The global digital banking market size is estimated to reach at $1,610.0 billion by 2027, and is anticipated to grow at a CAGR of 8.9%. Market Definition: Digital banking is digitization of all the banking activities and services which are operated in the bank which are only available to the customer which includes activities like account services, loan management, paying bills, applying for finan...

Personal finance software is a platform, which provides several functionalities to the user such as generating reports of the assets, tracking the budget, and analyzing the user investment performance. In addition, it includes different modules for processing of financial information, including creating asset plan, and monitoring & reassessment of the asset. Furthermore, various banks and fintech ...

Dental insurance is a form of health insurance or a stand-alone policy, which covers risks related to teeth & gum diseases, extractions, fillings, root canal, preventative care, and annual cleanings. In addition, it is designed to pay a portion of costs associated with preventive, minor, and some major dental care. Dental insurance covers costs depending on particular treatments, and monthly premi...

Crop insurance is a yield-based policy, which provides protection against loss of crops due to natural disasters such as floods, hurricanes, hail, drought, fires, and earthquakes. In addition, it provides coverage for loss of revenue due to decline in prices of agricultural commodities. Primarily, crop insurance involves two general categories, crop-revenue insurance & crop-yield insurance, which ...

Wearable payment technology facilitates transactions with the use of various wearable devices such as smart watches, rings, wristbands, and fitness bands. In addition, different companies have introduced new wearable devices, which connect the customers with their bank account. Furthermore, shift in preference toward wearable payments among various industries to increase the convenience of custome...

Extended warranty or service contract is an insurance policy that replicates and extends the warranty period of consumer durable goods by a specified period. It covers the cost of replacement, repair, breaking down of the product, and undertakes other coverages as per terms specified in extended warranty plans. Moreover, extended warranty can be offered by retailers, manufacturers, and other warra...

Travel insurance is an insurance product, which is designed to cover unforeseeable events incurred while travelling, either internationally or domestically. Generally, it provides coverages for emergency medical expenses, trip cancellation, flight delays, lost luggage, public liability, and other expenses to minimize the risks during travel. In addition, depending on coverages, travel insurance pr...

Digital banking platform enables banks to offer a digitized banking solution to their customers with all traditional banking activities such as online banking, mobile banking and others. In addition, it provides various banking functionalities such as money deposits, withdrawals transfers, savings account management, application for financial products, loan management, bill payments, and other acc...

ATM managed service provider deal and manages professional ATM services for financial institutions. Its services include operations & management of ATM network, deposit collection & delivery, ATM replenishment & currency management, anti-skimming monitoring, and others. In addition, with taking onus of ATM machines, these managed services providers help banks, financial institutions, and other bus...

A letter of credit is a financial tool, which guarantees the buyer’s payment to the sellers during the trade. It is used in both domestic and international trades market in order to facilitate secured payment terms and transactions globally. In addition, a bank or a financial institution acts as a third-party between the buyer & the seller, which issues a letter of credit and guarantees the paym...

A gift card is similar to a prepaid debit card that consists of a specific amount of money available that can be used for purchasing goods. Many gift cards have certain limit i.e. minimum and maximum initial loading amount, for example the minimum amount is $10 and maximum is $500. In most of the cases, gift cards are used to pay for a portion of a purchase with cash, debit or credit in order to b...

Automatic teller machine (ATM) was introduced in developed countries during the late 70s. This cash dispenser helps customers conduct a wide array of financial transactions such as cash withdrawal, fund transfer, and deposits. Smart ATMs have played a considerable role in generating revenue for the ATM market in the developing countries such as India and South Korea by integrating value-added serv...

The prepaid card market is expected to exhibit high growth during the forecast period, owing to the convenience offered similar to that of a credit or debit card with the ability to allow the end user to set the spending limit according to the budget. Prepaid cards are a plastic alternative to carrying money around and are often called everyday cards. Prepaid cards have taken the place of cash, ch...

The global virtual power plant market was valued at $1.3 billion in 2019, and is projected to reach $5.9 billion by 2027, growing at a CAGR of 21.3% from 2020 to 2027. Virtual power plant, an aggregated decentralized power plant, consisting of decentralized power systems with the purpose to integrate different distributed energy sources such as solar PV cells, wind turbines, and hydroelectric pla...

Travel insurance is an insurance product, which is designed to cover unforeseeable events incurred while travelling, either internationally or domestically. Generally, it provides coverages for emergency medical expenses, trip cancellation, flight delays, lost luggage, public liability, and other expenses to minimize the risks during travel. In addition, depending on coverages, travel insurance pr...

