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.

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 digital banking market landscape over the coming years.

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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.

Digital banking market in Latin America 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 industry will witness substantial growth over the coming years.

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 digital banking market share of over 20% by the end of the analysis timeline owing to hassle-free payment options offered to the customers.

Integration of AI and ML technologies to ease the process of risk and portfolio assessment is likely to support the risk management segmental growth.

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The non-transactional services segment in digital banking market 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.

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.

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