Mobile Banking Industry: 2020 Key Trends and Revenue Analysis 2023
As per Market Research Future (MRFR)’s analysis, the mobile banking global market is set to expand at a moderate CAGR during the forecast period. Mobile banking services are widely accepted by the customers all across the world owing to the convenience offered. It also ensures the completion of a transaction in minimum time that would take hours otherwise. Banks are capitalizing on internet services for leveraging their schemes and attracting larger customer bases. This, in turn, is anticipated to revolutionize the growth trajectory of the Mobile Banking Industry.
With the advancements in the internet technology and expansion of its access, the banking industry is also catching up with the developments. Nowadays, banks are endeavoring to make all the banking facilities available from door to door for gaining a competitive edge over competitors. The large-scale market presence of smartphones is further expected to support the vision, thus, augmenting the Mobile Banking Industry.
Governments all over the world are emphasizing on the promotion of the cashless economy to check evasion of taxes. This is presumed to support the development of the mobile banking market over the next couple of years. Furthermore, the deeply rooted penetration of smartphones into the lives of the global population belonging to all age groups is supposed to have a positive influence on the growth of the market.
Although cyber-attacks pose threat to customers’ privacy, proper regulations have been enforced for the protection of sensitive information. Nevertheless, extra charges levied by the banks for offering these services are presumed to hamper the growth of the mobile banking market over the assessment period.
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The prominent players in the Mobile Banking Industry are – Temenos Group AG (Switzerland), Nymbus Inc. (U.S.), Neptune Software PLC (U.K.), Strands Inc. (U.S.), Capital Banking Solutions (U.S.), Dais Software Company (Bulgaria), Ebanq B.V (Netherlands), Apex Software Ltd. (Kenya), Fisa System (U.S.), among others.
The segmental analysis of global mobile banking has been done over several segments, such as Solution, Technology, and Deployment.
The mobile banking market by the solution segment includes mobile banking features, customer management, mobile trading features, mobile payment features, and others.
The mobile banking market by technology segment includes standalone mobile applications and Wireless application protocol (WAP).
The mobile banking market by the deployment segment includes on-cloud and on-premise.
The study of the global mobile banking market has further been conducted over crucial regions of Asia Pacific, North America, Europe, and the Rest of the World.
The regional market of mobile banking is backed by the increase in demand for adopting mobile banking through smartphones and sales-related activities in the North American region. Customers here are actively using mobile channels to interact with the banks rather than visiting the banks.
In Europe, the scenario of the market"
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