The retail banking sector underwent transformation with the introduction of online banking in the mid 1990s. Customer convenience and ease of handling banking transactions 24/7 all year round from home and other suitable locations is the primary benefit offered by online banking.
 
Online banking or Internet banking enables customers of a financial institution, such as retail bank, credit union, building society, or virtual bank to carry financial transactions on a secure network employed by the institution.
 
The report evaluates the dynamics of online banking market on three perspectives, which are informational services, transactional services, and communicative services. Each of these segments are sub-segmented and analyzed, based on which online banking market shares and projections are estimated in the report.
 
The overview section of the research report features detailed qualitative analysis of the drivers, restraints, and opportunities that will impact the demand and supply trends of the online banking market. Using primary and secondary sources of information and industry-centric tools such as Porter’s five force analysis, the research report assesses both micro and macro vital components for existing players and new entrants.
 
Overview
 
Driven by incessant Internet penetration and changing consumer preferences, online banking has emerged as a popular and ubiquitous banking tool of modern consumers. Consumers are demanding higher degree of transparency and flexibility for banking operations that is predominantly driving the global online banking market. Additionally, growth in e-commerce has led to a large number of customers switch from paper transactions to online transactions.
 
In the last decade, online banking was touted as the most popular banking service owing to the convenience and ease of handling financial transactions from the comforts of the home and other convenient settings. In 2011, above 40% of the banking operations, from shopping to placing order to payment were transacted online. Among the different consumer groups based on their ages, online banking is most preferred by consumers in the age group of 25 to 55 years, consumers in the age group of 18 to 35 years preferred mobile banking, while people above 55 years of age prefer ‘brick and mortar’ banking. 
 
The widespread use of Internet in developed countries has spurred extensive use of e-commerce and online payment services.  This trend is gradually making way for mobile payments in developing countries. In developing countries such as Kenya, China, and India the increasing use of mobile internet service to access bank accounts and changing consumer behavior paved the way for entrepreneurial outfits to design alternate payment solutions. This is a major factor driving the online banking market.
 
Further, online banking market is expected to grow significant during the forecast period due to the increase in the state institutions contributions for the expansion of alternate payment channels. However, concerns regarding protection of financial information may hinder to the growth of the global online banking market.
 
Banking Software Companies Included in the Global Online Banking Market
 
Key online banking software players profiled by the study are CGI, Financial Network services, Corillian, COR Financial Solutions, I-flex Solutions, Canopus Software Laboratory, First Source Bank, and Rockall Technologies.
 
Global Banking Online Market Segmentation by Type
  • Informational services
  • Transactional services
  • Communicative services
Global Banking Online Market Segmentation by Software
  • Customized software
  • Standard software
Global Banking Online Market Segmentation by Geography
  • North America
  • Europe
  • Asia Pacific
  • Rest of the World
This report gives you access to decisive data such as:
  • Market growth drivers
  • Factors limiting market growth
  • Current market trends
  • Market structure
  • Market projections for the coming years
Key highlights of this report
  • Overview of key market forces propelling and restraining market growth
  • Up-to-date analyses of market trends and technological improvements
  • Pin-point analyses of market competition dynamics to offer you a competitive edge
  • An analysis of strategies of major competitors
  • An array of graphics and SWOT analysis of major industry segments
  • Detailed analyses of industry trends
  • A well-defined technological growth map with an impact-analysis
  • Offers a clear understanding of the competitive landscape and key product segments

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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