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.
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
- 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.
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