Online Banking Market Synopsis
Online Banking Market Size Was Valued at USD 30.5 Billion in 2023, and is Projected to Reach USD 170.86 Billion by 2032, Growing at a CAGR of 21.1% From 2024-2032.
E-banking or internet banking is a way of performing banking activities over the computer especially via the internet. Such services also include account operations, money transfers, bill payments, requests for loans, among others. Thus, the users are allowed to perform the operations in any time and from any place provided that they have the computer, tablet or smart phone connected to the internet.
- Internet banking also commonly known as on-line banking has altered the paradigm of banking to a great extent. Through the internet users can conduct a wide range of banking business; an innovation that brings about simplicity ad flexibility in operation. In use of the online banking system, a person is able to monitor his or her accounts balance, transfer cash, make payment for bills as well as apply for loans within the comforts of his or her home. Along with the appearance of banking services being available 24/7, managing one’s own money is much less constricted and does not have to be limited by the hours of operation of a branch bank.
- Of all the features that characterize the online banking, accessibility stands as one of the most importance. It makes it convenient for the users to transact and manage their accounts from the comfort of their homes, or any location of their choice at any one time provided they have the internet. This is particularly advantageous since it benefits anybody who is in a position that causes them to frequently travel or people who live in areas that cannot easily access bank branches. In addition, the electronic services that are offered from the online banking platforms are easier to use than other forms due to the interface depiction, helpful tools in managing ones finances.
- Nevertheless, the decision to save time and complete all banking operations online has certain negative aspects, the primary of which is security. There are many challenges in cybersecurity domain including phishing attacks, virus and malware, and identity theft. These financial institutions spend a lot of money in embed various security features such as encryption, firewalls as well as multi-factor authentication in order to protect users’ information and their transactions. To further improve the security for its users, certain measures like; use of strong and unique passwords and being careful with other activities that may look abnormal are also taken.
- The change in the industry in particular has pushed for the odd improvements in online banking services provided by the institutions. This competition has indeed catalyzed the evolution of some great facilities for the end consumer some of which include; mobile banking, a situation where one can transact bank business using a mobile phone. They bring benefits to the customers as well as to the banks because these innovations offer additional ways of improving the interactions between banks and customers. With technology developing quite rapidly, the opportunities for online banking and its benefits could only improve in the future, and help customers globally.
Online Banking Market Trend Analysis
Rise of mobile banking
- Mobile banking is another new sophisticated product that has struck the online banking market and has now become its driving force which is recognized as a crucial trend in the sphere of financing. Mobile banking allows the customers to do their banking operations through their handheld devices including mobile phones and tablets. This has brought about increased use of the mobile banking applications with balances, bill payments, transfers and other operations such as check imaging for remote deposit capture. The advancement in the level of 3G / 4G internet connections as well as the greater use of smartphones has contributed the this increase since it’s easier for an individual to contact or transact with the bank without having to actually have to make a visit to the actual physical bank.
- This is an area that financial institutions are leveraging on through pursuing a strong mobile banking technology strategy. Banks are constantly improving the mobile application interface as well as employ better user security and simplified services. Today, concepts such as biometric identification for clients, artificial intelligence-based customer service, and financial planning instruments are growing integrant and contribute to the higher level of the experience. Further, with the integration of the mobile wallets and the contactless payment systems are enabling people to make easier purchases through banking applications leading to increased usage and satisfaction.
- Mobile banking has also had impact on the competitive structure of the sector of banking. Full-service banking is still happening but the concept of new age banks both as concept and as physical institutions is still a battle between new and old kind of model, between innovative hi-tech concept and the traditional solid banks that offer mobile banking in addition. These are the important challengers whose appearance in the market tends to offer unique and cheap services, to which the established banks are compelled to respond. Therefore, the online banking market is experiencing a steady transition to a model that and focuses more on putting the green light to the customers and leverage on technology in delivering Banking services. This trend is expected to continue playing out in the future of banking, while attempting to place a lot of value on mobile money to achieve efficient delivery of financial services.
Developing innovative financial products and services
- The online banking market is full of opportunities to create new financial offerings and solutions based on the current levels of technological development and consumers demand. This is evident due to the use of mobile devices, internet, and various social changes that have made the customers look for more effective, productive, and secure ways of doing their financial transactions. This triggers the opportunity for the emergence of digital only banks where clients can effortlessly access banking services without the aspect of branch influence. Such novelties can be applications for mobile banking with all kinds of additional functions and services such as real-time feedbacks, individual tips based on the user’s habits, and proper functions for P2P transfers, which can make a user more satisfied with the service.
