0
2020
Online Banking Market

Online Banking Market

Service Type (Payments, Processing Services, Customer & Channel Management, Wealth Management, and Others), and by Banking Type (Retail Banking, Corporate Banking, and Investment Banking): Global Opportunity Analysis and Industry Forecast, 2020-2027
Update Available On-Demand

Report Code: A01952
Pages: 165
Oct 2020 | 61805 Views
Author(s) : Monica C, Pramod B , Vineet K
Tables: 105
Charts: 30
  • Formats*:

  • Single User License, Five User
    License & Enterprise User License

  • Data Pack Excel License

  • It comes with the additional cost
    of $2500.00 contact sales.

 

COVID-19

Pandemic disrupted the entire world and affected many industries.

Get detailed COVID-19 impact analysis on the Online Banking Market

Request Now !

Online Banking Market Outlook - 2027

The global online banking market size was valued at $11.43 billion in 2019 and is projected to reach $31.81 billion by 2027, growing at a CAGR of 13.6% from 2020 to 2027. 

With an unprecedented COVID-19 crisis, the demand for online banking services continues to rise, attributed to shutdown of physical branches and shift of customers towards online platforms to fulfill their banking needs during the lockdown.

Online banking is an electronic payment system, which allows the user to conduct financial transactions via the internet. In addition, it is also known as internet banking or web banking, and is designed to be convenient, thereby providing time-saving banking experience and real-time problem resolution services. However, banks should aim to provide more seamless experience between online & mobile channels and accelerate customer engagement to meet their demand, needs, & preferences.

Online-Banking-Market-2020-2027

With changing consumer demands, lifestyle, and expectations toward banking, the banks are largely switching toward internet or digitalized banking by implementing technologies. In addition, cloud computing, application programming interfaces (APIs), robotic process automation (RPA), chatbots, machine learning, and blockchain are the major technologies that accelerate the online banking market growth. Moreover, real-time payment solutions, convenience, & easier options to access online banking and increased usage of smartphones drive the growth of the online banking market. 

However, security & technical issues, privacy concerns, and transaction difficulties are some of the factors that hamper the market growth. Moreover, countries, such as China, India, Japan, and Australia, have high demand for massive internet usage to avail banking services online. As a result, this is expected to provide lucrative opportunities to the market growth in the coming years. 

The payments segment dominated the online banking industry in 2019 and is projected to maintain its dominance during the forecast period. Due to huge number of consumers shifting towards online payment platforms, as it provides more convenience and time-saving features as compared to the conventional methods of payments in the market. 

The report focuses on growth prospects, restraints, and trends of the online banking market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the online banking market.

Segment review

The online banking market is segmented on the basis of service type, banking type, and region. By service type, it is classified into payments, processing services, customer & channel management, wealth management, and others. In terms of banking type, it is divided into retail banking, corporate banking, and investment banking. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The key players profiled in the online banking market analysis include ACI Worldwide, Inc., Capital Banking Solution, CGI Inc., COR Financial Solutions Limited, EdgeVerve Systems Limited, Fiserv, Inc., Microsoft, Oracle, Tata Consultancy Services Limited, and Temenos Headquarters SA. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Online Banking Market
By Service

Your browser does not support the canvas element.

Wealth management is projected as one of the most lucrative segments.

Get more information on this report : Request Sample Pages

COVID-19 impact analysis

In the COVID-19 pandemic situation, the online banking market has witnessed significant growth and recorded continuous development globally. In addition, consumers have been largely availing banking services online via mobile phones and web browsers, owing to the global fear of the virus and maintain social distancing. Therefore, the changing patterns of consumers toward online banking services have accelerated the growth of the online banking market. Furthermore, online banking experienced a positive impact of COVID-19, and is expected to maintain its dominance during the forecast period. 

Top impacting factors

Increased smartphone usage & internet penetration   

With increase in emphasis on smartphone usage and massive internet penetration across several countries, the demand for online banking is continuing to rise, and is expected to maintain its dominance in the market. In addition, customers are using online banking more frequently as banks are providing real-time payment solutions, allowing regular banking transactions online, features of bill payments, and others. Furthermore, the banking industry has witnessed massive expansion & standardization in terms of products & services offered via mobile application and increased brand loyalty among consumers, thereby propelling the online banking market growth.

Online Banking Market
By Banking Type

Your browser does not support the canvas element.

Retail banking accounted for the largest market share in 2019.

Get more information on this report : Request Sample Pages

Convenience and better rates of interest  

With providing convenience & easier options to access online banking products & services, the high yield interest rate is becoming the prime factor for the market growth. In addition, there are no branches to maintain in online banking and other operational costs are declined eventually, which further improve its cost efficiency in business operations. Therefore, banks provide saving options with better rate of interest to their customers due to reduction in these added expenses. Furthermore, consumers use online banking without purchasing any software device, storage or backup data as all transaction information is stored at the bank’s terminal. As result, these factors are making it more convenient for consumers to use online banking, thereby driving the market growth. 

Innovative banking services and increase in corporate investors 

Rise in digitalization and increase in corporate banking are expected to propel the market growth. Moreover, online banking has enabled investors to keep a real-time track of their investment portfolio while invest or trade online with a continuous access to their funds. Therefore, these online banking features are expected to accelerate the market growth and enhance innovative banking services for increase in corporate investors in the near future. Furthermore, increased corporate investors and expansion of online banking services are expected to provide lucrative opportunities to the market in the coming years.

