E-commerce boost is further expected to fuel the online banking market size
According to Valuates Reports, the global online banking market size is expected to reach $20.5 billion by 2026, up from $9.1 billion in 2019.
Grown internet penetration among consumers and technology boost are the key factors expected to drive the online banking market size.
Besides, the COVID-19 pandemic has forced people to shift towards online banking, further encouraging market growth.
The report states that online bank customer base is on the rise with the growth of internet penetration and smartphone apps globally.
Online banking advantages such as 24/7 availability and fast registration have increased its adoption. Consequently, it is expected to increase the online banking market size during the forecast period.
Along with that, banks embrace technology to reduce operating costs and remain competitive in the marketplace.
Nevertheless, the rising threat of cyber-attacks could damage the adoption of digital banking. Responding to cyber-attacks is one of the biggest challenges banks around the globe face.
We’ve reported that 57% of consumers are currently preferring internet banking, compared to 49% before the pandemic. Besides, 55% started using banking mobile apps more, compared with 47% earlier.