Saturday, Oct 1, 2022
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Half of the world’s population to access digital banking by 2026

Digital banking report-IFM_Image
Around 2.5 bn people use digital banking services currently across the globe

Around 53 percent of the world’s population will access digital banking by 2026, according to a new research report published by UK-based research firm Juniper Research. Digital banking is on the rise, and since, 2010, more than 200 digital banks have popped up across the globe.

Currently, around 2.5 billion access digital banking across the globe. The number is expected to rise significantly, after receiving a boost due to the Covid-19 pandemic.

The research report, titled ‘Digital Banking: Banking-as-a-Service, Market Transformation & Forecasts 2021-2026′, further reveals that China will become the largest digital banking market in the world and will account for almost a quarter of all the total digital banking users.

The research has identified banking giants such as HSBC, Bank of America, JPMorgan Chase, BBVA, and DBS Bank as some leading groups of banks for digital transformation.

The research reads, “Banks better integrate their many offerings into a single, consistent digital experience, to better compete with diverse competition.

“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.”

While digital banking boomed in the UK and European markets initially, now markets in the far west, Africa, Latin America and even Asia-Pacific are witnessing a rise in digital banking.

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