Video Banking Service Market Introduction and Overview
According to SPER Market Research, the Global Video Banking Service Market is estimated to reach USD 321.27 by 2033 with a CAGR of 13.84%.
The report includes an in-depth analysis of the global Video Banking Service market, including market size and trends, product mix, distribution channels, and supplier analysis. Video banking service is a remote banking facility that enables customers to interact with their financial institution through live video calls. It offers personalized assistance, account management, transactions, and advisory services, enhancing convenience and accessibility for users.
- Increasing customer demand: Consumers are increasingly seeking convenience and personalized services. Video banking offers a more interactive and personalized experience compared to traditional banking channels, which is driving its demand.
- Enhanced customer experience: Video banking enables customers to interact face-to-face with banking representatives from the comfort of their homes or offices. It provides a more personalized experience, leading to improved customer satisfaction and loyalty.
Market Opportunities and Challenges
Numerous variables create opportunities in the Video Banking Service industry. Video banking enhances the customer experience by enabling face-to-face interactions with banking representatives from the convenience of home or office, resulting in improved satisfaction and loyalty. The COVID-19 pandemic has accelerated the adoption of remote banking, and video banking plays a crucial role in providing customers with remote access to various banking services, reducing the reliance on physical branch visits. Moreover, video banking is being integrated with other digital channels to offer a seamless and consistent experience across multiple touchpoints, aligning with the trend of omnichannel banking and enhancing customer engagement.
The market does, however, nevertheless encounter some difficulties. Video banking faces challenges related to regulatory compliance, as financial institutions must adhere to various requirements regarding customer identification, data protection, and privacy. Navigating complex regulatory frameworks across different jurisdictions can be demanding. Customer acceptance presents another challenge, as some customers may prefer traditional face-to-face interactions or have reservations about the impersonal nature of virtual banking. Convincing customers to adopt video banking as a preferred channel can be challenging. Additionally, ensuring skilled personnel through specialized training is crucial for banking representatives to effectively handle virtual interactions and provide satisfactory customer experiences.
Market Competitive Landscape
The global Video Banking Service is characterized by high competition, with multiple players operating in the industry. The key players in the global Video Banking Service market include Enghouse, Barclays, Cisco, Branddocs, Glia Technologies, Inc., DialTM, Guaranty Trust Bank Limited, NatWest International, AU Small Finance Bank Limited., POPio, Pexip, Royal Bank of Scotland plc, Sirma, Software Mind, Star Financial, stonehambank, TrueConf, U.S. Bank, ulster bank, Vidyard, Yealink, and Zoom, Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Component, By Deployment Mode, By Application
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| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
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| Companies Covered | AU Small Finance Bank Limited, Barclays, Branddocs, Cisco, DialTM, Enghouse, Glia Technologies, Inc., Guaranty Trust Bank Limited, NatWest International, POPio, Pexip, Royal Bank of Scotland plc, Sirma, Software Mind, Star Financial, stonehambank, TrueConf, U.S. Bank, ulster bank, Vidyard, Yealink, and Zoom, Others
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COVID-19 Impact on Global Video Banking Service Market
The COVID-19 pandemic compelled traditionally hesitant customers to adopt digital channels, including video banking, out of necessity, overcoming barriers and creating new habits. This increased adoption has the potential to lead to long-term behavioural changes, with customers becoming more comfortable and reliant on remote banking solutions even after the pandemic subsides. The market has witnessed expansion and intensified competition as new players, including fintech companies, enter the video banking space, offering innovative solutions. However, the long-term impact on the video banking service market will depend on factors such as customer preferences, regulatory developments, and technological advancements beyond the pandemic.
Key Target Audience:
- Consumers
- Financial Institutions
- Government and Regulatory Authorities
- Mobile Network Operators
- Small and Medium Enterprises (SMEs)
- Startups and Fintech Companies
- Technology Solution Providers
- Others
Our in-depth analysis of the Video Banking Service Market includes the following segments:
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By Component:
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Service
Solution
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By Deployment Mode:
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Cloud
On-Premise
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By Application:
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Banks
Credit Unions
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Key Topics Covered in the Report:
- Global Video Banking Service Market Size (FY’2023-FY’2033)
- Overview of Global Video Banking Service Market
- Segmentation of Global Video Banking Service Market By Component (Service and Solution)
- Segmentation of Global Video Banking Service Market By Deployment Mode (Cloud and On-Premise)
- Segmentation of Global Video Banking Service Market By Application (Banks, Credit Unions, Others)
