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Increasing Adoption of Smartphones to Support Digital Banking System Market Grow Exponentially During COVID-19 Crisis

The COVID-19 crisis has impacted the global digital banking system market in a positive may. The banks of various countries all over the world are adopting new technologies to help consumers for better banking experience. The COVID-19 pandemic has immensely impacted the Global Digital Banking System Market and a slight inclination is witnessed in the growth rate as equated to the previous predictions. As per new Research Dive published report, the global digital banking system market is anticipated to rise at a CAGR of 10.0% by 2026, generating a revenue of $1,702.4 million in the period of forecast from 2019 to 2026. While there is an increase in the growth rate due to the COVID-19 outbreak, the market is likely to grow impressively by the end of 2026.

 

As per the analysts, the rising penetration of internet and the increasing adoption of smartphones among consumers are the major factors impelling the growth of global digital banking system market. The projected market size for the digital banking system industry prior to COVID-19 chaos was $947.3 million in 2020 and this number is expected to increase up to $972.2 million post-coronavirus pandemic. The risk associated with cyber-attacks while online transactions will hinder the market growth in the coming future. Conversely, the technological advancements in online and mobile banking along with ease of use for customers will propel the demand for digital banking system during the forecast period.

Sustaining in the Pandemic Situation

According to the World Health Organization (WHO), using contactless payments and avoiding use of banknotes cam help prevent the spread of COVID-19 infection all across the globe. In addition, the U.S. Federal Reserve has initiated a practice of isolating banknotes from Asia region by up to 10 days.

Moreover, behavioral changes have been witnessed among customers during this pandemic crisis as about 35% of the banking customers are using online banking. Whereas, around 30% of the consumers have increased their use of mobile banking in this lockdown period. In this way, services and product supply of digital banking systems will continue help the market continue business during the COVID-19 crisis. A number of organizations are looking for efficiencies to create entirely new business models, which will help in impacting all components of performance.

The leading players operating in the global digital banking system industry include Backbase, Temenos, Fiserv, Technisys, BNY Mellon, TCS, Halcom, NF Innova, ebanklT, SAB, Appway, EdgeVerve Systems, Crealogix, Fidor, Kony, ETRONIKA, Finastra, NETinfo, Oracle, IE Digital, and Intellect Design Arena.

Global Industry to Witness Exponential Growth Post-Coronavirus Chaos

Research Dive states that the global digital banking system market is projected to witness significant growth post-COVID-19 pandemic. In order to improve banking technologies and develop enhanced security for financial transactions, the financial institutions are taking continuous efforts. Besides, banks are now implementing new and latest technologies to reduce operating costs, which will drive the market growth in the post COVID-19 pandemic.

Source: Press Release

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