Mobile Banking Market by Transaction, and Platform: Global Opportunity Analysis and Industry Forecast, 2019-2026

Executive Summary

According to the report, titled, ' Mobile Banking Market by Transaction, and Platform: Global Opportunity Analysis and Industry Forecast, 2019-2026,' the global mobile banking market size was valued at $715.3 million in 2018, and is projected to reach $1,824.7 million by 2026, growing at a CAGR of 12.2% from 2019 to 2026.

Mobile banking, which allows users to conduct financial transactions remotely using a mobile device, is operated by a bank or other financial institution in the market. The devices such as smartphones or tablets are used for mobile banking, primarily for transferring money from one account to another and depositing a check by taking a picture, which is prominently provided feature for mobile banking in the market. Moreover, mobile banking is conducted with the availability of an internet or data connection to the mobile device. Depending on the feature provided in applications, the products and services included in the mobile banking are peer-to-peer (P2P) payments, obtaining account balances and lists of latest transactions, electronic bill payments, remote check deposits, funds transfers between a customer's or another's accounts, and others.

The increase in demand for personalization on products & services and instant self-service assistance via mobile application propel the growth of the mobile banking market. However, lack of proper connectivity and unavailability of network infrastructure in developing countries for integrating mobile banking usage, are some of the factors that limit the mobile banking market growth. Conversely, utilization of chatbots, blockchain, and other services is expected to improve consumer engagements which fuel the growth of the market.

On the basis of transactions, the customer-to-business segment dominated the mobile banking market in 2018. The customer-to-business segment accounted for the largest revenue owing to the fact that the customers are primarily using mobile banking for transferring money on a daily basis for various purchases made online, paying equated monthly instalment (EMI), and other such financial transactions in their day-to-day life. In addition, mobile banking offers both a secure and low-cost channel, that enables consumers to manage their finances by using banking applications in an effective way and is expected to boost the growth of the consumer-to-business segment.

Depending on platforms, the android segment generated the highest revenue in 2018 and is anticipated to continue the same during the forecast period. Owing to the fact that, the developing economies are at the forefront in the usage of android platform, resulting in banks to concentrate more on providing mobile banking services on this platform, becoming a major mobile banking market trend. In addition, Google Play Store downloads has increased by 14% growth rate from 2017 to 2018 via android operating system.

Key Findings of the Study
The customer-to-business segment is expected to be the fastest growing segment during the mobile banking market forecast period in terms of value.
The U.S. dominated the North America mobile banking market in 2018 and is projected to grow at a CAGR of 10.1% from 2019 to 2026.
In terms of revenue, android segment accounted for the highest revenue in 2018.
North America and Europe dominated the mobile banking market share in terms of revenue in 2018 and are expected to retain its dominance throughout the forecast period. Owing to rise in adoption of mobile banking, banks have been investing in advance technologies at a large scale and enhancing customized product portfolios via mobile applications. Asia-Pacific is projected to grow at the highest CAGR during the forecast period, owing to development of digital banking, increase in usage of internet, implementation of next generation mobile technologies like 4G, and a robust economy driving strong mobile banking industry growth in the region.

The key players operating in the global mobile banking market include American Express Company, Bank of America Corporation, BNP Paribas S.A., Citigroup Inc., Crédit Agricole Group, HSBC Holdings plc, JPMorgan Chase & Co., Mitsubishi UFJ Financial Group, Inc., Société Générale S.A., Wells Fargo & Company. Other players operating in the value chain are Temenos Group AG, Capital Banking Solutions, Ally Financial Inc., Infosys Limited, and Strands, Inc.

Companies Mentioned

• American Express Company
• Bank of America Corporation
• BNP Paribas S.A.
• Citigroup Inc.
• Crédit Agricole Group
• HSBC Holdings plc
• JPMorgan Chase & Co.
• Mitsubishi UFJ Financial Group Inc.
• Société Générale S.A.
• Wells Fargo & Company
• Temenos Group AG
• Capital Banking Solutions
• Ally Financial Inc.
• Infosys Limited
• Strands Inc.

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

• Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
• Scientific and technical writings for product information and related preemptions
• Regional government and statistical databases for macro analysis
• Authentic news articles and other related releases for market evaluation
• Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.