Online Banking Solution Market Size, Share, Opportunities, And Trends By Service Type (Payment Services, Processing Services, Customer And Channel Management, Wealth Management, Others), By Banking Type (Retail Banking, Corporate Banking, Investment Banking), And By Geography - Forecasts From 2023 To 2028

  • Published : May 2023
  • Report Code : KSI061615347
  • Pages : 149

The online banking solution market is projected to grow at a CAGR of 12.83% to reach US$199.572 billion in 2028 from US$85.706 billion in 2021.

Market Overview:

Online banking is a term used to describe a system of electronic payments that enables consumers to conduct financial transactions online. Due to the superior customer service and consistent user experience that are emerging as major trends in the market, the payments services segment is anticipated to maintain its dominance over the projected period. Globally, two-thirds of adults currently send or receive digital payments, with developing economies accounting for an increasing share from 35% in 2014 to 57% in 2021 (Source: World Bank data). The digital revolution has accelerated global improvements in access to and use of financial services, revolutionizing how people send and receive money.

Growth factors:

  • The primary driver of the rise in online banking is e-commerce.

Both the convenience of shopping online or through mobile apps and the fact that a higher percentage of e-commerce transactions are completed with a credit or debit card than in-store purchases are contributing to the growth of digital payment volume. Many aspects of traditional consumer shopping behaviour are being disrupted by the real-time accessibility of e-commerce products, their availability 24 hours a day, as well as the simplicity of making electronic payments. This behaviour is also becoming more and more influenced by the widespread use of mobile devices and apps. The average percentage of internet users who made purchases online climbed from 53% before the epidemic (2019) to 60% after the pandemic started (2020/21), according to the United Nations Conference on Trade and Development (UNCTAD), across 66 nations. The rise of e-commerce, which is becoming increasingly common in several nations, will be fuelling the cashless payment sector.

  • Investment banking simplified

Not only has online banking revolutionized the banking sector, but it has also had a significant impact on other connected industries like investing and portfolio management. The Association of Mutual Funds in India reports that the mutual fund industry's use of digital money is expanding quickly. In August 2019, the percentage increased from 0.5% in 2016 to 14% as a result of the widespread use of smartphones and the internet. The development of the internet has democratized this field, and cell phones have made learning about financial instruments on the go simpler than ever. Investors may now track their portfolios in real-time using internet banking, where they can invest or trade with the press of a button. They only need to sign in to their bank account and click on the necessary field to acquire a real-time summary of their investments.

  • India's initiative in digital payment will increase financial literacy

Over 420 million individuals in India now have access to digitized banking, opening the door for digital financial inclusion. This has a significant impact on the shift in socioeconomic behavior toward digital finance. It makes it possible for India's rural and semi-rural people to be receptive to employing safe digital gateways. For instance, the National Payments Corporation of India (NPCI) in October 2022 introduced "UPI Lite" to enable users of smartphones to conduct low-value transactions using the local wallet. With UPI Lite, users will have a useful choice for quick and simple low-value transactions. India currently thrives on low-value UPI payments, with 50% of all UPI transactions taking place below 200 rupees. Users who have UPI Lite enabled on the BHIM App can conduct low-value transactions almost entirely offline.

Key Developments:

  • September 2022: Worldline, a multinational provider of payment services, purchased a 40% investment in Online Payment Platform (OPP), a payment service provider (PSP) with a specific payment solution for platforms and marketplaces with an emphasis on eCommerce. One-third of European eCommerce transactions take place in the marketplaces and platforms vertical, which Worldline's ownership in OPP will enhance.
  • May 2022: Checkout for Bharat, which facilitates payment flow & checkout in most Indian languages, was just released by PayU. With the help of this functionality, retailers can provide customers with a customized shopping experience in the primary languages of 79% of Indians: Hindi, Gujarati, Bengali, Marathi, Telugu, Tamil, and Kannada. With the aid of this feature, businesses may reach underserved tier 2, tier 3, and rural markets and prevent consumer drop-offs at the point of payment owing to language barriers.
  • November 2021: The new "Buy Now Pay Later" (BNPL) service, which combines an all-in-one payment experience and interest-free payment solution, was just unveiled by Smartpay K.K. It was created to address Japanese consumers' payment-related problems and boost retailer conversion rates. With the first entirely free and safe, smooth, fully automated, online payment experience, Smartpay hopes to ease the worry that comes with online purchasing for Japanese credit card customers. The company was founded out of a passion for aiding Japanese retailers to flourish in e-commerce.

