Digital Banking Market Trends research and Forecast by 2027

Digital banking has redefined the financial ecosystem over the years by replacing a bank’s physical presence with an online one and bumping off the customer’s requirement to visit a branch. The fast-paced automation of conventional banking services has come out as the key to consumer engagement, control, and better profitability. Rapid integration of advanced technologies like analytics, innovative payment solutions, social media, and online services has bought about incredible changes in banking operations.

The digital banking market may surpass a valuation of USD 10 trillion by 2027. The increasing number of digital payments, the rapid proliferation of the e-commerce industry, and changing customer behavior could positively influence the digital banking industry outlook in the future.

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Increasing mobile and internet penetration in the remotest parts of the world has exceeded customer expectations, experiences, convenience and transformed the way organizations function. This, in line with the escalating re-engineering processes across the banking industry, to retain its customers and keep up with the customer-centric product innovations in the fintech sector, will push the digital banking industry revenue trajectory in the forthcoming years.

Digital banking solutions gained immense traction with the onset of the pandemic in 2020. Since the viral transmission was at its peak during the first and second waves of the global apocalypse, digital banking proved to be a safe and secure solution for bank customers and staff. It significantly reduced the footfalls at the local branches while containing transmission due to physical transactions.

According to a recent survey by FICO, around 80% of US banking customers wished to opt for digital banking services post-pandemic. Surging trends like these are likely to boost the digital banking market share in the years ahead.

The Asia Pacific digital banking industry may expand substantially in the coming years, driven by the escalating government funding to foster digital literacy and an upsurge in the usage of digital channels in countries like India. According to RBI’s Digital Payments Index, digitized payments in India have captured a growth of over 46% since the beginning of the pandemic.

This, in covalence with the escalating government funding towards the strengthening of digital infrastructure, will support the market expansion

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In Feb 2022, Fintech player RapiPay raised funding of $15 million to venture a new-age digital banking app - NYE. The funds will help boost the country's digital infrastructure for businesses and consumers.

Key participants contributing towards digital banking market growth include Appway AG, Bank of New York Mellon Corporation, CREALOGIX AG, ebankIT, Etronika

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