- Also, there is an enormous scope for the use of artificial intelligence (AI) and machine learning (ML) in online banking that can completely change the customer satisfaction rate by offering more personalized solutions regarding the customer’s financial requirements. AI, specifically in the form of digital assistants and chatbots, provide seamlessly available, easily accessible and personalized advices and solutions thus decreasing the need for physical human involvement in the processes. With the help of complex calculations or machine learning algorithms it is possible to screen huge transaction data to identify fraudulent activities or credit risks, design and present individualized financial products like loans or investment offers. Furthermore, these technologies contribute to the security as well as efficiency of the processes while improving the relations with customers.
- Moreover, increased open banking is still an outstanding subject mainly driving the development of online banking services. The open banking strategies, which require banks to provide third-party service providers with customers’ data for further processing with the permission of those customers, contribute to the designing of more unique products and services for certain categories of clients. For instance, fintech firms are free to create applications that combine account statements from several financial services providers to offer a detailed view of the users’ financial status. Such openness and compatibility can generate innovation in more competitive and client-oriented financial services which in turn will catalyse evolution of the Internet banking system.
Online Banking Market Segment Analysis:
Online Banking Market Segmented based on Deployment, Mode, Component, Service and Type.
By Deployment, Red Light & Speed Enforcement is expected to dominate the market during the forecast period
- Market trend of Cloud deployment segment has become a major factor and has eliminated the on-premise segment in the online banking market. The major factor for this change is the numerous benefits that cloud computing provides in spanning, cost and convenience. Cloud-based solutions also allow banks to increase or decrease the capacity of the system easily, depending on the usage circumstances without the need for additional capital investment in physical structures. Such flexibility is most advantageous in an environment where the customers’ demand is unpredictable and where the technology is known to be improving at a constant rate. However, through cloud, an overall cut in the expenses is achieved through the elimination of the usual hardware costs and their maintenance, which could prove to be a burden to the banks in terms of resources.
- Also, cloud deployment allows for the integration of innovations and improvements to a business at a quicker pace. With IT environment rapidly changing, one of the key factors for gaining competitive advantage is the possibility to deliver the updates and new features quickly. New cloud-based systems are easy to integrate with such advanced technologies like artificial intelligence and machine learning and they can be used to increase customers satisfaction, upgrade security and optimization of business processes. Cloud deployment in this case offers the much needed flexibility to enhance banks’ ability to implement new technological features as well as deliver products that meet the consumers expectation of a convenient and effective online service.
- The second key driver is that cloud has very strong security and compliance characteristics for the cloud deployment segment. Financial data can be safely assumed to be under the protection of cloud service providers who spend a lot of resources to ensure that they meet the security requirements of the current and future business environment. These usually provide higher levels of security than most individual banks can implement because of the shared responsibility security model where the cloud providers and the banks have to work hand in hand to provide security. It also promotes a synergy on data security while at the same time allowing the banks to meet very high standards in compliance as set by the regulatory authorities. Therefore, there has been a shift of financial institutions from traditional methods of online banking infrastructure to cloud-based systems to meet the general needs of the four Cs.
By Mode, Online Banking segment held the largest share
- The comparative analysis of the described market shows that the mobile banking segment has become the prevalent mode in the online banking market rather than the Internet banking facilities used with the help of desktop or laptop devices. This change is as a result of the advancement of mobile devices such as smartphones and the ever-growing customer base opting for the mobile application for their solutions. The mobile banking apps are convenient and readily available to be downloaded that have influenced greatly on the users and the banking institutions as customers are able to conduct several banking activities at times and places of their convenience. Hence, it has become apparent for the bank to dedicatedly work on the development and improvements of the mobile banking applications so as to caters to the continuous increasing demand of the mobile-savvy banking services.
- The major reason for increased use of mobile banking is ease that the user gets while using this particular channel. Most of the time, it is easy to use, and the applications that are developed for mobile banking include facilities that are bio metric login, push notifications, and financial management. These features improve the appendix since customers are able to get their banking needs investigated through mobile banking thus saving time, means security is enhanced and the process is made more fun. Also, the use of hi-tech solutions including artificial intelligence and machine learning enables the applications of the mobile banking to include aspects of counseling, spending plan and financial planning among others features contributing to the overall make the applications more attractive to the young and tech savvy customers.
