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Digital Account Opening (DAO) refers to the process of opening an account without ever going to a bank. Traditional banking program services and activities that were previously only available to customers when they were present inside a bank branch are now available online or through digital means. Digital banking is a simple, quick, and convenient way for an individual or a business to manage and control their daily finances.
The customer simply needs to log in on any internet-connected device to transfer money, pay bills, and check balances. Moreover, most banks now provide digital banking services and solutions, but the features and benefits differ from one bank to the next. Therefore, the surge in demand for digital account opening market is expected to boost the growth of the market in the upcoming years.
The global digital account opening market is segmented on the basis of type of account, deployment model, type of bank, enterprise size and region. Based on type of account, the market is divided into current accounts, savings banking account, recurring deposits and fixed deposits. In terms of deployment model, the market is categorized into on-premise and cloud. On the basis of type of bank, the market is divided into corporate banking and retail banking. On the basis of enterprise size, the market is divided into large enterprise and small & medium enterprises. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global digital account opening industry include Appway AG, CREALOGIX AG, Edge Verve Systems Limited, Fiserv Inc., Oracle, SAP SE, Sopra Steria, Tata Consultancy Services (TCS) Ltd, Temenos Headquarters SA and Worldline SA. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global digital account opening market.
COVID-19 Scenario Analysis
Top Impacting Factors
Rise in the implementation of digitalized technologies and increased adoption of smart mobile devices & digital banking services among customers is expected to boost the growth of the market. In addition, increased adoption of cloud-based platforms to obtain higher security propel the growth of the market.
However, increased security concerns are expected to hamper the growth of the market. Contrarily, the rise in investments in fintech is expected to provide lucrative opportunities to the market in the upcoming years.
Rise in the Implementation of Digitalized Technologies
The process of opening a new account has become easy. In the near future, utilizing mobile photo data capture, designing the new account opening process to be easier for a smartphone user, and eliminating the need for legacy, paper-based documentation will significantly reduce the time required to open an account. Digital capabilities will transform new account opening, allowing more time to discover the needs of the new customer, determine optimal financial solutions, and build a better onboarding experience for both user-initiated & branch-assisted new account openings.
Moreover, data collection, qualification, identity verification, account funding, & account creation will all become so automated that the act of opening an account will be a breeze rather than a barrier to engagement and loyalty. Therefore, the surge in demand for the digital account opening is expected to boost the growth of the market during the forecast period.
Increased Adoption of Smart Mobile Devices & Digital Banking Services Among Customers
The advantages of using a mobile device to speed up new account opening are starting to filter down to the branch network. Many banks and credit unions are replacing slow, error-prone desktop processes with mobile functionality, such as turning a smartphone into a document and ID scanner with character recognition (OCR) for improved accuracy, reduced friction, and risk management.
Moreover, using a mobile device as part of the self-service and branch-assisted account opening process will be more important than using an online desktop to open accounts in the long run. Therefore, increased adoption of smart mobiles & digital banking services among customers is expected to boost the growth of the market during the forecast period.
Key Benefits of the Report
Questions Answered in the Digital Account Opening Market Research Report     Â
Digital Account Opening Market Report Highlights
Aspects | Details |
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By Type |
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By Deployment Model |
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By Enterprise Size |
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By Type |
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By Region |
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Key Market Players | Sopra Steria, SAP SE, Tata Consultancy Services (TCS) Ltd, Worldline SA, Oracle, Appway AG, Temenos Headquarters SA, CREALOGIX AG, Fiserv Inc., EdgeVerve Systems Limited |
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