Digital Bank Market Report: Your Guide in 2023 and Beyond

8/11/2023

(3 min)

CEO

Traditional banking is gradually giving way to tech-friendly and innovative ways, with many drivers for a digital change in global finance. What started with COVID-19 quickly accelerated with AI and FinTech integration in financial operations, giving a powerful boost to financial digitalization.

Today’s banking software and innovative FinTech solutions that don’t require a banking license are dominated by the use of AI, ML, and IoT advancements, which unavoidably transform the processes of financial service provision. The new reality of digital banking is more inclusive and transparent due to the use of blockchain technology in many forward-looking banking apps. At the same time, tech innovation poses innovative cybersecurity challenges and requires state-of-the-art security solutions to keep user identities and funds fully protected.

So, what’s currently happening in this area? Who are the major players in digital banking, and what trends are expected to dominate the industry in the coming years? Our team researched this sector in depth for 6+ months, getting to the depths of banking transformation and sharing the key findings in this report.

By studying our research materials, businesses considering a digital banking project or existing FinTech providers will find many valuable insights into the present-day landscape and expected dynamics of digital banking. We talk about:

The evolution of the digital bank concept and innovative banking models gaining popularity today.
The status and role of crypto-friendly banks and the crypto adoption trend in banking.
Digital bank business models and licensing requirements.
Digital banking trends and predictions.
Challenges and risks awaiting digital banking projects now.

Businesses planning an entry into the FinTech space can also benefit from a ready-to-use digital bank blueprint, which gives a better understanding of the architectural considerations and simplifies the process of digital bank software planning. The report includes the full list of integration services the banking service provider should consider for their FinTech product. We also share the proprietary algorithm for digital banking project roadmap to shed light on the process of such product’s design from idea to launch.

An essential part of our 2023 digital banking industry outlook is the detailed review of excellence criteria for selecting a provider of digital banking software development services. Those who plan to launch such a digital product should take the provider choice seriously, as security vulnerabilities or flaws in the code logic can undermine user trust and cause legal trouble.