Remote Banking Systems (Global Market)

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2024: The global digital banking platform market grew by 40% to $21 billion over the year

In 2024, costs in the global digital banking platform market reached $21.14 billion. The indicator of the previous year, when expenses were estimated at $15.06 billion, was exceeded by about 40%. This is stated in a study by Market Research Future, the results of which TAdviser got acquainted with in early March 2025.

The rapid development of the industry is due to a number of factors, including the need to improve customer experience and change consumer preferences. When making transactions, mobile applications and online services are increasingly used. Against this background, financial institutions are investing heavily in reliable digital platforms to optimize operations and expand the range of services provided.

One of the main drivers of the market is technological advances. The introduction of artificial intelligence and machine learning allows you to improve security and identify fraudulent activity. AI tools make it possible to quickly analyze huge amounts of information in order to provide personalized banking services: this is critical to keeping customers in a changing market. In addition, AI algorithms help automate many resource-intensive operations, which increases service speed and minimizes human errors.

Market Research Future analysts note that the partnership between traditional credit institutions and fintech companies provides a unique opportunity to develop hybrid models that combine established banking practices with innovative digital solutions. The expansion of the digital wallet and cryptocurrency sector opens up new growth opportunities, allowing banks to diversify their service offerings and reach a wider customer base. At the same time, the focus on compliance and strengthening cybersecurity in the field of digital banking is strengthening. At the same time, governments and regulators around the world recognize the important role of digital banking in increasing financial inclusion and promoting economic growth, and therefore implement various measures to support the industry.

By deployment type, the digital banking platform market is segmented into cloud, on-premises, and hybrid solutions. In 2023, the first of these sectors accounted for $6.02 billion: cloud systems are gaining popularity due to scalability, cost-effectiveness and flexibility. Local solutions provided $4.53 billion: this type of deployment is in demand among organizations that prioritize control over their data and operations. Hybrid systems combining the advantages of cloud and local platforms brought in $4.51 billion. Among the significant market players named:

• JPMorgan Chase;
• Goldman Sachs;
• Fidor Bank;
• Revolut;
• DBS Bank;
• SoFi;
• Plaid;
• U.S. Bancorp;
• BNP Paribas;
• N26;
• Santander;
• Chime;
• Stripe;
• HSBC.

From a geographical point of view, in 2024, the largest revenue fell on North America - about $6.5 billion: the dominance of the region is explained by the high level of development of the IT sector. In second place is Europe with $3.9 billion, in third place is the Asia-Pacific region, estimated at 2.8 billion. South America secured a contribution of $1.3 billion, the Middle East and Africa - $0.56 billion.

Market Research Future analysts believe that in the future, the CAGR in the market under consideration will be 18.49%. As a result, by 2034, costs on a global scale could increase to $115.37 billion.^[1]

2019: Most Europeans and Russians consider banks a reliable source of information on financial management

Since trust safety and are the basic principles of an open banking ecosystem, in the modern world they banks are perceived as the most reliable sources of information about management. finance As of Mastercard June 2019, about 70% Europeans consider banks to be the most preferred and obvious source, with (80%) Bulgarians , Swisses (78%) and (77%) Russians the most trusting information provided, and (59%) British less than the rest of the respondents. A third of Europeans (33%) are interested in acquaintances or family members - especially the younger generation aged 18 to 29, they are looking for reliable financial information from their friends (44%). 21% receive it from, 15% from media financial advisory companies and one in ten (11%) from and. applications social networks

When it comes to trusting friends, the majority of Europeans (72%) will still prefer not to share their bank details with them. Only one in ten respondents (13%) noted that he would take this step. At the same time, respondents from the UK trust their friends more than others (30%). The younger generation appears to be more open - 18% of people aged 18 to 29 trust friends, and among respondents aged 50 to 69, only 8% would share their financial data with them.

According to experts, never before has the importance of technology for financial services been so high. Digital banking solutions and applications have entered the daily lives of users across Europe. A study in 11 countries commissioned by Mastercard found that six in seven people use digital banking solutions at least once a month, and 38% use weekly or even daily. 63% of respondents use mobile applications of traditional banks, and already every fifth (20%) switched to the services of fully digital banks.

Banking services are becoming more digital and interconnected, and people expect high-level security services - 67% of respondents noted this as the most important criterion when using digital banking solutions. In the first study two years ago, only 39% indicated safety when asked a similar question.

data Research also suggests that the convenience of using services for Europeans is becoming a less important requirement than two years ago (43% in 2017 and 33% in 2019). However, for many, it is still the biggest advantage of digital banking solutions - they save time (66%) and are easy to use (65%). Almost two-thirds of respondents (63%) also believe that in the future the demand for mobile financial services will increase, as it becomes even easier and more convenient to shop with them. This will require the banking industry to implement, multifactor authentication high-end applications protection , and other security technologies such as. biometrics

According to the study, 9 out of 10 Europeans (more than 90%) believe that joint projects and partnerships between companies are necessary to stimulate innovation in the financial sector.

"The research shows that digital banking, both traditional and digital, has become the standard for most Europeans. They want digital products that are easy to use and secure. With our partners, we provide cardholders with a network that is powered by the latest security innovations so that every user feels calm when using online solutions. " noted Jason Lane, Executive Vice President, European Region Development Mastercard

When it comes to the future of banks, more Europeans say that someday they will consider switching to digital bank services (49% in 2017 and 54% in 2019). 18- to 29-year-olds are the least loyal age group of customers - 63 per cent are thinking about changing their bank. In Hungary, 28% of respondents plan to change their bank to digital over the next 12 months, followed by Italy (20%) and the UK (18%). The European average is 13%. At the same time, as traditional banks also offer more and more digital banking products, the number of people who remain committed to their banks is increasing (39%, up from 32% in 2017). Moreover, the Dutch and Swiss (58% in both countries) are the most loyal customers. Almost every tenth European (7%) uses digital banks - the top three markets are Germany (14%), Italy (11%) and Spain (10%).

As people shift to digital banking solutions, they demand similar services from their current banks. Three advantages that customers more often than others name among their preferred financial solutions: universal availability of services, as well as ease of use - 32%, real-time cost control and transparency - 25%, and flexibility - 22%.

See also

• Remote Banking Systems (RBS Market of Russia)
• Secure RBS system
• Catalog of RBS systems and implementation projects in Russia

Notes