53% of the world’s population will access digital banking services in 2026. A total of over 4.2 billion users, compared to 2.5 billion in 2021, according to a study released by Juniper Research, Digital Banking: Banking-as-a-Service, Market Transformation & Forecasts 2021-2026.
The study 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.
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.
Juniper Research’s Digital Transformation in Banking Readiness Index analyzed 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.
According to Juniper Research, this is the leading group of banks for digital transformation:
1. Bank of America, as it offers an ever-expanding digital platform, including the Erica chatbot, and has recorded significant up ticks in digital usage and engagement during the pandemic.
2. HSBC has launched innovative new solutions, such as HSBC Kinetic for small businesses in the UK
3. JPMorgan Chase, that has experimented with blockchain and made acquisitions, such as that of wealth manager Nutmeg in the UK to boost its offerings.
4. BBVA: it launched various initiatives, including cryptocurrency trading.
5. DBS Bank, that has high levels of digital engagement.
