53% of the world’s population will enjoy access to digital banking services by 2026; increasing from the 2.5 billion users recorded in 2021, to reach over 4.2 billion digital banking users.
This is according to the recently published data of Juniper Research, who identified the increase in digital transformation efforts that have enabled banks to function effectively during the pandemic; justifying the benefits of digital banking and fostering further user growth.
The research, which was detailed in Juniper’s ‘Digital Banking: Banking-as-a-Service, Market Transformation & Forecasts 2021-2026‘ report, 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 data also recommends that banks should better integrate their offerings into a single, consistent digital experience, to better compete with the increasingly diverse competition.
In terms of specifics, Juniper has also provided analysis into the position of leading banks through their ‘Digital Transformation Readiness Index 2021’.
Juniper’s 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 identified the leading group of banks for digital transformation:
Bank of America
Bank of America, which ranked first, 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 demonstrated the use of innovative new solutions, such as HSBC Kinetic for small businesses in the UK, whilst BBVA launched a range of initiatives including cryptocurrency trading.
Speaking on the findings of the research, the report co-author Damla Sat said: “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.”
The post Digital Banking To Reach Over Half of the World Population by 2026; Juniper Research Finds appeared first on The Fintech Times.