

*Complete segmentation list is on report page