Home > Media & Technology > Next Generation Technologies > Fintech > Digital Banking Market
Digital Banking Market Size
- Report ID: GMI2651
- Published Date: Jun 2024
- Report Format: PDF
Digital Banking Market Size
Digital Banking Market size was valued at USD 10.9 trillion in 2023 and is estimated to register a CAGR of over 3% between 2024 and 2032. Industry has been experiencing substantial growth driven by technological advancements, evolving regulatory demands, and the widespread adoption of digital solutions. Digital banking platforms play a critical role in improving financial services, accelerating transaction processes, and reducing operational costs across various sectors such as retail banking, corporate banking, and fintech.
For instance, in March 2024, AsiaVerify announced a partnership with Visa to strengthen digital payments and banking in the APAC region. AsiaVerify's proficiency in KYB, UBO verification, and KYC services, combined with Visa's vast network and resources, empowers financial institutions such as DBS Bank and HSBC to bolster their customer onboarding, monitoring, and regulatory compliance efforts.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Digital Banking Market Size in 2023: | USD 10.9 Trillion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 3% |
| 2032 Value Projection: | USD 15.4 Trillion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 260 |
| Tables, Charts & Figures: | 300 |
| Segments covered: | Banking, Service, Mode, End users |
| Growth Drivers: |
|
| Pitfalls & Challenges: |
|
Government regulations play a pivotal role in fostering the growth of digital banking by providing a structured framework that ensures security, trust, and efficiency in financial transactions. For instance, in January 2024, Singapore government implemented the revised Payment Services Act, which expanded the scope of permissible financial activities, established clear guidelines for consumer protection, and mandated stringent measures against financial crime.
These regulatory standards create a conducive environment for innovation and investment in digital banking technologies. Ensuring transparency boosts consumer confidence and incentivizes financial institutions to adopt advanced digital solutions that enhance operational efficiency and stimulate overall growth within the digital banking sector.
The critical need for robust cybersecurity measures to safeguard sensitive customer data amidst rising cyber threats is a major growth challenge for the digital banking market. Simultaneously, navigating diverse regulatory landscapes presents complexities that vary across jurisdictions and can hamper expansion. Another significant hurdle lies in effectively managing the transition from traditional banking methods to digital platforms, requiring substantial efforts in customer education and trust-building.
Frequently Asked Questions (FAQ) :
Digital Banking Market Scope
