According to a new report, published by KBV research, The Global Video Banking Service Market size is expected to reach $172.3 billion by 2030, rising at a market growth of 12.5% CAGR during the forecast period.
The Credit Union segment is showcasing a CAGR of 13.2% during (2023 - 2030). Credit unions can use video banking to provide members access to live representatives who can assist with various inquiries, account-related questions, and general assistance. Video banking allows credit unions to offer remote account opening and onboarding services. Members can open new accounts without visiting a physical branch, and representatives can guide them through the process. Credit unions can also facilitate loan applications and approvals through video banking. Members can discuss and submit applications for personal loans, auto loans, mortgages, and other credit union lending products.
The Solution segment is leading the Global Video Banking Service Market, By Component in 2022, thereby, achieving a market value of $113.8 billion by 2030. Video conferencing software solution is at the core of video banking. Popular video conferencing platforms used in video banking include Zoom, Webex, Microsoft Teams, and bespoke video banking solutions provided by vendors specializing in the financial industry. Integration with third-party solutions, such as CRM (Customer Relationship Management) systems, helps banks manage customer interactions more effectively. Video banking solutions must effectively manage and protect customer data, ensuring data privacy and compliance with protection laws.
The Cloud segment has shown the high growth rate of 14.3% during (2023 - 2030). Cloud deployment in the video banking service market involves hosting and managing the video banking infrastructure and software on cloud-based servers provided by third-party service providers. This method is preferred due to its scalability, flexibility, and cost-effectiveness. Cloud deployment is generally quicker to set up and launch compared to on-premise solutions, which can expedite time-to-market for video banking services. Cloud-based video banking services are accessible from any location with an internet connection, enabling remote work and offering customers the convenience of accessing services from anywhere.
The North America market dominated the Global Video Banking Service Market, By Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $59.3 billion by 2030. The Europe market is anticipated to grow at a CAGR of 12.1% during (2023 - 2030). Additionally, The Asia Pacific market would witness a CAGR of 13.3% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/video-banking-service-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of AU Small Finance Bank Limited, Barclays PLC, Glia Technologies, Inc., STAR Financial Bank (STAR Financial Group, Inc.), NatWest Group Plc, Guaranty Trust Bank Limited, StonehamBank, U.S. Bank, Cisco Systems, Inc., and Vidyard.
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By Deployment Mode
By Geography
Companies Profiled
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