Online banking is the digitization of all traditional banking activities & programs, which were earlier only available to customers being physically present inside the bank premises. Online banking includes the activities of money deposits, withdrawals transfers, savings-account management, application for financial products, loan management, bill payments, and other account services.
Online banking is often confused with mobile banking and net banking, and even omnichannel banking. Although this type of banking did consist of the aforementioned processes, it mostly deals with crowdfunding, real time, peer to peer, crypto currency, IT support, and the financial platforms, which are provided by the online banking vendors to various banks.
The persistent speed of digitization & automation, rise of fintech, which are computer programs, and banking & financial services are supported by other technology. In addition, regulatory initiatives have encouraged all financial institutions to become more transparent and nurture richer ecosystems of data and partners.
Advent of online banking system has revolutionized the banking segment, which is witnessing rapid change in trends, such as performing diverse financial transactions via online platforms, including account-to-account transfers, payment of utility bills, and settlement of business-to-business fund claims. Millennials in specific frequently adopt digital banking, thus replacing use of existing traditional brick-and-mortar branches. E-banking is witnessing widespread expansion, owing to the high penetration of internet and extensive use of smartphones.
North America depicts robust growth rate for online banking, especially in the U.S., due to involvement of key market players, rise in internet penetration, and increase in the number of millennials using online banking services. However, countries in Asia-Pacific, such as South Korea, Singapore, India, and China, are gaining traction, owing to increase in internet & smartphone penetration, ease of banking in a large population structure, cost-effectiveness, and advancement in technology in the field of banking.
The global online banking market is segmented on the basis of banking type, service type, and geography. Based on banking type, it is classified into retail banking, corporate banking, and investment banking. Based on service type, it is divided into informational, transactional, and communicative. Geographically, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Netherland, France, UK, Sweden, and rest of Europe), Asia-Pacific (India, China, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle-East, and Africa). Key players profiled in the report include S1 Corporation (U.S.), Microsoft Corporation (U.S.), Fiserv, Inc. (U.S.), Tata Consultancy Services (India), Cor Financial Solutions Ltd. (UK), Oracle Corporation (U.S.), Temenos Group AG (Switzerland), Rockall Technologies (Ireland), EdgeVerve Systems Limited (India), and Capital Banking Solutions (U.S.)
Key Benefits for Stakeholders
- This study provides an in-depth analysis of the global online banking market, in terms of value, to elucidate the imminent investment pockets.
- A detailed impact analysis of the current trends, market size, and future estimations is outlined to single out the profitable areas.
- Key drivers, restraints, and opportunities from 2017 to 2023 are explained to identify the prevailing market opportunities.
- Porters Five Forces analysis highlights the potency of suppliers & buyers in the competitive market to facilitate efficient business planning.
Online Banking Market Key Segments:
The market is segmented on the basis of banking type, service type, and geography.
By Banking Type
- Retail Banking
- Corporate Banking
- Investment Banking
By Service Type
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Players in the Value Chain
- S1 Corporation (U.S.)
- Microsoft Corporation (U.S.)
- Fiserv, Inc. (U.S.)
- Tata Consultancy Services (India)
- Cor Financial Solutions Ltd. (UK)
- Oracle Corporation (U.S.)
- Temenos Group AG
- Rockall Technologies (Ireland)
- EdgeVerve Systems Limited (India)
- Capital Banking Solutions (U.S.)
- Nymbus, Inc. (U.S.)
- EBANQ Holdings (Netherlands)
- Apex Banking System (Africa)