Online Banking Market
By Region

2027
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific would exhibit the highest CAGR of 15.2% during 2020-2027.

Get more information on this report : Request Sample Pages

Key benefits for stakeholders 

  • The study provides in-depth analysis of the online banking market share along with the current & future trends to explain the imminent investment pockets.
  • The key drivers, restrains, & opportunities and their impact analysis on the online banking market size are provided in the report.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
  • An extensive analysis of the key segments of the industry helps to understand the online banking market trends.
  • The quantitative analysis of the global online banking market from 2020 to 2027 is provided to determine the market potential.

Online Banking Market Report Highlights

Aspects Details
BY SERVICE TYPE
  • Payments
  • Processing Services
  • Customer & Channel Management
  • Wealth Management
  • Others
BY BANKING TYPE
  • Retail Banking
  • Corporate Banking
  • Investment Banking
BY REGION
  • North America  (U.S, Canada)
  • Europe  (UK, France, Germany, Italy, Spain, Netherlands, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Singapore, Australia, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players ACI WORLDWIDE, INC, CAPITAL BANKING SOLUTION, CGI INC, COR FINANCIAL SOLUTIONS LIMITED, EDGEVERVE SYSTEMS LIMITED, FISERV, INC, MICROSOFT, ORACLE, TATA CONSULTANCY SERVICES LIMITED, TEMENOS HEADQUARTERS SA
 

Loading Table Of Content...


 
 

The advent of online banking system has revolutionized the banking segment, which is witnessing rapid change in trends, such as executing online financial transactions via online platforms, including account-to-account transfers, payment of utility bills, and settlement of business-to-business fund claims. Moreover, millennials are largely using online banking due to convenience & easier options, real-time payment solutions, allowing regular banking transactions online, and others.

The online banking industry has recorded continuous investments for its developments and has become a massive contributor to the economic growth. Moreover, due to the COVID-19 pandemic situation, the market is anticipated to witness significant growth rate and gain profit by the third quarter of 2022. This is attributed to higher demand for online banking services and increased usage of digitalized platforms in the market. Consequently, online banking is witnessing increased adoption, owing to high penetration of internet and extensive use of smartphones, further propelling the market growth.

The online banking market is saturated with the presence of regional vendors. Some of the key vendors include ACI Worldwide, Inc., Capital Banking Solution, and Temenos Headquarters SA. In 2019, North America dominated the online banking market, in terms of revenue, and is expected to retain dominance over the forecast period. Furthermore, the online banking market is increasingly expanding mainly in countries, such as China, Australia, Japan, India, Indonesia, New Zealand, and Singapore, with high GDP growth and rise in per capita income. Some of the key players profiled in the report include CGI Inc., COR Financial Solutions Limited, EdgeVerve Systems Limited, Fiserv, Inc., Microsoft, Oracle, and Tata Consultancy Services Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

PURCHASE OPTIONS

Call or Email us

U.S.-Canada Toll-free: +1-800-792-5285
Int'l : +1-503-894-6022
Europe : + 44-845-528-1300
Email : help@alliedmarketresearch.com
 
FREQUENTLY ASKED QUESTIONS?

A. The market share is 13.6% from 2020 to 2027.

A. The increase in number of internet users, growing customer convenience and better rates of interest are driving the online banking market growth.

A. To get the latest version of this report.

A. The potential customers of online banking are individuals, corporates, and others.

A. Microsoft Corporation , Fiserv, Inc. , ACI Worldwide , and Infosys Limited are the leading players in online banking market

A. On the basis of top growing big corporations, we select top 10 players.

A. North America and Aisa-Pacific will provide more business opportunities for online banking in future.

A. The solutions of online banking industry are payments, processing services, customer and channel management, risk management, and others.

A. The key growth strategies of online banking market players are merger and acquisition, product launch, and joint-venture.

A. The online banking market is expected to reach $31.81 billion by 2027

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
RELATED TAGS

Purchase Full Report of
Online Banking Market

Start reading instantly.
This Report and over 19,311+ more Reports, Available with Avenue Library. T&C*.

  • Online Only
  • $3,713
  • Online cloud access only
  • Restricted print, copy, paste & download
  • Read only
  • Free industry update
    (Within 180 days)
  • Free report update in next update cycle
    (Oct 2021 - Oct 2022)
  • Data Pack
  • $4,126
  • Restricted to one authorized user
  • One print only
  • Available in
    Excel
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Oct 2021 - Oct 2022)
  • Single User
  • $5,770
  • Restricted to one authorized user
  • One print only
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Oct 2021 - Oct 2022)
  • Five Users
  • $6,930
  • Limited to five authorized users
  • Print upto five copies
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Oct 2021 - Oct 2022)
  • Enterprise
    License/PDF

  • $10,665
  • Unlimited
    within
    company/enterprise
  • Available in Excel & PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Oct 2021 - Oct 2022)
  • Library
    Membership

  • $ 999
    Per User/ Per month/ Billed annually
  • Published Content
    E-access
  • Company Profiles
    E-access
  • Newly Added Content Access
  • 10 PDF
    Downloads
  • 5 Excel Data
    Pack Downloads
  • 250 Company Profiles PDF Downloads
  • Buy Now

*Taxes/Fees, if applicable will be added during checkout. All prices in USD

RELATED REPORTS
 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers