Market Analysis
Mobile banking is a service provided by a bank or other financial institutions and allows users to conduct financial transactions remotely using a mobile device. The devices such as smartphones or tablets are used for mobile banking, primarily for transferring money from one account to another and depositing a check by taking a picture. These are prominently provided features for mobile banking in the market. Moreover, it typically operates across applications developed for iPhone, Android, or other device platforms. Moreover, mobile banking is conducted with the availability of an internet or data connection to the mobile device. Depending on the feature provided in applications, the products and services included in mobile banking provide account balances and lists of the latest transactions, remote check deposits, funds transferred between beneficiary accounts, electronic bill payments, peer-to-peer payments, and others. The main concept of mobile banking is to offer online services that will offer dynamic banking services. Covid 19 is impacting the market segments and market share, and it is a way of life across the world. People are now acquiring online banking due to the shutdown and other issues. The advanced smartphone application and banking methods mapping other facilities are key drivers for the market. It is expected that the Mobile Banking Market will register USD 3.47 billion and a CAGR of 15.4% by 2030.
High Adoption of Mobile Banking Apps
In order to promote and increase customer satisfaction and expectations, the global mobile banking market is implementing a number of new initiatives and challenges. New clients are installing the most recent banking applications in order to make the best use of the technology that has been offered to benefit consumers. This is one of the primary factors that will directly accelerate the mobile banking industry during the anticipated assessment period. Aside from that, advanced smartphone applications are dynamic, the fundamental banking method that may also be the driving force behind market expansion. Due to the increased number of smartphone users worldwide, mobile banking's new subscribers are expected to increase significantly. Mobile banking also encourages and enables the recording, mapping, and close examination of the customer's financial situation. As a result, it has had a favorable impact on the growth of the mobile banking market.
COVID-19 Pandemic to Positively Impact the Market
According to the global mobile banking market analysis, customers make up a sizable portion of the whole market. There are numerous potential aspects in the mobile banking industry analysis that are reliant on a variety of factors. The COVID-19 pandemic has had a significant impact on the mobile banking market share and way of life around the world. People are conducting a growing number of transactions online in order to avoid visiting a bank branch. Many organizations have to fight a never-ending battle for survival and client relationships.
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Competitive Outlook:
Notable players in the global mobile banking market include Dais Software Company (Bulgaria), Strands Inc. (U.S.), Ebanq B.V (Netherlands), Nymbus Inc. (U.S.), Apex Software Ltd. (Kenya), Temenos Group AG (Switzerland), Neptune Software PLC (U.K.), Fisa System (U.S.), Capital Banking Solutions (U.S.).
Segmentation:
The global mobile banking market has been segmented into solution, technology, and The Mobile Banking Market is segmented into solution, Technology and deployment. Based on the Solution, the market is categorized into Customer Management, Mobile Banking Features, and Mobile Payment Features. The mobile payment features will dominate the market due to the use of the several UPI payment option and due to the pandemic as well as people prefer cashless payments. By Technology, the Mobile Banking Market is bifurcated into Wireless Application protocols, Standalone Mobile applications. Among them, the standalone segments will have a high market share as mobile banking has become the most secure and hassle-free process, increasing the market in the future. The Deployment variables are On-Cloud and On-Premise. Both segments are increasing the market value, but the on-cloud is expected to hold more than the on-premise as it is helpful for the storage of the data without having security concerns.
Regional Analysis:
The Mobile Banking Market is studied in the regions such as Asia Pacific, North America, Europe and Latin America and the middle east and Africa. North America and Europe register the highest share of the market in 2018 and are expected to hold the same share in the forecast period. Due to the increase of new-age FinTech technologies, banks are upgrading their mobile banking applications to provide better-customized product offerings, enhanced customer experience, and convenience for their users. Asia-Pacific will dominate the market during the forecast period due to the increased use of digital banking platforms and robust economic growth. Other regions also have a good growth due to the enhancement of the market, and the market will experience growth shortly.
Industry news
TRAI dismisses the USSD fee on mobile banking. The regulator body said it is a bid to boost digital financial inclusion and protect the interests of ordinary feature phone users.
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Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
Continued….
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