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

Key Developments

• In January 2024, Barclays announced the acquisition of Barclays Consumer Bank Europe, Barclays' German retail banking business, by Austrian BAWAG Group. The deal, valued at approximately US$ 4.7 billion, aimed to bolster BAWAG's digital payment offerings and expand its presence in the German E-banking Market. The acquisition, which is subject to regulatory approvals, will allow BAWAG to leverage Barclays' expertise and technology in digital banking and payment solutions. This strategic move is expected to enhance BAWAG's competitiveness in the rapidly evolving fintech landscape and better serve its growing customer base in Germany.
• In June 2023, Goldman Sachs introduced a new high-yield savings account through its online platform, Marcus by Goldman Sachs. This account offers a competitive annual percentage yield (APY) of 4.15%, significantly higher than the national average, which is less than 0.5%. The savings account is designed to provide users with an easy way to save money, featuring no fees, no minimum deposits, and no balance requirements. Customers can manage their accounts seamlessly online, allowing them to deposit funds easily and track their savings growth. 
• In November 2022, Wells Fargo & Co., a major U.S.-based financial institution with approximately US$ 1.9 Tn in assets, partnered with nCino Inc. to enhance its digital banking capabilities. This collaboration focuses on expanding the use of nCino's Bank Operating System within Wells Fargo's consumer and small business banking divisions.
• In August 2021, PayPal Holdings Inc. announced its acquisition of the digital asset startup, Curv Inc., for nearly US$ 200 million, aiming to enhance its capabilities in the cryptocurrency space. Founded in 2018, Curv specializes in digital asset security infrastructure, providing technology that enables crypto companies and financial institutions to create secure digital wallets.