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North America Digital Banking Market Forecast 2026 By Type (Retail Banking, Corporate Banking, Investment Banking), By Service (Transactional [Cash Deposits & Withdrawals, Fund Transfers, Auto Debit/Auto Credit Services, Loans], Non-transactional [Information Security, Risk Management, Financial Planning, Stock Advisory]), Research Report, Country Outlook (U.S., Canada), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share
Published Date: June 2021 | Publisher: Graphical Research Report ID: GR1869 | Delivery : PDF  Request Free Sample

North America Digital Banking Market size surpassed USD 500 billion in 2019 and is expected to witness over 4% growth rate from 2020 to 2026.

The North America market growth is attributed to the growing adoption of financial technologies and digital services across enterprises. For instance, in June 2020, the Office of the Comptroller of the Currency, a sole banking regulator in the U.S., announced to review and revise the digital activities of the bank. This was undertaken by the governing body to ensure a change in regulations as per industry developments. Additionally, several banking enterprises are focusing on modernizing their banking infrastructure.

North America Digital Banking Market

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North America Market, By Type

The investment banking sector is projected to expand at a CAGR of 7% during the forecast timeline. Growth is credited to the extensive adoption of technology solutions by investment banks and the need to deliver improved customer experience. With the adoption of digital banking services, these enterprises are gaining in-depth consumer insights. Companies are streamlining their banking infrastructure followed by an increasing number of services.

North America Market, By Service

The non-transactional service segment will register growth of more than 9% through 2026. There has been an extensive rise in demand for account services, customer service, asset management, consultancy, stock advisory, financial planning, and other services. The adoption of digital banking technology services is helping enterprises in managing the banking experience and ensuring optimum service delivery.

The demand for digital banking solutions & services is anticipated to grow substantially over the coming years. The consistent growth in fintech adoption and new technology developments are contributing to the market expansion. For instance, in July 2020, the U.S. Bank launched the U.S. Bank Smart Assistant, a voice banking service, over its mobile banking application. The service features AI-backed voice commands to carry out transactions through a mobile banking application.

Competitive Industry Landscape

Leading companies operating in the North America digital banking market include Appway AG, The Bank of New York Mellon Corporation, ebankIT (EBANKIT OMNICHANNEL INNOVATION, S.A., Finastra, Infosys Limited, Intellect Design Arena Limited, Kony Inc., Oracle Corporation, SAP SE, Tata Consultancy Service (TCS) Limited, Technisys Inc., and Temenos AG.

Amid the COVID-19 pandemic, industry players are emphasizing on collaborative development and distribution of the digital banking environment. For instance, in May 2021, Technisys Inc. entered into a partnership with Antuar to improve the digital customer service experience. Under the partnership, the companies collaboratively focused on the digitization of branch service, customer interaction management, and personalized service delivery.
 

Frequently Asked Question(FAQ) :

The market for digital banking in North America exceeded USD 500 billion in value during 2019 and will grow at more than 4% CAGR from 2020 to 2026 with the rising presence of financial technologies and digital services.
The digital investment banking segment will grow at an impressive CAGR of around 7% through 2026 in the region owing to the adoption of robust technology solutions to provide better consumer experience.
The non-transactional service segment will expand at over 9% CAGR through 2026 with the rising demand for asset management, account services and financial planning services.
Some of the key vendors in the North America market are Oracle Corporation, Tata Consultancy Service (TCS) Limited, ebankIT, Infosys Limited, SAP SE, among others.

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