Digital Banking Market Size
Despite being a fairly nascent vertical, digital banking market has received a commendable boost in the last half a decade, given that the concept has been a rage among financial institutions. Having already embarked on the voyage of a digital revolution, financial institutions and banks continue to foray into the digitalization landscape of the banking sector and employ the much needed technological infrastructure for amplified convenience and superior transactional security.
U.S. Digital Banking Market Revenue, By Type, 2017 & 2024
On account of the current stance held by digital banking, it is highly presumable that there would be a decrease in the number of physical bank branches operating universally. A report by Global Market Insights, Inc., claims that digital banking market size is projected to surpass USD 9 trillion by 2024 year end, majorly propelled by factors such as increasing investment in the financial technology sector and the spectacular advantages of digital transactions over traditional ones.
Of late, digital banking market trends have also been witnessing a commendable transformation on account of increased innovative banking solutions that utilize and streamline data, digital technologies, advanced analytics, and novel delivery platforms. On the global front, many organizations can be seen modernizing operations, escalating services, re-configuring distribution channels, proffering proactive assistance, integrating payments, and utilizing blockchain technology to uphold their position in the overall digital banking market.
Elucidated below are the top five developments that are indicative of the fact that digital banking market is here to stay:
ieDigital partners with Five Degrees to transform the digital age banking
A newfangled partnership between Dutch fintech company Five Degrees and U.K.-based ieDigital in 2018 laid the foundation stone for the launch of an advanced digital banking product series. The revolutionary solution brings together ieDigital’s digital engagement platform – Interact and digital core banking platform of Five Degrees – Matrix, to assist financial institutions in developing end-to-end banking products that will empower them to spot and capitalize on revenue-worthy opportunities in the global digital banking industry.
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One-of-its-kind digital banking lobby introduced by J&K Bank
J&K Bank recently in 2019, inaugurated a one-of-its-kind digital banking lobby known as the Apex Digital Lobby, in the Indian city Srinagar, which is fully equipped with world-class digital banking facilities to virtually hand over banking operations to the fingertips of customers. The Apex Digital Lobby offers the best-in-class digital infrastructure inclusive of sophisticated machines such as Interactive Banking Kiosk, Cash Recycler, Cheque Drop Machine, POS Terminals, Passbook Printing Kiosk, along with a mobile application ‘mPayfor’ for matchless transactional efficacy.
BNY Mellon & Deutsche Bank endorse co-developed chatbot for stock traders
Deutsche Bank and BNY Mellon are integrating a new chatbot developed on the Symphony platform to augment the seamlessness and efficiency of the flow of information for customers trading stocks on the Hong Kong Stock Exchange or HKEX. The mutually developed chatbot-to-chatbot communication solution would potentially replace manual replies to status updates on clients’ stock trades on the messenger Symphony. Upon systematic digital banking market analysis, it can be concluded that the processes which previously took about three minutes for every single trade would now be accomplished in bulk in real-time by these innovative chatbots.
Finastra automates Kanbawza Bank’s treasury operations
Kanbawza (KBZ) Bank has chosen Finastra, a renowned digital banking service provider, for upgrading its treasury management solution ‘Fusion Treasury’. Finastra would be automating the operations, managing risks, and increasing operational efficiencies of the Fusion Treasury system. For lenders of the private sector, the system would allow for STP (straight-through-processing) as well.
BGŻ BNP Paribas Bank redefines customer experience with Backbase platform
BGŻ BNP Paribas Bank, one among Poland’s biggest banks, has integrated the Backbase Omni-Channel Banking Platform in its banking system to offer seamless digital customer experience and make the establishment more agile. As a part its market strategy, the BGŻ BNP Paribas Bank often signs business deals with leading fintech firms to create highly lucrative, sought-after, and useful solutions for customers. Likewise, the inheritance of Backbase’s legacy technology, which is an immensely agile & flexible platform, will modernize and streamline both the front-end and back-end operations of the bank and quicken response to market changes.
The global digital banking industry valuation is set to experience a commendable surge, as technology and banking behemoths worldwide come together to revolutionize the financial business space. Looking at the path-breaking innovations that are dominating the digital banking marketplace at present, it is likely that banks will soon expedite new mobile application and voice-driven device testing to boost both delivery & contextual personalization. Basically, customer interest will always be the core of all initiatives pertaining to digital banking. Seamless connectivity, virtually zero error, low transaction cost, and abbreviated turnaround time are among the many benefits of espousing the digital channels besides being extremely secure. As financial technologies evolve consistently, the banking domain will keep accelerating investments in innovation and digital enhancements, which would in turn stimulate digital banking market trends.
Author Name : Nikita Chaurasia