Online banking is a service provided
by financial institutions that allows customers to carry out financial
transactions through secure websites. Many customers are turning towards the
convenience and ease of online banking to carry out their financial
transactions. These websites can be operated through a virtual bank by using a
retail operator or through a credit union. With online banking, customers can
conduct transactions such as account management, money transfer, bill payments,
maintenance, and many other tasks.
With growing customer base and the
growing number of internet subscribers, online banking has grown rapidly in the
last decade. In 2011, more than 40% of the banking operations, from shopping to
bill payments, were performed online. Amongst all the consumers, people between
25 to 55 years of age prefer online banking over all other options. Mobile
banking is primarily preferred by customers between the age group of 18 to 35
years. However, people aged more than 55 years still prefer to visit the branch
for their transactions.
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Due to the convenience and ease of
controlling banking transactions from home, online banking has become the most
popular banking service in the last decade. Features such as access to account
information at any time from any part of the world have also created the need
for online banking on a global scale. Some other factors such as the growing
number of tech-savvy people, the expanding PC and Tablet market, and the rising
number of internet subscribers are driving the growth of this market. However,
security associated with online transaction remains a primary concern for the
growth of this market.
Based on types, online banking
services are segmented into informational services, communicative services, and
transactional services. Based on the software used in online banking modules,
the market for online banking is segmented into customized software, and
standard software. Some of the key online banking software vendors include CGI,
Canopus Software Laboratory, Financial Network Services, First Source Bank,
Corillian, Rockall Technologies, COR Financial Solutions, Banker Hill, I-flex
Solutions etc.
This research report analyzes this
market depending on its market segments, major geographies, and current market
trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Rest of the World
This report provides comprehensive
analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of
current trends in the market, industry growth drivers, and restraints. It
provides market projections for the coming years. It includes analysis of
recent developments in technology, Porter’s five force model analysis and
detailed profiles of top industry players. The report also includes a review of
micro and macro factors essential for the existing market players and new
entrants along with detailed value chain analysis.
Reasons for Buying this Report
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a technological growth map over time to understand the industry growth rate
- It provides a seven-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
- It provides distinctive graphics and exemplified SWOT analysis of major market segments
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