1. Market Research
  2. > Internet Business Market Trends
  3. > Online Finance

Online Financial Services: Get Market Research and Figures

  • Currently 4/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
4 votes

Global Online Finance Industry Report

The global online finance industry (which allowed the further expansion of the financial services market on the internet) is attracting increasing numbers of consumers eager to carry out their banking online and on mobile devices for optimal convenience and time efficiency. The challenge facing financial service providers is to set themselves apart by offering online solutions that afford customers easy access and management of their finances via the web.

Global Industry Analysts estimates internet banking will be used by more than 657 million customers by 2015, with the market fuelled by rising numbers of internet users and improvements in web technology.

The world internet banking industry is witnessing rising demand in established markets where younger customers are opting for the ease of online solutions. The US, the EU and Asia-Pacific hold a combined 80% share in the world internet banking industry.

Financial service providers must focus on monetizing the online banking channel to drive market growth, notes Datamonitor. Developing markets are increasingly moving toward the channel afforded by mobile phone banking, with over 50% of consumers contending that mobile phone banking is a priority banking channel. This consensus falls to under 28% in developed nations.

Banking websites devote a large portion of their marketing efforts to attracting new customers. Going forward, financial institutions may seek to exploit the potential of using customer data to market to existing customers beyond the login page.

Key Market Segments

The global alternate payments market – made up of contactless, mobile, and online payments (through online banking) – is forecast to record close to 18% growth in the five-year period ending 2015, reports Business Insights. The alternate payments industry is expected to generate $2.7 trillion in 2015, up from less than $750 billion in 2010. Online payment represents the leading segment in the advanced payments market. Market growth is fuelled by internet penetration, e-commerce, smartphones and rising broadband subscriptions. Near Field Communication is set to become the industry standard for mobile payments as the industry witnesses a high degree of convergence regarding devices, technology and/or business strategy approaches. 

The world mobile payment market continues to record strong growth, and is forecast to exceed $555 billion by 2016, according to Visiongain. Technology is gradually being deployed on a commercial basis following operator trials. It is estimated there will be 750 million mobile payment customers by 2016, up from 140 million in 2011. Market growth is being fuelled by increasing penetration of mobile devices such as smartphones.

Regional Market Share

China’s mobile payment market neared 26% penetration in 2011, up from under 19% the previous year, according to Research In China. Market transaction value reached close to $1.7 billion in 2010. China UnionPay’s mobile payment standard product NFC-SD entered Chengdu market in the first half of 2011, and banks including Huaxia Bank and Bank of Communications have teamed up with China UnionPay to set NFC mobile payment operations in motion.

Read more »

Share

You might be interested in these related markets:

24/7 Customer Support

Talk to Sam

+1 718 473 0872

1-10 of about 200 reports

Online Finance Markets in the US

  • June 2015
    5 pages
  • United States  

View report >

E banking Industry in Afghanistan

  • May 2016
    45 pages
  • E banking  

    Banking  

  • Afghanistan  

View report >

Mobile Banking Markets

  • March 2016
    2 pages
  • Mobile Payment  

    Mobile Banking  

View report >

Mobile Payment Markets in the US

  • March 2016
    86 pages
  • Mobile Payment  

    Banking  

    Mobile Banking  

  • United States  

View report >

Mobile Banking Markets in Lebanon

  • March 2016
    15 pages
  • Mobile Banking  

  • Lebanon  

View report >

M banking Industry in India

  • March 2016
    24 pages
  • M banking  

  • India  

View report >

Internet Banking Industry in Indonesia

  • February 2016
    6 pages
  • Internet Bankin  

  • Indonesia  

    Asia  

View report >

Online Banking Industry in Africa

  • January 2016
    27 pages
  • Online Banking  

    Mobile Banking  

  • Africa  

    World  

View report >

Online Banking Analysis in Spain

  • January 2016
    16 pages
  • Online Banking  

    Online Banking  

    Internet Bankin  

  • Spain  

    Europe  

View report >


65 reports

Purchase Reports From Reputable Market Research Publishers
(From $ 999 - $ 1 600)

Global Cryptocurrency Market - Insights and Analysis: Sizing, Growth and Potential

Global Cryptocurrency Market - Insights and Analysis: Sizing, Growth and Potential

  • $ 1 600
  • Industry report
  • May 2016
  • by Azoth Analytics

Executive Summary The Global Cryptocurrency Market has been driven by widespread speculation amongst the investor community. The increasing acceptance of the cryptocurrencies and new payment mechanisms ...

The Amdocs: Mobile Financial Services

March 2016 $ 999

E*trade Financial Corporation - Strategy And Swot Repor ...

January 2016 $ 175

Business Strategy: 2015 U.s. Consumer Channel Preferenc ...

January 2016 $ 4 500

Unbanked And Underbanked Consumers In The U.s., 4th Edi ...

January 2016 $ 4 500

Global Bitcoin Technology Market - Market Trends And Fo ...

January 2016 $ 4 250

Seg22 Bitcoin—key Concepts

December 2015 $ 1 500

Mobile Banking Services In Africa: The Emergence Of Mob ...

December 2015 $ 495

Seenews Machinery Report V2.0_bulgaria

December 2015 $ 384

Forecast Report On The Furniture Sector In Italy In 201 ...

December 2015 $ 1 000

Reportlinker.com © Copyright 2016. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.