Growing: Short and Long term covid-19 impact on Digital Banking System Market

Pune, Maharashtra,India, November 9 2020 (Wiredrelease) Origius Systems Private Limited –:According to a Research Dive report, the global digital banking market is anticipated to garner $1,702.4 million at a CAGR of 10% by the end of 2026.

The comprehensive report provides a brief overview on the current scenario of the market including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures which makes it easier and more beneficial for the new participants to understand the market.

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Factors Impacting the CAGR Figures Pre and during COVID-19

The report reveals the real-time CAGR garnered by the market during the pandemic. According to the report, the digital banking market has recorded a CAGR of 10% during recent months, while it was expected to be only 9% in the pre-Covid-19 scenario. The reason, undoubtedly, is the rising demand of digital banking for the customers. The emergence of the coronavirus pandemic has surged the importance of digital banking more than ever.

Factors Impacting the Market Size in the Pre-COVID and Real-time Scenario

According to the report, the real-time market size has surpassed the pre-Covid-19 estimations. The real-time market size has reached a revenue of $972.2 million, while it was estimated to reach to $947.3 million in a previous analysis for 2020 before the outbreak. This positive impact can be attributed to the rising necessity of digital banking as an alternative to the in-person banking and physical exchange of funds.

Growing technical advancement and creating innovative technologies are prompting banks to switch from traditional banks to e-banks. The growing majority of banks switch to digital platforms to offer electronic services as mobile use and Internet penetration are rising in the world. While technology advancements in the fin-tech industry is rising, fraudsters are witnessing new frauds, including cyber-attacks and skimming, which are hindering the business growth.

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Post Pandemic Insights

In November 2019, the Indian Government introduced a regulation on companies with a turnover above $7 million annually, which will give customers low-cost digital payments, including Aadhaar Pay, BHIM UPI, debit cards, RTGS, the UPI-QR system and NEFT. There would be no merchant discount rate (MDR) or fees charged to either traders or customers. Therefore, these laws and policy funding are expected to further broaden the worldwide digital banking industry.

As per the report, the global digital banking market will continue the growth even after the pandemic. The applications of digital banking will enhance the demand of digital banking market in upcoming years. In order to provide protection and banks are continually monitored, online bank pages and mobile apps have been created.

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