Allied Market Research

2024

Digital Account Opening Market

Digital Account Opening Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Deployment Model, by Type and by Enterprise Size : Global Opportunity Analysis and Industry Forecast, 2023-2032

BI : IT in BFSI

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Author's: | Onkar Sumant
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Digital Account Opening Market Outlook - 2030

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

  • The COVID-19 pandemic has forced banks to change their business practices almost overnight. Banks have used digital technologies such as cloud computing, robotic process automation, artificial intelligence, and chatbots to quickly adapt in response to branch closures, social distancing guidelines, and the shift to remote work.
  • Customers and banks have become more reliant on digital channels and fintech apps as a result of COVID-19. In times of social distancing and lockdowns, digitally engaging and supporting customer’s means reimagining distribution and customer relationships and providing more personalized services.

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

  • This study presents analytical depiction of the global digital account opening market forecast along with the current trends and future estimations to determine the imminent investment pockets.      
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global digital account opening market trends.        
  • The current market is quantitatively analyzed to highlight the global digital account opening market growth scenario.                
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global digital account opening market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the Digital Account Opening Market Research Report      

  • Which are the leading players active in the global digital account opening market size?
  • What would be the detailed impact of COVID-19 on the global digital account opening market share?
  • What are current trends that would influence the global digital account opening market in the next few years?
  • What are the driving factors, restraints, and opportunities of the global digital account opening market?
  • What are the projections for the future that would help in taking further strategic steps?

Digital Account Opening Market Report Highlights

Aspects Details
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By Type
  • Current Accounts
  • Savings Banking Account
  • Recurring Deposits
  • Fixed Deposits
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By Deployment Model
  • On-premise
  • Cloud
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By Enterprise Size
  • Large Enterprise
  • Small & Medium Enterprise
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By Type
  • Corporate Banking
  • Retail Banking
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By Region
  • North America  (U.S., Canada)
  • Europe  (France, Germany, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

Worldline SA, Tata Consultancy Services (TCS) Ltd, Oracle, EdgeVerve Systems Limited, SAP SE, Temenos Headquarters SA, Fiserv Inc., Appway AG, Sopra Steria, CREALOGIX AG

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Digital Account Opening Market

Global Opportunity Analysis and Industry Forecast, 2023-2032