A new study has found that 53% of the world’s population will access digital banking services in 2026; reaching over 4.2 billion digital banking users, from 2.5 billion in 2021. The research identified increased digital transformation efforts as enabling banks to function effectively during the pandemic; justifying the benefits of digital banking and fostering further user growth.
The new research identified that China will be the largest digital banking market over the next 5 years; accounting for almost 25% of digital banking users in 2026. The research recommends that banks better integrate their many offerings into a single, consistent digital experience, to better compete with diverse competition.
Leading Banks Positioned
The Digital Transformation in Banking Readiness Index analysed 30 leading Tier 1 banks on their innovation in terms of digital features, investment and innovation, as well as on their agility in terms of size, profitability and brand strength, in order to evaluate their digital transformation readiness and highlight their respective positioning.
The Index analysed 30 leading Tier 1 banks on their innovation in terms of digital features, investment and innovation, as well as on their agility in terms of size, profitability and brand strength, in order to evaluate their digital transformation readiness and highlight their respective positioning.
It identified the leading group of banks for digital transformation:
1. Bank of America
2. HSBC
3. JPMorgan Chase
4. BBVA
5. DBS Bank
Bank of America offers an ever-expanding digital platform, including the Erica chatbot, and has recorded significant upticks in digital usage and engagement during the pandemic. JPMorgan Chase has experimented with blockchain and made acquisitions, such as that of wealth manager Nutmeg in the UK to boost its offerings.
HSBC has launched innovative new solutions, such as HSBC Kinetic for small businesses in the UK, with BBVA launching initiatives including cryptocurrency trading and DBS Bank having high levels of digital engagement.
“These banks have progressed with well-planned and executed digital transformation strategies, and other banks need to build similarly broad and revolutionary roadmaps, or be left behind by more agile competitors,” notes Research co-author Damla Sat.
The post Half of global population to use digital banking by 2026 appeared first on Payments Cards & Mobile.
