Allied Market Research

2024

Social Banking Market

Social Banking Market Size, Share, Competitive Landscape and Trend Analysis Report by Banking Type (Retail Banking, Corporate Banking, Investment Banking), by Distribution Channel (Online, Offline) and by Application (Payments, Processing Services, Customer Channel Management, Risk Management, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

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Author's: | Vineet Kumar
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Social Banking Market Outlook - 2030

Social banks offer financial services to individuals and organizations that benefit society, the environment, or the environment's sustainability. Clients benefit from long-term relationships with social banks because they have a direct understanding of their economic activities and the risks they face. They describe themselves as long-term, self-sustaining, transparent, inclusive, and resistant to disruptions from the outside world. Unlike traditional banks, social banks incorporate these principles into their core culture and strategy rather than using them as an afterthought to traditional missions like increasing shareholder value or maximizing profits. Instead, it places a rational emphasis on environmental stewardship and ethical principles. Other social banks have missions like improving the economic and social well-being of the people they serve.

Other social banks have missions like improving members' economic and social well-being, creating a sustainable and energy-efficient future through comprehensive and innovative financial services, or advancing sustainability through the loans the bank makes, the way it operates, and its commitment to putting deposits to work for good. Therefore, the surge in demand for social banking is expected to boost the growth of the social banking market in the upcoming period.

"The Global social banking market is segmented on the basis of Application, Banking Type, Distribution Channel and Region. Based on banking type, the market is divided into Retail Banking, Corporate Banking, and Investment Banking. In terms of application, the market is categorized into Payments, Processing Services, Customer & Channel Management, Risk Management. 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 social banking industry include Oracle, Fiserv Inc., Sword GRC, Provenir, Moody’s Investors Service Inc., Lockpath Inc., LogicManager Inc. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global social banking market."      

COVID-19 Impact Analysis

  • The COVID-19 pandemic has ravaged the globe, wreaking havoc on individuals and businesses all over the world. Competitive market dynamics, declining credit standards, and threats to the business community, among other things, had an impact on the social banking market. The unexpected recession has raised questions about the firm's current risk control systems' efficacy and agility.
  • It is expected to have a significant impact on the social banking market's growth. The market is further expected to rise compared to pre-pandemic levels, irrespective of the impact it had, owing to several factors including the rise in the number of industries adopting a work-from-home culture and the increased risk of cyber-attacks and security issues.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

The rapid adoption of interactive technologies and continuous growth of social or sustainable banking is driving the growth of the market. In addition, organizations implementing artificial intelligence (AI) based risk-analytic models to mitigate risks propel the growth of the market. However, miscalculation of known risks and the unstructured nature of data to stifle business opportunities may hamper the growth of the market. On the contrary, rising demand from developing countries can be perceived as an opportunity for the social banking market size in the forecast period.

The global social banking market trends are as follows:

Rapid Adoption of Interactive Technologies:

The banking industry has been transformed by the rapid adoption of interactive technologies. Clients nowadays expect their bank to provide real-time financial information and services 24 hours a day, 7 days a week, putting pressure on financial institutions to respond with appropriate digital solutions. Furthermore, it will be the client who will have the final say in how he or she wants to interact with us. So, the baking & financial institutions must adapt to ensure that the client’s preferred channels are covered and social banking is one such which helps the clients in assisting them with their doubts anywhere & anytime. Therefore, the surge in demand for the adoption of interactive technologies is driving the growth of the social banking market share during the forecast period.

Continuous Growth of Social or Sustainable Banking:

Sustainable banking, or value-driven investments that focus on a company's social and/or environmental impact, has been around for decades together. When it comes to selecting and managing portfolios, the focus is now on sustainable investing, which is a well-established investment approach that takes environmental, social, and governance (ESG) factors into account. Furthermore, sustainable investment assets made up a third of all professionally managed assets last year. In both absolute and relative terms, this market continues to grow exponentially. Therefore, the surge in demand for the continuous growth of social or sustainable banking is expected to boost the growth of the social banking market during the forecast period.

Key Benefits of the Report:

  • This study presents the depiction of the social banking market analysis 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 a detailed analysis of the market share.     
  • The current market is quantitatively analyzed to highlight the social banking market growth scenario.                             
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the social banking market forecast.               
  • The report provides detailed market analysis based on competitive intensity and how the competition will take shape in the coming years.

Questions Answered in the Social Banking Market Research Report

  • Which are the leading market players active in the social banking market?
  • What are the detailed impacts of COVID-19 on the market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the social banking market?
  • What future projections would help in taking further strategic steps?

Social Banking Market Report Highlights

Aspects Details
Social Banking Market By Banking Type
By Banking Type
  • Retail Banking
  • Corporate Banking
  • Investment Banking
Social Banking Market By Distribution Channel
By Distribution Channel
  • Online
  • Offline
Social Banking Market By Region
By Region
  • North America  (U.S., Canada)
  • Europe  (France, Germany, Italy, Spain, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Social Banking Market By Application
By Application
  • Payments
  • Processing Services
  • Customer & Channel Management
  • Risk Management
  • Others
Key Market Players
Key Market Players

Moody’s Investors Service Inc., Oracle, Fiserv Inc., International Business Machines (IBM), Sword GRC, Provenir, Qualys Inc., Thomson Reuters, LogicManager Inc., Lockpath Inc.

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Social Banking Market

Global Opportunity Analysis and Industry Forecast, 2023-2032