France digital banking market is estimated to grow at a significant growth rate of 8.1% over the forecast period to hit over $1.8 billion in 2025 from nearly $1.1 billion in 2018. After a strong year in 2017, GDP growth in France slowed to 1.7% in 2018, from 2.4% in 2017, according to the France Banking Federation. Major factors that augment the growth of the digital banking market in the country include well-developed banking, financial and insurance service (BFSI) sector and high penetration of internet in the country.
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The banking industry is one of the six main economic assets of France, according to the OECD. As of January 2019, the banking industry of France numbered 340 banks. According to the Financial Stability Board, 4 banks of France are among the 8 Euro area Global Systemically Important Banks (G-SIBs). Financial activities account for 3.9% of total value added in France, of which around 60% is accounted for by the banking industry. France serves as a key destination for a number of challenger banks (local or international). For instance, Pixpay, a French start-up is the first challenger bank to cater to teens. The start-up tends to offer a debit Mastercard for cashless payments. Pixpay was launched in January 2019 that aims to tackle the France market as early as 2021 and target 2 million customers within 5 years.
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The France digital banking market is segmented on the basis of type and solution. Based on type, the market is classified into corporate banking, investment banking, and retail banking. Retail banking held the largest share in 2018 and is expected to maintain its dominance during the forecast period. Retail banking involves a wide range of services, including saving accounts, personal loans, mortgages, certificates of deposit (CDs) and investment and fund management. Rising demand for internet banking among individuals to manage their accounts and conduct financial transactions is primarily contributing to the growth of the segment. Based on solution, the market is classified into processing services, payment solutions, customer and channel management, and risk management.
Furthermore, the market is characterized by the presence of several players including ACI Worldwide Inc., Microsoft Corp., Oracle Corp., Fiserv Inc., FIS Global and many others. These players adopt various strategies in order to compete in the global industry. Mergers and acquisitions, product launch, geographical expansion, and partnerships and collaborations are some of the strategies adopted by the players.
Market Segmentation
France Digital Banking Market by Type
- Corporate Banking
- Investment Banking
- Retail Banking
France Digital Banking Market by Solution
- Processing Services
- Payment
- Customer and Channel Management
- Risk Management
Company Profiles
- ACI Worldwide, Inc.,
- Appway AG
- Atos SE
- Backbase BV
- Capital Banking Solutions
- CERALOGIX AB
- Computer Services, Inc.
- Cor Financial Solutions Ltd.
- EBANKIT-OMNICHANNEL INNOVATION, S.A.
- Etronika UAB
- Fidor Solutions AG
- Finastra
- Halcom d.d.
- Intellect Design Arena Ltd.
- Microsoft Corp.
- NCR Corp.
- NETinfo PLC
- NETinfo PLC
- New Frontier Innova d.o.o Beograd
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