COVID-19 Impact

COVID-19 had a significant impact on the retail banking industry. To maintain business and customer service continuity in the UK, banks were compelled to temporarily close their branches and move all of their activities to Internet banking. Banks had to enhance their online platforms to make it possible for employees to accomplish work-from-home tasks online. Banks had to spend in their IT divisions to maintain online systems and make sure they could run without interruption, especially given the rise in online transactions and customer inquiries. This was in addition to expanding online offerings to customers. Due to the epidemic, consumer behavior had to shift, and some of those adjustments were what caused the dramatic increase in online transactions.

Online Banking Solution Market Scope:


Report Metric Details
Market Size Value in 2021 US$85.706 billion
Market Size Value in 2028 US$199.572 billion
Growth Rate CAGR of 12.83% from 2021 to 2028
Base Year 2021
Forecast Period 2023 – 2028
Forecast Unit (Value) USD Billion
Segments Covered Service Type, Banking Type, and Geography
Regions Covered North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered Tata Consultancy Services Limited, Oracle Corporation, CGI Inc., ebankIT, Temenos AG, Halcom d.d., Backbase, Fiserv Inc., Technisys, Aci Worldwide Inc.
Customization Scope Free report customization with purchase



  • By Service Type
    • Payment services
    • Processing Services
    • Customer and Channel Management
    • Wealth Management
    • Others
  • By Banking Type
    • Retail banking
    • Corporate Banking
    • Investment Banking
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • UK
      • Germany
      • France
      • Italy
      • Spain
      • Others
    • Middle East and Africa (MEA)
      • Saudi Arabia
      • UAE
      • Isreal
      • Others
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Indonesia
      • Thailand
      • Taiwan
      • Others

Frequently Asked Questions (FAQs)

The global online banking solution market is projected to grow at a CAGR of 12.83% during the forecast period.
The online banking solution market is projected to reach a market size of US$199.572 billion by 2028.
Online Banking Solution Market was valued at US$85.706 billion in 2021.
The online banking solution market has been segmented by service type, banking type, and geography.
The online banking solution market continues to grow due to a combination of customer demand, technological advancements, regulatory support, and the changing landscape of the financial services industry.


1.1. Market Overview

1.2. Market Definition

1.3. Market Segmentation


2.1. Research Data

2.2. Assumptions


3.1. Research Highlights


4.1. Market Driver

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.3.1. Bargaining Power of End-Users

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis


5.1. Introduction

5.2. Payment services

5.3. Processing Services

5.4. Customer and Channel Management

5.5. Wealth Management 

5.6. Others


6.1. Introduction

6.2. Retail banking

6.3. Corporate Banking 

6.4. Investment banking


7.1. Introduction

7.2. North America

7.2.1. United States

7.2.2. Canada

7.2.3. Mexico

7.3. South America

7.3.1. Brazil

7.3.2. Argentina

7.3.3. Others

7.4. Europe

7.4.1. UK

7.4.2. Germany

7.4.3. France

7.4.4. Italy

7.4.5. Spain

7.4.6. Others

7.5. Middle East and Africa (MEA)

7.5.1. Saudi Arabia

7.5.2. UAE

7.5.3. Isreal

7.5.4. Others

7.6. Asia Pacific

7.6.1. China

7.6.2. Japan

7.6.3. South Korea

7.6.4. India

7.6.5. Indonesia

7.6.6. Thailand

7.6.7. Taiwan 

7.6.8. Others


8.1. Major Players and Strategy Analysis

8.2. Emerging Players and Market Lucrativeness

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Vendor Competitiveness Matrix


9.1. Tata Consultancy Services Limited

9.2. Oracle Corporation

9.3. CGI Inc.

9.4.  ebankIT

9.5. Temenos AG

9.6. Halcom d.d.

9.7.  Backbase

9.8. Fiserv Inc.

9.9. Technisys

9.10. Aci Worldwide Inc.

Tata Consultancy Services Limited

Oracle Corporation

CGI Inc.


Temenos AG

Halcom d.d.


Fiserv Inc.


Aci Worldwide Inc.