Neo bank are digital-only banks without any physical branches and operates on a partnered bank license in the market. These banks provide digital and mobile-first financial payment solutions, remittances & money transfers services, lending, checking & saving account, insurance, and mortgages completely via mobile applications. In addition, neo banks also provide value-added services such as automa...

Remittance is referred as money sent from one location to another via electronic payment system, mail, draft, and wire transfer. In addition, it is stated as the transfer of money by foreign migrants in their native countries by using digital transfer network such as easy-to-use mobile application, digital wallets, and others. Furthermore, it helps various families to increase their standard of l...

Cyber insurance provides coverage against internet-based risks for businesses and individuals. It typically includes losses from network security breaches, loss of privacy, indemnification from lawsuits related to data breaches, and others. In addition, cyber insurance covers business' liability for a data breach involving sensitive customer information, such as account numbers, social security nu...

Predictive analytics comprises predictive model, and data mining using multivariate analyzing techniques such as time series, regression analysis, and decision tree. The technology uses several statistical and analytical techniques for developing predictive models to deliver enhanced solutions by identifying outcome of future events and customer behavior of organizations through historical data & ...

The global open banking market accounted for $7,295million in 2018, and is expected to reach $43,152million by 2026, registering a CAGR of 24.4% from 2019 to 2026. Open banking is a banking service in which the bank account data is shared through secured open Application Programming Interface (APIs) to third-party services providers. These APIs deliver a secure way to share financial information b...

The Asia-Pacific digital remittance market was valued at $49,851.9 million in 2018, and is estimated to reach $269,784.7 million by 2026, registering a CAGR of 23.4% from 2019 to 2026. Digital remittance is referred as the transfer of money by foreign migrants to their native countries by using digital transfer network such as easy-to-use mobile application, digital wallets, and others.The remitta...

Employment screening refers to the credibility check undertaken by different organizations before hiring an employee in an organization. Employers use this service to consolidate an array of employment, financial, criminal, educational, and other records about an individual for employment purposes. Furthermore, employment screening helps various organizations to screen potential employees by perfo...

The global mobile banking market was valued at $715.3 million in 2018 and is expected to reach $1,824.7 million by 2026, registering a CAGR of 12.2% from 2019-2026. Mobile banking refers to an internet-based facility provided by a bank or other financial institutions, allowing users to conduct financial transactions remotely using a mobile device. In addition, it typically operates across mobile w...

The global trade finance market was valued at $39714.2 million in 2018 and is expected to reach $56,065.6 million by 2026, registering a CAGR of 3.79% from 2019 to 2026. Trade finance is the financing of international trade flows, acting as an intermediary between importers and exporters to mitigate the risks involved in transactions and enhance working capital efficiency in businesses. It deals w...

The Direct Carrier Billing Platform market was valued at $55.56 million in 2018 and is expected to reach $172.35 million by 2026, registering a CAGR of 14.7% from 2019-2026. Direct Carrier Billing is a type of online payment that allows consumers to charge the cost of a purchase to their phone bill. It is a mobile payment technology that enables consumers to make transactions by charging the amoun...

The Armenia banking market was valued at $519 million in 2018, and is expected to reach $996 million by 2026, registering a CAGR of 8.5% from 2019-2026. A bank is a financial institution licensed to accept deposits from the public and create credit in the market. The banking system operates into corporate banking, retail banking, investment banking, wholesale banking, and other such banking segmen...

The global artificial intelligence (AI) in BFSI market was valued at $17,765.2 million in 2018 and is expected to reach $247,366.7 million by 2026, registering a CAGR of 38.0% from 2019 to 2026. Artificial intelligence is the recreation of human intelligence that perform tasks like humans. In financial institutions and other major finance industries, AI has become a core adaption and is expected t...

The global health insurance market was valued at $3,153 billion in 2018, and is estimated to reach $4,475 billion by 2026, registering a CAGR of 4.4% from 2019 to 2026. Health insurance covers various Health expenses, including the routine of health examinations, unforeseen illnesses or injuries, inpatient & outpatient surgery, specialist referral visits, and prescription medications of insured pe...

The global health insurance market was valued at $1,682 million in 2018, and is estimated to reach $2,388 million by 2026, registering a CAGR of 4.4% from 2019 to 2026. health insurance covers various Health expenses, including the routine of health examinations, unforeseen illnesses or injuries, inpatient & outpatient surgery, specialist referral visits, and prescription medications of insured pe...

Mobile payment refers to payment services remotely performed through messages or mobile apps. Various mobile payment media, such as near-field communication (NFC), have been introduced to facilitate rapid money transfer. E-payment methods have been widely...