- In addition to the above-discussed South Asian countries, the following statistics clearly indicate how the mobile money effectively led to financial inclusion: It means that mobile banking can touch client base beyond the clients who live in densely populated areas and have easy access to numerous banking infrastructures. The possibilities of using modern mobile solutions allow banks to perform critical financial services to a greater number of people and contribute to positive changes in the economy. Moreover, mobile payments and Digital wallet services endeavors deepen the mobile banking in modern daily financial transactions. The mobile banking segment is predicted to dominate the online banking market due to consumers’ trend of using the mobile technology for their banking services.
Online Banking Market Regional Insights:
North America is Expected to Dominate the Market Over the Forecast Period
- There exist various factors attributing to the popularity of surrogacy in North America. Firstly, the area has a strong legal base for surrogacy practices understanding and legal working in the countries such as the United States and Canada. Currently, several states in the U. S. have laws that govern the surrogacy process and offer legal protection to both the surrogate and the intended parents, hence offering a legal means to the activity. Intended parents, from within the country or from other countries prefer the United States because of its legal recognition of surrogacy thus making it a legal and lawful process.
- Surrogacy requires strict medical supervision therefore North America posses good health facilities and medical personnel. The area hosts many famous infertility clinics and reproductive doctors with excellent programs and high rates of infertility treatment. Primacy of medical amenities implies that both the surrogates and intended parents do receive quality treatment from conception up to the delivery of the child. This availability of high-quality medical service is viewed as a paramount feature for intended parents all over the world.
- Socio economic environment of North America provides the market of surrogacy. That is why many potential surrogates are interested in this option: it is financially remunerative, and can serve as an additional income source. Also, surrogacy is widely accepted in this region because of the culturally appropriate use of technology in assisted reproduction, and more women come forward to act as surrogates. The legal and medical aspects together with socio-economic status of North American nations hence make it a region of choice for the surrogacy services.
Active Key Players in the Online Banking Market
- Banco Santander, S.A. (Spain)
- Bank of America Corporation (USA)
- Barclays plc (UK)
- BNP Paribas S.A. (France)
- Citigroup Inc. (USA)
- Commerzbank AG (Germany)
- Credit Suisse Group AG (Switzerland)
- Deutsche Bank AG (Germany)
- Goldman Sachs Group Inc. (USA)
- HSBC Holdings plc (UK)
- ING Group (Netherlands)
- JPMorgan Chase & Co. (USA)
- Lloyds Banking Group plc (UK)
- Mitsubishi UFJ Financial Group, Inc. (Japan)
- Mizuho Financial Group, Inc. (Japan)
- Royal Bank of Scotland Group plc (UK)
- Société Générale S.A. (France)
- Sumitomo Mitsui Financial Group, Inc. (Japan)
- UBS Group AG (Switzerland)
- Wells Fargo & Company (USA) and Other Active Players
Global Online Banking Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 30.5 Bn. |
Forecast Period 2023-34 CAGR: |
21.1 % |
Market Size in 2032: |
USD 170.86 Bn. |
Segments Covered: |
By Deployment |
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By Mode |
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By Service |
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By Component |
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By Type |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Online Banking Market by Deployment
4.1 Online Banking Market Snapshot and Growth Engine
4.2 Online Banking Market Overview
4.3 On-Premise
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.3.3 Key Market Trends, Growth Factors and Opportunities
