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.
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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.