Published Date: 2020-11-30
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According To Graphical Research, The New Growth Forecast Report Titled “Asia Pacific Digital Banking Market Size 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])”, Estimated To Exceed USD 8 Billion By 2026.
The Asia Pacific digital banking market growth has been accentuated by the increasing trend of online shopping in the region. As internet and mobile payments across APAC have become seamless and easier for consumers, their need to shop online has increased. For instance, the number of online shoppers in China increased exponentially from around 34 million in 2006 to over 610 million users in 2018. This ever-growing ecommerce market is driving the digital banking market growth.
Ramped up e-commerce initiatives during the COVID-19 pandemic are helping small businesses keep revenue flowing during an uncertain time, promoting the use of digital banking channels. A similar initiative was taken by Hong Kong, where the Hong Kong Monetary Authority (HKMA) swiftly approved and issued digital banking licenses to a range of incumbent banks as well as a selection of disruptive fintech players.
The transactional services segment accounted for over 90% market share in the APAC digital banking market in 2019. Demographics across the region are shifting toward digital payment methodologies. As the younger generation (aged between 16 and 34) is heavily influenced by technology, their buying habits & expectations are being formed through the immediacy that smartphones, the Internet, and modern conveniences engender. Businesses and consumers are interested in faster, safer, and more convenient digital payment methods.
Leading banks in the APAC digital banking landscape are looking at alternative approaches to enlarge their footprint. In Indonesia, innovative banks have developed traveling branches that travel to customers in remote locations. Some banks are partnering with third parties to expand their digital distribution reach. For instance, Malaysia’s CIMB has teamed up with convenience store retailers in Indonesia to offer mobile bank services.
Some of the key vendors in the APAC market include Appway AG, Bank of New York Mellon Corporation, CREALOGIX AG, ebankIT, Etronika, Fidor Solutions AG, Finastra, Halcom.com, ieDigital, Infosys Limited, Intellect Design Arena Limited, Kony, NETinfo Plc, NF Innova, Oracle Corporation, SAB, SAP SE, Sopra Steria, Tata Consultancy Services Limited, Technisys S.A., Temenos AG, and Worldline.
The Asia Pacific digital banking market research report includes an in-depth coverage of the industry, with estimates & forecast in terms of revenue in USD billion from 2020 to 2026, for the following segments:
Market, By Type
Market, By Service
The above information has been provided for the following regions and countries:
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