Science & Technology

Over half of global population will use digital banking in 5 years: research

The research identified grown digital transformation efforts as enabling banks to function effectively during the coronacrisis

digital banking

Over half of global population will use digital banking in 5 years: research. Source: pexels.com

According to Juniper Research, 53% of the world’s population will access digital banking services in 2026. The figures are likely to reach over 4.2 billion digital banking users, up from 2.5 billion in 2021.

In fact, China is expected to be the largest digital banking market over the next 5 years, accounting for almost 25% of digital banking users in 2026.

Juniper Research’s Digital Transformation in Banking Readiness Index analysed 30 leading Tier 1 banks in order to evaluate their digital transformation readiness and highlight their respective positioning.

  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 had recorded significant upticks in digital usage and engagement during the pandemic.

Along with that, JPMorgan Chase has experimented with blockchain and has made acquisitions, such as that of wealth manager Nutmeg in the UK to boost its offerings.

At the same time, 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 they will be left behind by more agile competitors
Damla Sat, research co-author 

We’ve reported that 4 out of 5 consumers worldwide would use biometric payment card.

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