Internet banking is boom. 178% growth expected by 2027- time.news

by time news

The digital transformations introduced during the lockdown have inevitably changed the habits and lifestyle of consumers, but they will not have a temporary effect, as the demand for new solutions and services for private and professional life is increasing. Among the sectors affected by the digital acceleration is the banking sector, where the pandemic and social distancing have pushed more and more consumers to interact through digital channels with their banks. If in 2019 the internet banking market was valued at 11.43 billion dollars, according to the forecasts of Allied Market Research, in 2027 it will reach 31.81 billion, with a growth of 178%.

Data also confirmed by the World Retail Banking Report 2020 from which it emerged that the banks that have implemented digital platforms believe it is easier and more intuitive to increase operating profit, identify new sources of value and improve operating efficiencies. A historic transformation, that of the banking sector, in which 75% of consumers interviewed prefer internet banking to physical branches, an increase compared to the 49% recorded before the pandemic, while 55% prefer the use of mobile banking apps , compared to 47% previously reported. And, according to Boston Consulting Group, 24% of customers globally plan to use branches less or stop going altogether even after the pandemic is over.

And in Italy? In the Bel Paese, bank customers were among the most active on online and mobile banking: 51% of Italians intensified their relationship with the reference bank on the online channel, while 54% increased their use of mobile phones. A clear message for the financial sector that, in order to remain competitive and meet customer expectations, it will have to modify and increase digital models with the aim of offering a smart, efficient and intuitive customer experience. “Even before the explosion of internet banking, banks had the operational need to manage and integrate large amounts of data, for example from branches to headquarters or even to control and governance institutions such as the Bank of Italy”, explains Luca Musso, CTO of Primeur, a multinational specialized in Data Integration.

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