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Breakthroughs that will shape the future of the web banking industry

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Global Online Banking Industry


The global online banking industry has been playing an increasingly important role in recent years within the online financial services industry, driven by widespread internet penetration and changing consumer habits.


Growth in the e-commerce sector has seen more customers make the transition from paper payments to online payments. Consumers are now demanding a greater degree of transparency and flexibility in their banking requirements. According to yStats, there will be almost 3 billion internet users across the globe in 2015, marking a 1 billion increase in four years. It is forecast B2C e-commerce sales will total between $700 billion - $950 billion by 2013.


Financial service providers are under pressure to find ways to set themselves apart to capture the greatest proportion of the active online customer base as competition stiffens in the sector. Research from DataMonitor points to the importance of security in developing online banking, with other important factors being better online functionality, bolstering point-of-sale support and personalizing the online experience.


Mobile Online Payments


Widespread internet penetration in developed countries means online payment services or e-commerce is more advanced. However, mobile payments continue to witness significant growth in developing economies like Kenya, China, Brazil and India. These countries also have a higher number of mobile phones over bank accounts, according to research from Timetric. Changes in consumer behavior in these countries continue to pave the way for start-up outfits that provide a range of alternative payment instruments. Growth in the online and mobile payment sector will continue, with state institutions contributing to the expansion of alternative payment channels.


According to research from TechNavio, the global mobile commerce payment market is expected to expand by as much as 80% over the four-year period ending 2015. Industry performance will be fuelled by widespread adoption of mobile devices. Consumers are also increasingly using mobile payment options for ticketing and digital goods purchase. One prominent obstacle to market growth concerns the protection of financial information. Leading vendors currently operating in this market include Google, Isis, PayPal and Citibank.



Regional Market Share


  • China’s mobile payment sector has witnessed significant growth in recent times, with the country’s mobile payment market penetration rate rising from less than 19% in 2010 to almost 26% in 2011, reports Research in China. Various actors operate in China’s mobile payment sector including financial institutions, third-party payment operators, mobile operators and device manufacturers. China Mobile and China UnionPay are to put the joint account and payment platform in place.


  • In Australia, around 35% of all internet banking transactions are carried out on mobile devices. Online banking witnessed 270% growth between 2011 and 2012 in Australia.



Online Banking Industry Trends


Though online banking remains a relatively new method of managing finances, consumers worldwide have adapted to avail of this highly convenient service. Providers continue to add new functionality to the channel, adapting to cater to consumer needs, reports Datamonitor.


Mobile banking also offers a convenient channel for transactional activity, providing consumers with another access point. While this increasingly accessible aspect of online banking is popular with consumers, it also represents a significant obstacle to market growth because access of financial information easy for everyone, leading to theft and fraud.


Global Industry Analysts underlines the importance of security moving forward to encourage safe online banking and limit risk to consumers.


Leading Industry Associations




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