Video banking is a term used for performing banking transactions or professional banking consultations via a remote video connection. Video banking is a type of communication between a bank employee and a customer using video conferencing technology. In addition, customers may communicate with their bank through video banking while at home by utilizing a laptop, tablet, or smartphone. It connects a client with a banker or financial counselor via live video technology.
Growth in digital banking services and growing use of mobile phones and internet penetration across the globe drive growth of the market. Moreover, banks are moving toward digital channels to provide their services fuel growth of the video banking service market. In addition, personalized banking services to customers and rapid development in automation of the banking industry and growing use of technologies in the banking industry drives growth of the market. However, the market growth is hampered by security concerns regarding privacy of customers and security concerns due to extensive flow of customer data. On the contrary, technological advancements in the field of banking such as blockchain and artificial intelligence fuels growth of the video banking service market.
The video banking service market is segmented on the basis of component, deployment mode, and application. By component, it is segmented into solution and services. By deployment mode, it is bifurcated into on-premise and cloud. On the basis of application, it is segmented into banks, credit union, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes profiles of key players operating in the video banking service market such as AU Small Finance Bank Limited, Barclays, Glia Technologies, Inc., Guaranty Trust Bank Limited, NatWest International, Royal Bank of Scotland plc, Star Financial, StonehamBank, U.S. Bank, and Ulster Bank. These players have adopted various strategies to increase their market penetration and strengthen their position in the video banking service market.
Growth in digital banking services and growing use of mobile phones and internet penetration across the globe drive growth of the market. Moreover, banks are moving toward digital channels to provide their services fuel growth of the video banking service market. In addition, personalized banking services to customers and rapid development in automation of the banking industry and growing use of technologies in the banking industry drives growth of the market. However, the market growth is hampered by security concerns regarding privacy of customers and security concerns due to extensive flow of customer data. On the contrary, technological advancements in the field of banking such as blockchain and artificial intelligence fuels growth of the video banking service market.
The video banking service market is segmented on the basis of component, deployment mode, and application. By component, it is segmented into solution and services. By deployment mode, it is bifurcated into on-premise and cloud. On the basis of application, it is segmented into banks, credit union, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes profiles of key players operating in the video banking service market such as AU Small Finance Bank Limited, Barclays, Glia Technologies, Inc., Guaranty Trust Bank Limited, NatWest International, Royal Bank of Scotland plc, Star Financial, StonehamBank, U.S. Bank, and Ulster Bank. These players have adopted various strategies to increase their market penetration and strengthen their position in the video banking service market.
Key Benefits For Stakeholders
- The study provides in-depth analysis of the global video banking service market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global video banking service market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global video banking service market from 2022 to 2031 is provided to determine the market potential.
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Key Market Segments
By Component
- Solution
- Service
By Deployment Mode
- On-Premise
- Cloud
By Application
- Banks
- Credit Unions
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Guaranty Trust Bank Limited.
- ulster bank
- Glia Technologies, Inc.
- AU Small Finance Bank Limited
- Barclays
- Royal Bank of Scotland plc
- Star Financial
- NatWest International
- stonehambank
- U.S. Bank
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: VIDEO BANKING SERVICE MARKET, BY COMPONENT
CHAPTER 5: VIDEO BANKING SERVICE MARKET, BY DEPLOYMENT MODE
CHAPTER 6: VIDEO BANKING SERVICE MARKET, BY APPLICATION
CHAPTER 7: VIDEO BANKING SERVICE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the video banking service market was valued at $71.4 billion in 2021, and is estimated to reach $247.9 billion by 2031, growing at a CAGR of 13.6% from 2022 to 2031.The Video banking service market is likely to experience a significant growth rate of 13.6% from 2022-2031 owing to increasing market demand from banking sector
A video banking service is a service that allows customers to conduct financial transactions or receive financial advice through video conferencing with a bank representative. This can include opening accounts, applying for loans, and getting assistance with online banking. Video banking can be accessed through a computer or mobile device, and is often available 24/7. It allows for real-time interaction and can provide a more convenient and personal experience for the customer. Moreover, video banking can also help to improve the efficiency of banking operations by allowing bank representatives to handle multiple customer interactions simultaneously, and by streamlining the process of completing certain tasks, such as account opening or loan application. In addition, video banking can provide customers with a more secure way of interacting with their bank, as sensitive information can be transmitted and stored in a secure and encrypted manner. Overall, video banking is a flexible and versatile service that can provide a wide range of benefits for both customers and banks, by improving convenience, efficiency, and security, and by helping to build stronger relationships between customers and their banks.Key factors driving the growth of the video banking service market include factors such as the growing use of smartphones and internet connectivity has led to an increase in the adoption of digital and mobile banking, which in turn is driving the demand for video banking services. In addition, the COVID-19 pandemic has led to a need for social distancing, which has caused a shift towards remote banking services, including video banking. Furthermore, video banking can help banks to reduce costs associated with physical branches and in-person interactions and allows customers to complete a variety of banking tasks from the comfort of their own home and improves the overall customer experience. Moreover, with the increasing use of mobile devices, mobile video banking is becoming more popular, as it allows customers to access banking services from anywhere, at any time. In addition, the outbreak of COVID-19 pandemic has accelerated the demand for remote banking services, including video banking. Many banks are using video chat as a support service for customers, which can increase customer satisfaction and loyalty. Furthermore, video banking can help banks to reduce costs associated with physical branches and in-person interactions and allows customers to complete a variety of banking tasks from the comfort of their own home and improves the overall customer experience. However, some customers may be hesitant to use video banking due to a lack of technical expertise, which can make it difficult for them to use the service. Furthermore, some customers may be hesitant to use video banking due to concerns about privacy and security, which can make it difficult for banks to encourage widespread adoption of the service. In addition, limited availability of high-speed internet in certain regions can be a restraint for the video banking service market.
The market also offers growth opportunities to the key players in the market since there is a significant opportunity for expansion into emerging markets, where the adoption of digital and mobile banking is still relatively low. Furthermore, the use of AI and machine learning can help to improve the efficiency and accuracy of video banking services, providing opportunities for growth in this market. In addition, the development of new services such as virtual financial counseling or remote notary services can provide additional opportunities for growth in the video banking service market. Thus, these factors are expected to offer lucrative growth opportunities for the video banking service market in the upcoming years.
The video banking service market is segmented on the basis of component, deployment mode, and application. By component, it is segmented into solution and services. By deployment mode, it is bifurcated into on-premise and cloud. On the basis of application, it is segmented into banks, credit union and others. By region, it is analysed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the video banking service market such as AU Small Finance Bank Limited, Barclays, Glia Technologies, Inc., Guaranty Trust Bank Limited, NatWest International, Royal Bank of Scotland plc, Star Financial, StonehamBank, U.S. Bank and Ulster Bank. These players have adopted various strategies to increase their market penetration and strengthen their position in the video banking service industry.
Key Market Insights
By component, the solution segment led the video banking service market in terms of revenue in 2021.By deployment mode, the on-premise segment accounted for the highest video banking service market share in 2021.
By application, the banks segment accounted for the highest video banking service market share in 2021.
By region, North America generated the highest revenue in 2021.
Companies Mentioned
- Guaranty Trust Bank Limited.
- ulster bank
- Glia Technologies, Inc.
- AU Small Finance Bank Limited
- Barclays
- Royal Bank of Scotland plc
- Star Financial
- NatWest International
- stonehambank
- U.S. Bank
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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