Report Code: A15144 | Pages: NA | Mar 2023 | 1041 Views | ||
Author(s) : Vineet K | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Social Banking Market
Request Now !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
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:
Questions Answered in the Social Banking Market Research Report
Social Banking Market Report Highlights
Aspects | Details |
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By Banking Type |
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By Distribution Channel |
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By Region |
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By Application |
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Key Market Players | International Business Machines (IBM), Oracle, Fiserv Inc., Sword GRC, Provenir, Moody’s Investors Service Inc., Lockpath Inc., LogicManager Inc., Qualys Inc., Thomson Reuters |
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