The digital banking market is set to achieve unprecedented growth, with a predicted revenue of USD 13.5 trillion by 2032, according to Global Market Insights, Inc.

According to a recent industry analysis from Global Market Insights, Inc., the digital banking market is predicted to enter the billion-dollar club in seven years by surpassing USD 13.5 trillion in revenue by 2032 with a projected CAGR of 3.6% between 2023-2032.

The market is expanding as a result of more fintech companies entering the market. Also, the fintech sector is seeing an increase in investments across asset management, lending, insurance, payments, and money transfers. This trend is expected to positively affect the market environment over the next years.

Also, a number of central governments are implementing strategies and programs to accelerate the growth of the fintech sector. The majority of governments are assisting the fintech industry in achieving business objectives, such as expanding financial inclusion and access, increasing productivity, ensuring stability, and fostering competition, all of which are anticipated to hasten the growth of the digital banking market.

The prospects for the future

Globally, the market for digital banking is divided into four categories: type, service, transactional services, and non-transactional services.

Given its nature, the investment banking industry is expected to expand rapidly through 2032. The expansion can be attributed to the increasing use of technology and data analysis to better understand clients, identify opportunities for cross-selling, and strengthen relationships.

By 2032, the non-transactional services sector will grow as more consumers use digital and mobile platforms.

The adoption of non-transactional services such as account services, customer service, and asset management will enhance segmental expansion. Non-transactional services, including counseling, stock advisory, financial planning, and SMS services, will also contribute to the segmental expansion.

The digital banking market’s financial transfers segment had a market share of over USD 3 trillion in 2022 and is projected to increase rapidly through 2032. Because online fund transfers are the most popular transactional service, digital fund transfers are expected to represent a significant change. Additionally, the segmental growth is anticipated to be fueled by the increasing adoption of smartphones and mobile payment apps.

Financial planning is predicted to see a CAGR of over 11.5% in the non-transactional services category between 2023 and 2032 as a result of increased digitization and the use of cutting-edge tools like AI and big data analytics.

Latin American digital banking sales will exceed USD 690 billion by 2032 due to banks’ considerable digital transformation. In order to reduce effort, financial organizations are also substituting digital banking technology for the conventional core. Also, well-known banks are creating new digital banks and plan to progressively wean customers off the present platform. Which is anticipated to have a favorable impact on regional growth through 2032.

Digital Banking
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