E-BANKING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Concentration and Competitive Landscape

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Growing demand for convenient and accessible banking services

Consumers have increasingly less tolerance for long queues and waiting periods, cumbersome documentation procedures, and limited banking hours which were once synonymous with traditional branch visits. Their expectations of immediacy, simplicity and availability have risen tremendously in the fast-paced digital age. Meanwhile, the hectic schedules and busy lifestyles of modern urban populations leave little time or opportunity for running errands to the bank. This has created considerable demand for banking services that can be accessed with minimal effort and disruption any time of the day from anywhere.

Meeting such dynamic preferences and evolving with customer needs is of paramount importance for banks to not lose their clientele to more innovative competitors. Those adopting digital transformation and an 'always-on' approach through robust online and mobile offerings have been able to strengthen their customer relationships and satisfaction levels. People feel respected and well-served when financial institutions make their lives more hassle-free through technology instead of unnecessary physical hoops. Thoroughly digital banks with no physical branches whatsoever pose a strong promise of never turning customers away and providing the ultimate convenience through websites and apps accessible on any device round-the-clock.

For instance, In April 2021, JPMorgan Chase & Co. launched a new mobile banking app, the Chase Mobile® app, featuring enhanced security measures to better protect customer accounts. This app allows users to securely manage their finances, offering functionalities such as quick money transfers, check deposits, and investment tracking, all from their mobile devices.