4.3.4 On-Premise: Geographic Segmentation Analysis
4.4 Cloud
4.4.1 Introduction and Market Overview
4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.4.3 Key Market Trends, Growth Factors and Opportunities
4.4.4 Cloud: Geographic Segmentation Analysis
Chapter 5: Online Banking Market by Mode
5.1 Online Banking Market Snapshot and Growth Engine
5.2 Online Banking Market Overview
5.3 Online Banking
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Online Banking: Geographic Segmentation Analysis
5.4 Mobile Banking
5.4.1 Introduction and Market Overview
5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.4.3 Key Market Trends, Growth Factors and Opportunities
5.4.4 Mobile Banking: Geographic Segmentation Analysis
Chapter 6: Online Banking Market by Component
6.1 Online Banking Market Snapshot and Growth Engine
6.2 Online Banking Market Overview
6.3 Platform
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.3.3 Key Market Trends, Growth Factors and Opportunities
6.3.4 Platform: Geographic Segmentation Analysis
6.4 Service
6.4.1 Introduction and Market Overview
6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.4.3 Key Market Trends, Growth Factors and Opportunities
6.4.4 Service: Geographic Segmentation Analysis
Chapter 7: Online Banking Market by Service
7.1 Online Banking Market Snapshot and Growth Engine
7.2 Online Banking Market Overview
7.3 Professional Service
7.3.1 Introduction and Market Overview
7.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
7.3.3 Key Market Trends, Growth Factors and Opportunities
7.3.4 Professional Service: Geographic Segmentation Analysis
7.4 Managed Service
7.4.1 Introduction and Market Overview
7.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
7.4.3 Key Market Trends, Growth Factors and Opportunities
7.4.4 Managed Service: Geographic Segmentation Analysis
Chapter 8: Online Banking Market by Type
8.1 Online Banking Market Snapshot and Growth Engine
8.2 Online Banking Market Overview
8.3 Retail Banking
8.3.1 Introduction and Market Overview
8.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
8.3.3 Key Market Trends, Growth Factors and Opportunities
8.3.4 Retail Banking: Geographic Segmentation Analysis
8.4 Corporate Banking
8.4.1 Introduction and Market Overview
8.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
8.4.3 Key Market Trends, Growth Factors and Opportunities
8.4.4 Corporate Banking: Geographic Segmentation Analysis
8.5 Investment Banking
8.5.1 Introduction and Market Overview
8.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
8.5.3 Key Market Trends, Growth Factors and Opportunities
8.5.4 Investment Banking: Geographic Segmentation Analysis
Chapter 9: Company Profiles and Competitive Analysis
9.1 Competitive Landscape
9.1.1 Competitive Benchmarking
9.1.2 Online Banking Market Share by Manufacturer (2023)
9.1.3 Industry BCG Matrix
9.1.4 Heat Map Analysis
9.1.5 Mergers and Acquisitions
9.2 BANCO SANTANDER
9.2.1 Company Overview
9.2.2 Key Executives
9.2.3 Company Snapshot
9.2.4 Role of the Company in the Market
9.2.5 Sustainability and Social Responsibility
9.2.6 Operating Business Segments
9.2.7 Product Portfolio
9.2.8 Business Performance
9.2.9 Key Strategic Moves and Recent Developments
9.2.10 SWOT Analysis
9.3 S.A. (SPAIN)
9.4 BANK OF AMERICA CORPORATION (USA)
9.5 BARCLAYS PLC (UK)
9.6 BNP PARIBAS S.A. (FRANCE)
9.7 CITIGROUP INC. (USA)
9.8 COMMERZBANK AG (GERMANY)
9.9 CREDIT SUISSE GROUP AG (SWITZERLAND)
9.10 DEUTSCHE BANK AG (GERMANY)
9.11 GOLDMAN SACHS GROUP INC. (USA)
9.12 HSBC HOLDINGS PLC (UK)
9.13 ING GROUP (NETHERLANDS)
9.14 JPMORGAN CHASE & CO. (USA)
9.15 LLOYDS BANKING GROUP PLC (UK)
9.16 MITSUBISHI UFJ FINANCIAL GROUP
9.17 INC. (JAPAN)
9.18 MIZUHO FINANCIAL GROUP
9.19 INC. (JAPAN)
9.20 ROYAL BANK OF SCOTLAND GROUP PLC (UK)
9.21 SOCIÉTÉ GÉNÉRALE S.A. (FRANCE)
9.22 SUMITOMO MITSUI FINANCIAL GROUP
9.23 INC. (JAPAN)
9.24 UBS GROUP AG (SWITZERLAND)
9.25 WELLS FARGO & COMPANY (USA)
9.26 OTHER ACTIVE PLAYERS
Chapter 10: Global Online Banking Market By Region
10.1 Overview
