Summary
- • About 64% of consumers worldwide use digital banking services.
- • Global digital banking platform revenue is estimated to reach $13.4 billion by 2026.
- • Over 2.5 billion people will use digital banking by 2024.
- • By 2023, 75% of the world's population will access digital banking services.
- • The global digital banking users are expected to exceed 3.6 billion by 2024.
- • 59% of Americans use digital banking as their primary method of banking.
- • Mobile banking apps are used by 72% of U.S. adults.
- • Digital banking engagement has increased by 31% globally from pre-pandemic levels.
- • Millennials are 3.5 times more likely than Baby Boomers to be engaged with their primary bank digitally.
- • 86% of smartphone users have used mobile banking in the past year.
- • Mobile banking transactions are expected to grow by 121% by 2022.
- • 40% of banking customers are using digital-only banks.
- • Digital banking usage has increased by 50% in the past year.
- • The cloud-based banking market is expected to grow by 66% between 2021 and 2025.
- • 69% of U.S. millennials use online banking to deposit checks.
In a world where swiping left is as common as swiping a payment, its no surprise that the digital banking revolution is in full swing. With over 64% of consumers worldwide opting for digital financial services, its clear that the future of banking is in the palm of our hands – both figuratively and literally. The numbers dont lie – by 2026, global digital banking platform revenue is set to soar to $13.4 billion, with over 2.5 billion people expected to join the digital banking wave by 2024. Whether youre a tech-savvy millennial depositing checks via your smartphone or a Baby Boomer dipping a tentative toe into the digital waters, theres no denying that the convenience and accessibility of digital banking are reshaping the way we manage our money. So, buckle up as we dive into the world of bytes, bucks, and banking in the digital age!
Consumer Adoption of Digital Banking
- About 64% of consumers worldwide use digital banking services.
- By 2023, 75% of the world's population will access digital banking services.
- 59% of Americans use digital banking as their primary method of banking.
- Mobile banking apps are used by 72% of U.S. adults.
- Millennials are 3.5 times more likely than Baby Boomers to be engaged with their primary bank digitally.
- 86% of smartphone users have used mobile banking in the past year.
- 40% of banking customers are using digital-only banks.
- 69% of U.S. millennials use online banking to deposit checks.
- 79% of U.S. adults use online banking at least monthly.
- 67% of consumers prefer digital banking for its convenience.
- The digital banking sector is expected to grow by 8.6% annually from 2021 to 2028.
- 58% of U.S. adults use digital banking tools to budget and track their spending.
- 94% of banking executives believe that digital banking will be the dominant channel in the future.
- 70% of U.S. adults prefer digital banking to visiting a physical branch.
- 85% of banking transactions in the U.S. are conducted digitally or through ATMs.
- 87% of financial institutions plan to increase their investment in digital banking technology.
- Adoption of mobile banking increased by 6% in 2020, reaching 32% globally.
- Gen Z and Millennials are likely to switch banks for better digital services.
- 33% of banking customers are willing to recommend a digital-only bank to others.
- 66% of consumers under 55 prefer digital banking over traditional branches.
- 54% of U.S. consumers listed mobile banking as their most preferred way to access their accounts.
- By 2024, 65% of banking interactions will be digital.
- 70% of banks plan to invest more in cybersecurity measures for digital banking.
- 68% of U.S. consumers view digital banks' security as comparable to traditional banks.
- 80% of bank CEOs view data analytics as essential for improving customer experiences in digital banking.
- 63% of consumers expect personalized offers from their digital banking provider.
- 61% of consumers expect real-time notifications on transactions from their digital banking provider.
- By 2023, 31% of bank customers globally are expected to use biometric authentication for digital banking.
- 77% of banks aim to implement cloud-based digital banking services within the next two years.
- 75% of consumers expect banks to provide seamless digital banking experiences across all channels.
- 37% of digital banking users expect banks to offer personalized product recommendations.
- The adoption rate of digital banks in the U.K. increased by 123% in the past year.
- 82% of financial institutions are investing in artificial intelligence for digital banking services.
- 28% of U.S. adults prefer using digital banking tools for budgeting and financial management.
- 47% of consumers in Europe use digital banking for international transactions.
- The top reason cited for using digital banking is the convenience of 24/7 access.
- 46% of consumers expect their digital banking provider to offer real-time customer support.
