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2020
Mobile Banking Market

Mobile Banking Market by Transaction (Consumer-to-consumer and Consumer-to-Business), and Platform (Android, iOS, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026
Update Available On-Demand

A00144
Pages: 177
Jan 2020 | 18957 Views
Author(s) : Snehal Manjrekar , Onkar Sumant
Tables: 72
Charts: 42
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Mobile Banking Market Outlook - 2026

The global mobile banking market was valued at $715.3 million in 2018 and is expected to reach $1,824.7 million by 2026, registering a CAGR of 12.2% from 2019 to 2026. Mobile banking is a service provided by a bank or other financial institutions, allowing users to conduct financial transactions remotely using a mobile device. The devices such as smartphones or tables are used for mobile banking, primarily for transferring money from one account to another and depositing a check by taking a picture, which is prominently provided features for mobile banking in the market. 

In addition, it typically operates across applications developed for iPhone, android, or other device platforms. Moreover, mobile banking is conducted with the availability of an internet or data connection to the mobile device. Depending on the feature provided in applications, the products and services included in the mobile banking provide account balances and lists of latest transactions, remote check deposits, funds transferred between beneficiary accounts, electronic bill payments, peer-to-peer (P2P) payments, and others.  

Mobile Banking Market

The increase in demand for self-service and personalization on products and services fuel the growth of the mobile banking market. Furthermore, technological advancements in mobile banking such as the delivery of personalized real-time customer service through smart bots, rise in usage of mobile devices allowing users to obtain instant customer assistance, drive the market growth. Due to rapid growth of mobile banking usage and increase in competition, major players in the market had implemented time & place convenience, and user-friendly interfaces for their customers.  However, this resulted in rise for security issues mainly location privacy concerns. 

In addition, lack of proper connectivity and unavailability of network infrastructure in developing countries for integrating mobile banking usage, are some factors that hamper the mobile banking market growth. Conversely, increase in the number of smartphones users fuels the growth of individuals accessing banking services through mobile banking applications. This, in-turn   provides lucrative opportunities for banks to enhance existing products and services. In addition, utilization of chatbots, and other services improve consumer engagements, allowing banks to gain customer loyalty, which fuel the growth of the market. Moreover, providing streamlined customer experience via mobile application while reducing the impact of fraud, creates a mobile banking market opportunity for the bank to integrate advance technologies such as blockchain, chatbots, wireless application protocol (WAP), and others to sustain in the competitive market.

Mobile Banking Market
By Transactions

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Consumer to business (C2B) segment holds the dominant position in 2018 and would continue to maintain the lead over the forecast period.

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Transaction segment review

The global mobile banking market on the basis of transactions is bifurcated into customer-to-customer (C2C) and customer-to-business (C2B). The customer-to-business (C2B) segment accounted for the largest revenue in 2018, owing to the fact that the customers are primarily using mobile banking for transferring funds on a daily basis for various purchases made online, paying equated monthly installment (EMI), and other such financial remittances in their day-to-day life. In addition, mobile banking offers convenience and prompt services for completing financial transactions via mobile banking application, enhancing self-service banking strategy in the market.  

Mobile Banking Market
By Platforms

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Android segment is projected as one of the most lucrative segments.

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Platform segment review

On the basis of platforms segment, the mobile banking market is segmented into android, iOS, and others. The android segment generated the largest revenue in 2018 and is anticipated to continue the same during the forecast period. Owing to the fact that, the developing economies are at the forefront in the usage of android platform usage, resulting in banks to concentrate more on providing mobile banking services on this platform.    In addition, innovative finance applications are helping to bring people into the formal banking sector, providing a platform to avail different banking products and services, aiming at reduction in time of standing in queue and giving access to personal banking information via android applications.   

Mobile Banking Market
By Region

2026
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific region would exhibit the highest CAGR of 16.0% during 2019-2026.

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Mobile Banking market, by region

The mobile banking market on the basis of region is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America and Europe dominated the mobile banking market in terms of revenue in 2018 and are expected to retain its dominance throughout the forecast period. Due to the emergence of new age FinTech technologies, banks are investing  to upgrade their mobile banking applications to provide  customized product offerings, enhanced customer experience, and convenience for their users. . Asia-Pacific is projected to grow at the highest CAGR during the forecast period. The growth is fueled owing to increased use of digital banking platforms and a robust economic growth in the region.

The report provides a comprehensive analysis of the key players operating in the mobile banking market include American Express Company, Bank of America Corporation, BNP Paribas S.A., Citigroup Inc., Crédit Agricole Group, HSBC Holdings plc, JPMorgan Chase & Co., Mitsubishi UFJ Financial Group, Inc., Société Générale S.A., Wells Fargo & Company. Other players operating in the value chain are Temenos Group AG, Capital Banking Solutions, Ally Financial Inc., Infosys Limited, and Strands, Inc. 

Key Benefits for Stakeholders:

  • The study provides an in-depth analysis of the global mobile banking market share with the current trends and future estimations to elucidate the imminent investment pockets.
  • Comprehensive analysis of the factors that drive and restrict the mobile banking market size is provided in the report.
  • Comprehensive quantitative mobile banking market analysis of the mobile banking industry from 2019 to 2026 is provided to enable the stakeholders to capitalize on the prevailing market opportunities.
  • An extensive analysis of the key segments of the industry helps to understand the mobile banking market trends.
  • Key players and their strategies are provided to understand the competitive outlook of the mobile banking market forecast.

Key Market Segments & Key Market Players

Segments Sub-segments
By Transaction
  • Consumer-to-consumer
  • Consumer-to-business
By Platform
  • Android
  • iOS
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Rest of Europe)
  • Asia-Pacific  (Australia, Japan, India, China, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players American Express Company, Bank of America Corporation, BNP Paribas, Citigroup Inc., Credit Agricole, HSBC Holdings plc, JPMorgan Chase & Co, MITSUBISHI UFJ FINANCIAL GROUP, INC., Societe Generale Group, Wells Fargo & Company
 

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The mobile banking market is projected to witness a significant growth, due to increase in demand for the customers for self-service, immediate assistance, and personalization on products and services via mobile banking applications in the market. Owing to the emergence of new technologies such as chatbots, bigdata, blockchain, and others; banks are continuously investing in the development of their mobile banking applications, which is expected to transform the mobile banking market. Mobile banking has been primarily used by customers for transferring funds on a daily basis for various purchases made online, paying equated monthly installment (EMI), and other such financial remittances in their day-to-day life via mobile applications. Moreover, the trend such as voice recognition methods which is for two-way authentication providing access to private banking through smart devices such as Google Assistance or Siri, personalized real-time customer service via smart bots, significantly provided in mobile applications is changing whole dimension of the banking industry in the market. 

Furthermore, rise in usage of mobile devices allowing users to obtain instant customer assistance, and personalization on products and services via mobile application fuel the growth of the mobile banking market. However, security issues (majorly issues related to location privacy), and lack of proper connectivity and unavailability of network infrastructure in developing countries restrain the overall market for mobile banking services. Conversely, acceleration of existing products and services, by providing streamlined customer experience while reducing the impact of fraud, implementation of advanced technologies such as big data, chatbots, blockchain technologies, and linking products and services to their respective mobile application, are some of the growing opportunities in the market.


 

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