Global Financial Services Industry
The world financial services market involves the provision of services to ease money flow.Establishments offering financial services include securities firms,banks,stock brokerages and insurance companies.Banks represent the leading market segment,which encompasses the entire range of depository institutions including credit unions,savings and loan associations,and commercial banks.
The banking sector has expanded to become involved in related fields such as stock brokerage,investment management services,insurance,and the sale of annuities and life insurance products.The diversification of the banking sector allows banks to offer consumers a wider range of financial services and remain competitive overall.
Financial Services Sector Key Market Segments
The world internetbanking industryis expected to exceed $657 million by 2015,reports Global Industry Analysts.Market growth will be driven by an expanding base of internet users.Internet technology innovation is also fuelling growth,with demand for online banking services particularly strong in developing markets as internet use increases along with technological awareness.As a matter of fact,thefintech marketincludes all financial technology.The US,the EU and Asia-Pacific hold a combined 80% share of the overall customer base for online financial services.
The global credit cards industry has traditionally been geared towards affluent consumers with higher revenues relative to the mass market,according to research from Datamonitor.Affluent customers account for more than 35% of overall credit card issuer revenue,but only 30% of credit card users are affluent customers.Premium card demand continues to rise,with more than 10 million affluent consumers set to adopt premium cards before 2013,representing a near 9% increase in the premium card market segment.
The world smart card market is growing due to state support,worldwide Long Term Evolution rollout and EMV (Euro pay,MasterCard and VISA) migration,reports RNCOS.Long-term market expansion will be driven by the introduction of innovative smart card devices in the market.Global smart card shipments grew more than 10% in 2010 to exceed 6 billion units in 2011.Four leading companies operating in the global smart card market are Morpho,Oberthur,Gemalto and Giesecke & Devrient.The telecommunications industry is the leading user of smart cards,followed by sectors such as financial services and healthcare.
The world motorinsurance industryexpanded by almost 3.5% in 2010 to reach almost $526 billion,reports MarketLine.The market is expected to reach close to $614 billion in 2015,representing 17% expansion in five years.Personal insurance represents the leading market segment,making up nearly 80% of the overall market.The Americas hold 44% of the global motor insurance market in terms of value.
The combined protection-related life insurance market encompassing 20 countries is estimated at close to $55 billion,reports Finaccord.The EU life bancassurance market remains strong with room for growth.
Financial Services Industry Leaders
Leading companies operating in the internet banking industry include JPMorgan Chase & Co,Bank of America Corporation,Bancorp,Yodlee,Digital Insight,Fiserv,Wells Fargo & Company,E*TRADE Financial Corporation and Citigroup.