10.2. North America Online Banking Market
10.2.1 Key Market Trends, Growth Factors and Opportunities
10.2.2 Top Key Companies
10.2.3 Historic and Forecasted Market Size by Segments
10.2.4 Historic and Forecasted Market Size By Deployment
10.2.4.1 On-Premise
10.2.4.2 Cloud
10.2.5 Historic and Forecasted Market Size By Mode
10.2.5.1 Online Banking
10.2.5.2 Mobile Banking
10.2.6 Historic and Forecasted Market Size By Component
10.2.6.1 Platform
10.2.6.2 Service
10.2.7 Historic and Forecasted Market Size By Service
10.2.7.1 Professional Service
10.2.7.2 Managed Service
10.2.8 Historic and Forecasted Market Size By Type
10.2.8.1 Retail Banking
10.2.8.2 Corporate Banking
10.2.8.3 Investment Banking
10.2.9 Historic and Forecast Market Size by Country
10.2.9.1 US
10.2.9.2 Canada
10.2.9.3 Mexico
10.3. Eastern Europe Online Banking Market
10.3.1 Key Market Trends, Growth Factors and Opportunities
10.3.2 Top Key Companies
10.3.3 Historic and Forecasted Market Size by Segments
10.3.4 Historic and Forecasted Market Size By Deployment
10.3.4.1 On-Premise
10.3.4.2 Cloud
10.3.5 Historic and Forecasted Market Size By Mode
10.3.5.1 Online Banking
10.3.5.2 Mobile Banking
10.3.6 Historic and Forecasted Market Size By Component
10.3.6.1 Platform
10.3.6.2 Service
10.3.7 Historic and Forecasted Market Size By Service
10.3.7.1 Professional Service
10.3.7.2 Managed Service
10.3.8 Historic and Forecasted Market Size By Type
10.3.8.1 Retail Banking
10.3.8.2 Corporate Banking
10.3.8.3 Investment Banking
10.3.9 Historic and Forecast Market Size by Country
10.3.9.1 Bulgaria
10.3.9.2 The Czech Republic
10.3.9.3 Hungary
10.3.9.4 Poland
10.3.9.5 Romania
10.3.9.6 Rest of Eastern Europe
10.4. Western Europe Online Banking Market
10.4.1 Key Market Trends, Growth Factors and Opportunities
10.4.2 Top Key Companies
10.4.3 Historic and Forecasted Market Size by Segments
10.4.4 Historic and Forecasted Market Size By Deployment
10.4.4.1 On-Premise
10.4.4.2 Cloud
10.4.5 Historic and Forecasted Market Size By Mode
10.4.5.1 Online Banking
10.4.5.2 Mobile Banking
10.4.6 Historic and Forecasted Market Size By Component
10.4.6.1 Platform
10.4.6.2 Service
10.4.7 Historic and Forecasted Market Size By Service
10.4.7.1 Professional Service
10.4.7.2 Managed Service
10.4.8 Historic and Forecasted Market Size By Type
10.4.8.1 Retail Banking
10.4.8.2 Corporate Banking
10.4.8.3 Investment Banking
10.4.9 Historic and Forecast Market Size by Country
10.4.9.1 Germany
10.4.9.2 UK
10.4.9.3 France
10.4.9.4 Netherlands
10.4.9.5 Italy
10.4.9.6 Russia
10.4.9.7 Spain
10.4.9.8 Rest of Western Europe
10.5. Asia Pacific Online Banking Market
10.5.1 Key Market Trends, Growth Factors and Opportunities
10.5.2 Top Key Companies
10.5.3 Historic and Forecasted Market Size by Segments
10.5.4 Historic and Forecasted Market Size By Deployment
10.5.4.1 On-Premise
10.5.4.2 Cloud
10.5.5 Historic and Forecasted Market Size By Mode
10.5.5.1 Online Banking
10.5.5.2 Mobile Banking
10.5.6 Historic and Forecasted Market Size By Component
10.5.6.1 Platform
10.5.6.2 Service
10.5.7 Historic and Forecasted Market Size By Service
10.5.7.1 Professional Service
10.5.7.2 Managed Service
10.5.8 Historic and Forecasted Market Size By Type
10.5.8.1 Retail Banking
10.5.8.2 Corporate Banking
10.5.8.3 Investment Banking
10.5.9 Historic and Forecast Market Size by Country
10.5.9.1 China
10.5.9.2 India
10.5.9.3 Japan
10.5.9.4 South Korea
10.5.9.5 Malaysia
10.5.9.6 Thailand
10.5.9.7 Vietnam
10.5.9.8 The Philippines
10.5.9.9 Australia
10.5.9.10 New Zealand
10.5.9.11 Rest of APAC
10.6. Middle East & Africa Online Banking Market
10.6.1 Key Market Trends, Growth Factors and Opportunities
10.6.2 Top Key Companies
10.6.3 Historic and Forecasted Market Size by Segments
10.6.4 Historic and Forecasted Market Size By Deployment
10.6.4.1 On-Premise
10.6.4.2 Cloud
10.6.5 Historic and Forecasted Market Size By Mode
10.6.5.1 Online Banking
10.6.5.2 Mobile Banking
10.6.6 Historic and Forecasted Market Size By Component
10.6.6.1 Platform
10.6.6.2 Service
10.6.7 Historic and Forecasted Market Size By Service