- Statistical Snap of Global Video Banking Service Market
- Expansion Analysis of Global Video Banking Service Market
- Problems and Obstacles in Global Video Banking Service Market
- Competitive Landscape in the Global Video Banking Service Market
- Impact of COVID-19 and Demonetization on Global Video Banking Service Market
- Details on Current Investment in Global Video Banking Service Market
- Competitive Analysis of Global Video Banking Service Market
- Crucial Players in the Global Video Banking Service Market
- SWOT Analysis of Global Video Banking Service Market
- Global Video Banking Service Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Video Banking Service Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Video Banking Service Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Video Banking Service Market
7. Global Video Banking Service Market, By Component (USD Million)
7.1. Global Video Banking Service Market Value Share and Forecast, By Component, 2023-2033
7.2. Service
7.3. Solution
8. Global Video Banking Service Market, By Deployment Mode (USD Million)
8.1. Global Video Banking Service Market Value Share and Forecast, By Deployment Mode, 2023-2033
8.2. Cloud
8.3. On-Premise
9. Global Video Banking Service Market, By Application (USD Million)
9.1. Global Video Banking Service Market Value Share and Forecast, By Application, 2023-2033
9.2. Banks
9.3. Credit Unions
9.4. Others
10. Global Video Banking Service Market Forecast, 2019-2033 (USD Million)
10.1. Global Video Banking Service Market Size and Market Share
11. Global Video Banking Service Market, By Component, 2019-2033 (USD Million)
11.1. Global Video Banking Service Market Size and Market Share By Component (2019-2026)
11.2. Global Video Banking Service Market Size and Market Share By Component (2027-2033)
12. Global Video Banking Service Market, By Deployment Mode, 2019-2033 (USD Million)
12.1. Global Video Banking Service Market Size and Market Share By Deployment Mode (2019-2026)
12.2. Global Video Banking Service Market Size and Market Share By Deployment Mode (2027-2033)
13. Global Video Banking Service Market, By Application, 2019-2033 (USD Million)
13.1. Global Video Banking Service Market Size and Market Share By Application (2019-2026)
13.2. Global Video Banking Service Market Size and Market Share By Application (2027-2033)
14. Global Video Banking Service Market, By Region, 2019-2033 (USD Million)
14.1. Global Video Banking Service Market Size and Market Share By Region (2019-2026)
14.2. Global Video Banking Service Market Size and Market Share By Region (2027-2033)
14.3. Asia-Pacific
14.3.1. Australia
14.3.2. China
14.3.3. India
14.3.4. Japan
14.3.5. South Korea
14.3.6. Rest of Asia-Pacific
14.4. Europe
14.4.1. France
14.4.2. Germany
14.4.3. Italy
14.4.4. Spain
14.4.5. United Kingdom
14.4.6. Rest of Europe
14.5. Middle East and Africa
14.5.1. Kingdom of Saudi Arabia
14.5.2. United Arab Emirates
14.5.3. Rest of Middle East & Africa
14.6. North America
14.6.1. Canada
14.6.2. Mexico
14.6.3. United States
14.7. Latin America
14.7.1. Argentina
14.7.2. Brazil
14.7.3. Rest of Latin America
15. Company Profile
15.1. AU Small Finance Bank Limited
15.1.1. Company details
15.1.2. Financial outlook
15.1.3. Product summary
15.1.4. Recent developments
15.2. Barclays
15.2.1. Company details
15.2.2. Financial outlook
15.2.3. Product summary
15.2.4. Recent developments
15.3. Branddocs
15.3.1. Company details
15.3.2. Financial outlook
15.3.3. Product summary
15.3.4. Recent developments
15.4. Cisco
15.4.1. Company details
15.4.2. Financial outlook
15.4.3. Product summary
15.4.4. Recent developments
15.5. DialTM
15.5.1. Company details
15.5.2. Financial outlook
15.5.3. Product summary
15.5.4. Recent developments
15.6. Enghouse
15.6.1. Company details
15.6.2. Financial outlook
15.6.3. Product summary
15.6.4. Recent developments
15.7. Glia Technologies, Inc.
15.7.1. Company details
15.7.2. Financial outlook
15.7.3. Product summary
15.7.4. Recent developments
15.8. Guaranty Trust Bank Limited
15.8.1. Company details
15.8.2. Financial outlook
15.8.3. Product summary
15.8.4. Recent developments
15.9. NatWest International
15.9.1. Company details
15.9.2. Financial outlook
15.9.3. Product summary
15.9.4. Recent developments
15.10. POPio
15.10.1. Company details
15.10.2. Financial outlook
15.10.3. Product summary
15.10.4. Recent developments
15.11. Pexip
15.11.1. Company details
15.11.2. Financial outlook
15.11.3. Product summary
15.11.4. Recent developments
15.12. Royal Bank of Scotland plc
15.12.1. Company details
15.12.2. Financial outlook
15.12.3. Product summary
15.12.4. Recent developments
15.13. Sirma
15.13.1. Company details
15.13.2. Financial outlook
15.13.3. Product summary
15.13.4. Recent developments
15.14. Software Mind
15.14.1. Company details
15.14.2. Financial outlook
15.14.3. Product summary
15.14.4. Recent developments
15.15. Star Financial
15.15.1. Company details
15.15.2. Financial outlook
15.15.3. Product summary
15.15.4. Recent developments
15.16. Stonehambank
15.16.1. Company details
15.16.2. Financial outlook
15.16.3. Product summary
15.16.4. Recent developments
15.17. TrueConf
15.17.1. Company details
15.17.2. Financial outlook
15.17.3. Product summary
15.17.4. Recent developments
15.18. U.S. Bank
15.18.1. Company details
15.18.2. Financial outlook
15.18.3. Product summary
15.18.4. Recent developments
15.19. ulster bank
15.19.1. Company details
15.19.2. Financial outlook
15.19.3. Product summary
15.19.4. Recent developments
15.20. Vidyard
15.20.1. Company details
15.20.2. Financial outlook
15.20.3. Product summary
15.20.4. Recent developments
15.21. Yealink
15.21.1. Company details
15.21.2. Financial outlook
15.21.3. Product summary
15.21.4. Recent developments
15.22. Zoom
15.22.1. Company details
15.22.2. Financial outlook
15.22.3. Product summary
15.22.4. Recent developments
15.23. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
