Business

Digital banking market to hit $30.1bn by 2026

The global digital banking market will hit $30.1 billion by 2026 up from $18.1 billion in 2022, a study by Global Industry Analysts Inc shows. According to a press release, the market will also grow at a Compound Annual Growth (CAGR) rate of 15.7 per cent over the analysis period.

The statement indicates that retail banking, one of the segments analyzed in the report, is projected to grow at a 14.3per cent CAGR to reach $14.3 billion by the end of the analysis period. It further shows that the impact of Covid-19 and its induced economic crisis, resulted in the report revising growth in the corporate banking segment to 18.4 per cent CAGR for the next 7-year period. It notes that this segment currently accounts for a 34.8 per cent share of the global digital banking market.

On mobile banking, the statement said: “The mobile banking sector has emerged as a channel to attract new customers and generate revenues. Several banks use the mobile channel as a strategic differentiator, as customers can use this channel to avail anywhere, anytime access to a wide range of banking products and services. Mobile platform is also considered as an essential service by financial institutions to compete effectively in the market. “Mobile phones are increasingly being used to carry out banking related functions, for instance balance inquiries.

Banks can reduce costs associated with call center operations by reducing transaction time and cost, and in the process ensure customer satisfaction. “Mobile banking is emerging as a mainstream consumer banking channel, as against its earlier status as a niche segment. Mobile banking services are used for make payments, money transfers including accountto- account transfers, access account information, opening accounts, applying for credit extension or loans, locating bank branches or ATMs, make investments, and access content services.

 

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