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The global online banking industry is being driven by the heightened demand for remote banking solutions. This can be attributed to the time-saving attributes and convenience of usage offered by online banking solutions. Changing lifestyles, along with the increased adoption of digital devices and the rapid expansion of internet facilities are supporting the growth of the online banking industry. This is being aided by the growing smartphone ownership globally. Furthermore, the increased deployment of online channels such as websites and mobile applications by major banking corporations to provide a seamless banking experience and enhanced customer engagement is anticipated to supplement the growth of the market in the forecast period. Also, the rapid technological advancements and the integration of advanced technologies like artificial intelligence (AI), blockchain, voice-assistance, and robotic process automation (RPA) in the banking sector are anticipated to prove beneficial for the industry growth in the coming years.
The growing collaborations and increased investments by the leading financial institutes to develop online payment and banking solutions are expected to spearhead the market growth in the forecast years. For instance, in February 2022, Fiserv, Inc. (NASDAQ: FISV), a leading provider of financial services technology, entered into an agreement to acquire Finxact, Inc., developer of cloud-native banking solution. This acquisition will help Fiserv advance its account processing and digital payments technology and solutions. Meanwhile, in January 2022, ACI Worldwide (NASDAQ: ACIW), a global vendor of real-time digital payment software, announced that the company is working closely with national banks to help connect to the UAE’s real-time payments scheme, which is set to launch in October 2022. The UAE Instant Payments Platform (IPP) will allow for the instant transfer of funds 24/7/365 and requires mandatory participation of all financial institutions in the country. Such developments are expected to positively impact the growth of the online banking industry in the forecast period.
Market Breakup by Service Type, Banking Type, and Region:
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The major players in the global online banking market are ACI Worldwide, Capital Banking Solution, Cor Financial Solutions Limited, EdgeVerve Systems Limited, and Fiserv, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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