The global digital banking market is expected to exhibit strong growth, reaching USD 1400.3 billion by 2028. As per the report titled “Digital Banking Market Size, Share & COVID-19 Impact Analysis, Type (Credit Unions, Cooperative Banks, and Consumer Bank), By Services (Digital Payments and Digital Sales) and Regional Forecasts, 2022-2028″ observes that the market size in 2021 stood at USD 848.9 billion and USD 1400.3 billion in 2028. The market is expected to exhibit a CAGR of 8.70% during the forecast period.
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Microsoft and Finastra have Joined Forces to Accelerate Transformation of Financial Services
In July 2021, to speed up the transition of bank services to the digital era, Microsoft and Finastra joined forces. They offer organizations comprehensive solutions that consider their customers' requirements and way of life.
Mobile Phone and Internet Usage are Increasing, and Several Government Initiatives are Driving the Sector
Banks are turning to digital channels to deliver their services due to global trends in the digital banking market, which are driving up mobile phone usage and internet penetration globally. Additionally, they are collaborating with FinTech businesses and other third-party interfaces to develop new customer-centric products and services and, as a result, provide a better client experience. The government is also driving the usage of digital banking services through several worldwide initiatives. Demonetization is one policy implemented due to governments focusing on going cashless in various nations. Demonetization encourages and promotes different merchants to accept digital payments.
Digital Illiteracy in Developing Nations Limits Market Expansion
Many developing countries still struggle with a high digital illiteracy rate, making it challenging for online and mobile payments to gain widespread acceptance. As a result, digital banking's market expansion is constrained. Reading and understanding technical information is a skill that makes it possible for humans to utilize and operate digital technologies. Technology companies are deterred from investing due to the limited number of digital transactions. As a result of low levels of digital literacy, it is projected that the market for digital banking will grow more slowly in emerging countries.
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Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the digital banking market plan acquisitions to improve their brand recognition globally. For instance, in April 2021, NCR increased the cloud availability of digital banking software, with NCR channels for banking and payment processing collaborating with Google Cloud.
Notable Industry Development
August 2021: A well-known business school and top American multinational investment bank, the Bank of America, has established a relationship with IIM Ahmedabad. Bank of America hoped to establish a Center for Digital Transformation through this collaboration (CDT).
List of Key Players Profiled in the Report
Industrial and Commercial Bank of China LimitedBank of China LimitedBank of AmericaCitigroupChina Construction BankAgricultural Bank of ChinaWells FargoJPMorgan ChaseHSBC GroupChina Merchants Bank
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Further Report Findings
The market in North America is expected to gain a huge portion of the global digital banking market share in the coming years. One of the main objectives of most financial institutions is to retain customers for life.Big American banks are using important product releases and other essential development strategies like Bank of America to preserve client and customer data so they can interact with their current customers and increase sales.In Asia Pacific, the growth in this region is primarily driven by the quick uptake of innovative technology.
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