Online banking is a facility offered by banks to manage bank account over the internet using a computer or mobile device. It provides online account statements, funds transfer & payments, deposit & processing services, merchant & utility bill payments, and others. Online banking has been widely used & accepted among consumers as it is easy to operate, offers convenience, real-time tracking, and time-efficient banking services. For instance, a survey conducted by Deloitte in 2018 projected that 73% of respondents globally use online banking at least once a month compared to 59% using mobile banking apps.
The demand for online banking is continuing to rise and is expected to maintain its dominance in the market due to massive internet penetration and increase in usage of smartphones. Moreover, banks providing convenience & easier options to access online banking products & services and high yield interest rates are the prime factors for the market growth. However, due to low awareness about sharing account information & confidential data online, security issues & privacy concerns among consumers are becoming one of the major restraining factors, thereby hampering the market growth. In addition, technicality issues arising while availing transaction & processing services, loss of funds, and huge loss of consumer monetary data are the prime concerns, which limit the market growth.
On the contrary, corporate investors are expected to provide lucrative opportunities to banks, thereby enabling investors to keep a real-time track of their investment portfolio & invest or trade online with continuous access to their funds. Furthermore, developing economies offer significant opportunities for online banking providers to expand their business as customers from major emerging and developed economies are switching to online banking while exponentially adopting the internet Therefore, this is expected to drive the market growth in the coming years.
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.
Key benefits for stakeholders
KEY MARKET SEGMENTS
By Service Type
By Banking Type
By Region
KEY MARKET PLAYERS
The demand for online banking is continuing to rise and is expected to maintain its dominance in the market due to massive internet penetration and increase in usage of smartphones. Moreover, banks providing convenience & easier options to access online banking products & services and high yield interest rates are the prime factors for the market growth. However, due to low awareness about sharing account information & confidential data online, security issues & privacy concerns among consumers are becoming one of the major restraining factors, thereby hampering the market growth. In addition, technicality issues arising while availing transaction & processing services, loss of funds, and huge loss of consumer monetary data are the prime concerns, which limit the market growth.
On the contrary, corporate investors are expected to provide lucrative opportunities to banks, thereby enabling investors to keep a real-time track of their investment portfolio & invest or trade online with continuous access to their funds. Furthermore, developing economies offer significant opportunities for online banking providers to expand their business as customers from major emerging and developed economies are switching to online banking while exponentially adopting the internet Therefore, this is expected to drive the market growth in the coming years.
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.
Key benefits for stakeholders
- The study provides in-depth analysis of the online banking market along with the current & future trends to explain the imminent investment pockets.
- The key drivers, restrains, & opportunities and their impact analysis on the market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the online banking market from 2020 to 2027 is provided to determine the market potential.
KEY MARKET SEGMENTS
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
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Landscape
Chapter 4: Online Banking Market by Service Type
Chapter 5: Online Banking Market by Banking Type
Chapter 6: Online Banking Market by Region
Chapter 7: Company Profiles
List of Tables
List of Figures
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.
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