Digital banking market participants have been adopting lucrative strategies to tap into emerging trends in the market, thereby enhancing the overall market scenario. Digital banking refers to the combination of online and mobile banking, the purpose of which is to enable users to carry out various banking services, including funds transfer, remote payments, loans, and EMI, among others, using electronic devices. Increasing awareness among customers about the convenient banking features and benefits of digital banking has propelled market expansion over the past few years.

The digital banking market is projected to witness sturdy growth by 2027 owing to mounting investment in Fintech across the globe. Moreover, supportive government policies to promote digital banking is estimated to bolster market expansion through the forecast period.

Request for a sample copy of this research report @ https://www.decresearch.com/request-sample/detail/2651  

The auto-debit/auto-credit services segment in digital banking market is anticipated to expand at a considerable pace of approximately 4.2% CAGR over the forecast period owing to a rise in EMI-based purchases by millennials via banking apps.

The digital banking market has been segmented on the basis of service, type, and region. In terms of service, the market has further been divided into non-transactional services and transactional services. Under transactional services, the digital banking market has been classified into loans, cash deposits and withdrawals, auto-debit/auto-credit services, and fund transfers.

The digital banking market in Latin America held around 5.74% market share in 2020 and is foreseen to amass significant gains through the analysis period. Surging use of mobile payments in LATAM is set to foster regional growth in the coming years.

For instance, in November 2021, Finastra Limited, a leading financial software company, entered into a partnership with Hexaware Technologies, a prominent IT service management company, wherein Hexaware agreed to provide managed services for Finastra's cloud-based payment solutions. The collaboration combined both the firms' industry-leading payments and integration capabilities to give mid-sized banks an end-to-end Payments as a Service (PaaS) platform that allows them to remain competitive while reducing operational expenses.

Request for customization @ https://www.decresearch.com/roc/2651  

In 2020, the fund transfers segment accounted for a notable digital banking market share of nearly 37.8% and is expected to grow at a robust pace through the assessment period. Prevalent usage of mobile banking services for instant fund transfers is likely to boost product adoption over the forthcoming years.

The Middle East & Africa digital banking market is poised to attain a sizable valuation by 2027, progressing at a CAGR of above 4.1% over the estimated timeframe. Extensive use of m-commerce and increasing shift of banks towards digital channels is speculated to drive market growth over 2021-2027.

Related News: -

Retail Analytics Market: https://www.globenewswire.com/news-release/2021/08/17/2281696/0/en/Retail-Analytics-Market-2021-2027-Top-5-trends-enhancing-the-industry-expansion-Global-Market-Insights-Inc.html

Commercial Drone Market: https://www.prnewswire.com/news-releases/commercial-drone-market-2021-2027-top-3-trends-enhancing-the-industry-expansion-global-market-insights-inc-301341067.html