10.6.7.1 Professional Service
10.6.7.2 Managed Service
10.6.8 Historic and Forecasted Market Size By Type
10.6.8.1 Retail Banking
10.6.8.2 Corporate Banking
10.6.8.3 Investment Banking
10.6.9 Historic and Forecast Market Size by Country
10.6.9.1 Turkey
10.6.9.2 Bahrain
10.6.9.3 Kuwait
10.6.9.4 Saudi Arabia
10.6.9.5 Qatar
10.6.9.6 UAE
10.6.9.7 Israel
10.6.9.8 South Africa
10.7. South America Online Banking Market
10.7.1 Key Market Trends, Growth Factors and Opportunities
10.7.2 Top Key Companies
10.7.3 Historic and Forecasted Market Size by Segments
10.7.4 Historic and Forecasted Market Size By Deployment
10.7.4.1 On-Premise
10.7.4.2 Cloud
10.7.5 Historic and Forecasted Market Size By Mode
10.7.5.1 Online Banking
10.7.5.2 Mobile Banking
10.7.6 Historic and Forecasted Market Size By Component
10.7.6.1 Platform
10.7.6.2 Service
10.7.7 Historic and Forecasted Market Size By Service
10.7.7.1 Professional Service
10.7.7.2 Managed Service
10.7.8 Historic and Forecasted Market Size By Type
10.7.8.1 Retail Banking
10.7.8.2 Corporate Banking
10.7.8.3 Investment Banking
10.7.9 Historic and Forecast Market Size by Country
10.7.9.1 Brazil
10.7.9.2 Argentina
10.7.9.3 Rest of SA
Chapter 11 Analyst Viewpoint and Conclusion
11.1 Recommendations and Concluding Analysis
11.2 Potential Market Strategies
Chapter 12 Research Methodology
12.1 Research Process
12.2 Primary Research
12.3 Secondary Research
Global Online Banking Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 30.5 Bn. |
Forecast Period 2023-34 CAGR: |
21.1 % |
Market Size in 2032: |
USD 170.86 Bn. |
Segments Covered: |
By Deployment |
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By Mode |
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By Service |
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By Component |
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By Type |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Frequently Asked Questions :
The forecast period in the Online Banking Market research report is 2024-2032.
Banco Santander, S.A. (Spain), Bank of America Corporation (USA), Barclays plc (UK), BNP Paribas S.A. (France), Citigroup Inc. (USA), Commerzbank AG (Germany), Credit Suisse Group AG (Switzerland), Deutsche Bank AG (Germany), Goldman Sachs Group Inc. (USA), HSBC Holdings plc (UK), ING Group (Netherlands) , JPMorgan Chase & Co. (USA), Lloyds Banking Group plc (UK), Mitsubishi UFJ Financial Group, Inc. (Japan), Mizuho Financial Group, Inc. (Japan), Royal Bank of Scotland Group plc (UK), Société Générale S.A. (France), Sumitomo Mitsui Financial Group, Inc. (Japan), UBS Group AG (Switzerland), Wells Fargo & Company (USA) and Other Major Players.
the Online Banking Market is segmented into Deployment, Mode, Component, Services, Type, and region. By Deployment, the market is categorized into On-Premise and Cloud. By Mode, the market is categorized into Online Banking and Mobile Banking. By Component, the market is categorized into Platforms and Services. By Service, the market is categorized into Professional Service and Managed Service. By Type, the market is categorized into Retail Banking, Corporate Banking and Investment Banking. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
Internet banking which also can be referred as online banking is a form of the banking service which lets customer to execute transactions and manage accounts through electronic devices via the web. There are users who are usually busy people and may not have time to go to a bank branch during working days this service enables them to carry out banking activities such as checking their accounts, transferring money and even paying bills from wherever they are without necessarily having to go to a branch. One more aspect that must be mentioned is that this digital approach deepens the customer experience through improved efficiency and, in many cases, security in comparison with a traditional branch.
Online Banking Market Size Was Valued at USD 30.5 Billion in 2023 and is Projected to Reach USD 170.86 Billion by 2032, Growing at a CAGR of 21.1% From 2024-2032.