Digital Banking Market Detailed Analysis of Current Industry Figures with Forecasts Growth By 2026

The digital banking market is likely to witness exponential growth in the coming years owing to increasing internet penetration, growing digitalization initiatives by government, hassle-free payment options, and rising cyber security issues. Digital banking is moving online wherein banks are focusing towards the digitalization of all the traditional banking activities as well as programs services that were only available to customers in the bank branch.
This comprises of activities such as bill payment, checking account management, loan management, account services, money transfers, withdrawals or deposits, and applying for financial products among others. Digital banking is usually done via smart devices over the internet like desktop, laptop, tablets, and smartphones.
In comparison to traditional banking, digital banking is more convenient for both customers and banks. In fact, banks gain massive amounts of savings and flexibility through e-banking portals. Digitization further decreases overhead costs along with staff expenses. Also, swapping paper statements with e-statements tend to save more time and money as well as the environment.
The rapid increase in digital banking has also improved the customer service with the introduction of customer support channels like co-browsing and live chat, which is considered effectual for resolving customer queries. These factors are further expected to drive significant growth into the overall industry landscape over the coming years.
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The digital banking market is divided into numerous segments in terms of type, service, and regional landscape.
In terms of service, the overall digital banking market is bifurcated into non-transactional services and transactional services. Transactional services are further classified into loans, auto-debit/auto-credit services, fund transfers, and cash deposits and withdrawals. Among these, cash deposits and withdrawals segment will witness a CAGR of around 6% over the forecast time period owing to the ease of delivery of services service delivery to the customers.
Auto-debit/auto-credit services segment will account for a market share of over 20% by the end of the analysis timeline owing to hassle-free payment options offered to the customers.
The non-transactional services segment is further categorized into stock advisory, financial planning, risk management, and information security. Among these, information security segment is projected to grow consistently in response to the rising cyber threats to the digital banking systems.
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Integration of AI and ML technologies to ease the process of risk and portfolio assessment is likely to support the risk management segmental growth.
From a regional frame of reference, Latin America digital banking market will witness a CAGR of more than 5% through the analysis time period owing to the growing digitalization initiatives by government. Meanwhile, Middle East & Africa digital banking market will witness substantial growth over the coming years. Digital banking market in Africa is likely to witness high growth owing to the to rising internet penetration, which would foster the industry outlook further.
Table of Contents
Chapter 1 Methodology & Scope
	
1.1 Scope & definitions
	
1.2 Methodology and forecast parameters
	
1.3 Data Sources	
		
1.3.1 Secondary
		
1.3.2 Primary
	
	
Chapter 2 Executive Summary
	
2.1 Digital banking industry 360 degree synopsis, 2015 - 2026
	
2.2 Business trends
	
2.3 Regional trends
	
2.4 Type trends
	
2.5 Service trends	
		
2.5.1 Transactional service trends
		
2.5.2 Non-transactional service trends
	
	
Chapter 3 Digital Banking Industry Insights
	
3.1 Introduction
	
3.2 Industry segmentation
	
3.3 Industry landscape, 2015-2026	
		
3.3.1 Digital banking market revenue, 2015-2026
		
3.3.2 Digital banking users, 2015-2026
	
	
	
3.4 Impact of COVID-19 outbreak on digital banking industry	
		
3.4.1 Global outlook
		
3.4.2 Impact by region		
			
3.4.2.1 North America
			
3.4.2.2 Europe
			
3.4.2.3 Asia Pacific
			
3.4.2.4 Latin America
			
3.4.2.5 MEA
		
		
		
3.4.3 Impact on industry value chain
		
3.4.4 Impact on competitive landscape
	
	
	
3.5 Industry ecosystem analysis
	
3.6 Digital banking market evolution
	
3.7 Consumer trends	
		
3.7.1 Demographic breakdown
		
3.7.2 Digital banking vs traditional banking
	
	
	
3.8 Digital payment transaction volume
	
3.9 Digital banking transactional value
	
3.10 Mobile banking penetration
	
3.11 Internet banking penetration
	
3.12 Technology & innovation landscape	
		
3.12.1 Artificial Intelligence (AI)
		
3.12.2 APIs
		
3.12.3 Blockchain
		
3.12.4 Human digital interface
	
	
	
3.13 Regulatory landscape	
		
3.13.1 Health Insurance Portability and Accountability Act (HIPAA)
		
3.13.2 Payment Card Industry Data Security Standard (PCI DSS)
		
3.13.3 North American Electric Reliability Corp. (NERC) standards
		
3.13.4 Federal Information Security Management Act (FISMA)
		
3.13.5 The Gramm-Leach-Bliley Act (GLB) Act of 1999
		
3.13.6 The Sarbanes-Oxley Act of 2022
		
3.13.7 General Data Protection Regulation (GDPR)
		
3.13.8 Alternative Investment Fund Managers Directive (AIFMD)
		
3.13.9 Anti-Money Laundering Directive 2015/849/EU (AMLD)
		
3.13.10 Dodd-Frank Wall Street Reform and Consumer Protection Act
		
3.13.11 European Market Infrastructure Regulation (EMIR)
		
3.13.12 Foreign Account Tax Compliance Act (FATCA)
		
3.13.13 Markets in Financial Instruments Directive (MiFID)
	
	
	
3.14 Digital banking impact forces	
		
3.14.1 Drivers		
			
3.14.1.1 Changing customer behavior
			
3.14.1.2 Increasing investment in Fintech
			
3.14.1.3 Supportive government policies
			
3.14.1.4 Growth of the ecommerce industry
			
3.14.1.5 Increasing adoption of electronic and mobile payment solutions
		
		
		
3.14.2 Pitfalls		
			
3.14.2.1 Lack for clear regulatory framework
			
3.14.2.2 Rising cybersecurity issues
		
		
	
	
	
3.15 Porter's analysis	
		
3.15.1 Bargaining power of suppliers
		
3.15.2 Bargaining power of buyers
		
3.15.3 Threat of new entrants
		
3.15.4 Threat of substitutes
	
	
	
3.16 PESTEL analysis
	
3.17 Growth potential analysis