Digital Banking Market in Asia Pacific to crossed USD 8 Bn from 2020 to 2026

Asia Pacific digital banking market is set to exceed the $8 billon mark by the forecast period ending 2026, as the digital era takes hold of the financial sector. One of the main drivers of this exponential market growth is online shopping that has millions of end-users hooked to various shopping platforms.

Today, with the advent of several advanced technologies, online shopping and virtual payments have become as easy as the snap of a finger, thanks to seamless interaction between the consumer and the online platform. There are numerous benefits associated with online shopping such as lesser delivery time, transparent reviews and comparisons, ease of payment, wider variety of products and many more. All these factors have led to the robust growth of APAC digital banking market size.

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When viewed in hindsight, the COVID pandemic has also acted as a positive medium, helping online businesses to grow. Since the pandemic posed a host of restrictions on physical movement, this scenario became a golden opportunity for online business owners. And the main reason why these online ventures managed to stay afloat was because of the ease of doing financial transactions and getting payments from customers. This has bolstered the growth of APAC digital banking market.

According to market reports published by industry experts in 2019, the digital banking market in Asia Pacific region saw almost 90% of its share captured by online transactions alone. As more and more youngsters are getting themselves acquainted with advanced technologies, a major chunk of this population is also moving away from traditional methods of payment and transaction. This sudden surge in the use of the internet for completing financial transactions will foster growth of this industry.

Several banks across the globe are finding new ways to survive, now that the need for physical presence while doing financial transactions is on the decline. More banks today are bringing in promising technologies like artificial intelligence (AI) to make banking a more personal experience for their end-users. For example, banks are using robot automated technology as customer service representatives to understand and deliver personalized services to their clients. These innovative technologies in the banking sector will reportedly boost the outlook of digital banking market in the APAC region.

The need for financial security has also acted as a booster to digital banking companies. The fear of theft and frauds by banks has prompted people to go digital with their banking transactions. Since digital banks do not require a customer to carry their physical documents with them, thanks to services like e-KYC introduced by banks like Standard Chartered Bank, it has made lives a lot easier and secure. All transactions can be done online without the fear of losing these important documents.

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Digital banking today offers businesses as well as customers the ease of payment of their bills. Customers no longer have to go to shops to pay their bills or worry about running short of money, with digital wallets being introduced by several banks. Business owners, on the other hand, don’t have to stand in long queues to pay their bills or taxes, as all this can be done with the help of online banking as well.

Some of the digital banking firms in Asia Pacific are Appway AG, CREALOGIX AG, ebankIT, Etronika, Finastra, Infosys Ltd., Oracle Corporation, BNY Mellon, among others.

Table of Contents (ToC) of the report:

Chapter 1   Methodology & Scope

1.1    Research methodology

1.2    List of data sources

1.2.1    Secondary

1.2.2    Primary

Chapter 2   Market Snapshot

2.1    Asia Pacific digital banking market snapshot

Chapter 3   Asia Pacific Digital Banking Market Trends

3.1    Industry coverage

3.2    Industry size, 2015 – 2026

3.3    Impact of COVID-19 pandemic

3.4    Value chain analysis

3.4.1    Company product snapshot

3.5    Innovation landscape

3.6    Regulatory norms & directives

3.7    Drivers & restraints

3.7.1    Market drivers

3.7.2    Market restraints

3.8    Industry analysis – Porter’s

3.9    Competitive benchmarking, 2019

3.9.1    Strategy dashboard

3.10    PEST analysis

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