Market research firm CTM Research has released data on the online banking market in Europe, showing the industry has been growing at an average rate of about 2.2% per year since 2015.
The growth has come as Internet companies are growing in popularity and are increasingly seen as an integral part of modern life.CTM Research’s data shows that Internet Banking accounted for roughly 0.7% of the EU market in 2017.
However, the amount of revenue that the industry is earning has also grown.
According to CTM, in 2017, online banking transactions were made via Visa and Mastercard.
However in 2019, the number of online banking users in Europe increased from 1.9 million to 3.2 million.
This is partly due to the adoption of online payments in the region, but also due to increased online banking usage among consumers.
In addition, CTM noted that in 2020, online transactions were processed by PayPal and MasterCard, but this trend has been reversed in 2021.
In 2020, the industry had about 0.5% of Europe’s total transactions.
However this figure grew to 2.3% in 2021, with the industry accounting for approximately 0.6% of total transactions in 2021 as well.
In terms of total revenues, the online market in the EU was worth around €3.8 billion in 2020.
However the growth in online banking in 2020 came to a halt in 2021 when transactions started to drop.
In 2021, the growth rate was only around 0.2%.
CTM also noted that the overall growth of online financial services is still at an all time low.
The average growth rate for online banking was just 0.1% in 2017 and this rate is projected to increase by 0.8% in 2020 and by 0% in 2025.
In total, CTFM said that Europe has one of the largest online banking markets in the world.
CTM’s research is based on research from CTM research partner EY.