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Online Financial Services Market Research: Latest Industry Analysis & Trends

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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.

The internet banking market is 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 Internet Financial Market Segments

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 technology is gradually being deployed on a commercial basis following operator trials. Market growth is being fuelled by increasing penetration of mobile devices such as smartphones.

Internet Financial Industry Leaders

Key players operating in the global online finance industry (which involves online investment companies and online insurance firms) and include: Digital Insight, Yodlee, Bank of America, Wells Fargo, JPMorgan Chase, Citigroup, PayPal, US Bancorp, E*TRADE Financial Corporation, Intuit and Fiserv.

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Global Online Finance Statistics

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Parent industry: Internet Business
Related markets: Consumer Loan, Commercial Loan, Brewery, Gold, Mining, Crowdfunding, E Trade, Internet Finance, E-Trade, Online Broker, Online Trading, Internet Financial Service

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