Interpretation
The statistics paint a clear picture - the digital banking revolution is in full throttle, with consumers flocking to the convenience and efficiency it offers. From the rising adoption rates to the increasing investments in technology, it's evident that the future of banking is digital. Millennials and Gen Z are leading the charge, demanding seamless experiences and personalized services at their fingertips. As the industry continues to innovate and evolve, one thing is certain - traditional bank branches are no longer the star players in this financial game. With biometric authentication on the horizon and AI becoming a key player, the race for the best digital banking experience has just begun. So hold onto your smartphones, folks, because the era of digital banking dominance is here to stay, and it's only getting started.
Digital Banking User Growth
- Over 2.5 billion people will use digital banking by 2024.
- The global digital banking users are expected to exceed 3.6 billion by 2024.
- Digital banking engagement has increased by 31% globally from pre-pandemic levels.
- Mobile banking transactions are expected to grow by 121% by 2022.
- Digital banking usage has increased by 50% in the past year.
- Digital-only banks have grown by 60% in the past year.
- Digital banking traffic spiked by 200% during the COVID-19 pandemic.
- Digital banking users are projected to reach 2.5 billion globally by 2023.
- Online and mobile banking usage grew by 6% in the first quarter of 2021.
- Digital banking is expected to grow at a CAGR of 5.5% from 2021 to 2026.
- Mobile banking users are expected to exceed 1.3 billion globally by 2024.
- Digital banking user penetration is expected to reach 38.5% by 2025.
- Over 1,000 digital banking startups have launched globally in the past decade.
- Mobile banking usage has increased by 50% in Europe over the past two years.
- Adoption of voice banking is forecasted to grow by 792% between 2021 and 2025.
- Digital-only banks have seen a 73% increase in customers over the past year.
- The global neobank market is projected to grow by 46% annually through 2026.
- Digital banking platforms experienced a 129% increase in new user registrations in 2021.
- Digital banking usage among seniors has increased by 18% in the past year.
- The digital banking user base in Africa is expected to reach 1 billion by 2025.
- Digital banking adoption in the Middle East and Africa region is projected to increase by 45% by 2023.
Interpretation
The numbers paint a vivid picture of the unstoppable digital banking revolution, where traditional brick-and-mortar institutions are being nudged aside by sleek, user-friendly interfaces and innovative services. With digital banking projected to reach over 2.5 billion users globally by 2024, it's clear that convenience is the new currency in the financial world. From the staggering 121% growth in mobile banking transactions to the 792% forecasted surge in voice banking adoption, it's a wild ride of technological transformation. As digital-only banks soar, and even seniors embrace the digital wave, one thing is certain: the future of banking is here, and it's bright, fast-paced, and undoubtedly digital.
Digital Payment Market Projections
- Digital wallets will account for about 52% of all e-commerce transactions by 2024.
- Digital banking fraud losses are forecasted to reach $48.8 billion by 2023.
- The global digital payment market is expected to hit $10.3 trillion by 2026.
Interpretation
In a world where digital wallets are set to rule the e-commerce realm with authority, it seems one should keep a keen eye on the fine print as cybercriminals lurk in the shadows, ready to snatch their share of the $48.8 billion digital banking fraud pie. Yet amidst the chaos, the beacon of hope shines bright, as the global digital payment market looms large, poised to hit a staggering $10.3 trillion by 2026. It's a digital battleground out there, folks - may your transactions be swift, your passwords strong, and your balance safe from the clutches of the ever-evolving cyber underworld.
Global Revenue Trends in Digital Banking
- Global digital banking platform revenue is estimated to reach $13.4 billion by 2026.
- The cloud-based banking market is expected to grow by 66% between 2021 and 2025.
- By 2022, the global digital banking market size is expected to reach $21.7 trillion.
- Digital banking reduces processing costs by 75% per transaction compared to traditional banking.
- Digital banking platforms could save global banks up to $160 billion in operational costs.
- The global digital banking market is projected to grow at a CAGR of 17.6% from 2021 to 2026.
- By 2025, digital banking is expected to account for about 30% of banking revenue.
- Digital lending is expected to reach $500 billion globally by 2022.
- The global open banking market is expected to reach $43.15 billion by 2026.
- Investment in digital banking technology is expected to reach $9.2 billion by 2026.
- Blockchain technology is expected to reduce banks' infrastructure costs by 30% by 2024.
- The global digital banking market is expected to reach $1.9 trillion by 2026.
- The global digital banks market is estimated to grow to $725.5 billion by 2026.
- Digital banking is expected to account for 50% of revenue growth in the financial services industry by 2025.
- The digital lending market is projected to grow by 20% annually through 2026.
Interpretation
The numbers don't lie - the digital banking industry is experiencing a meteoric rise that even traditional bankers can't ignore. With estimated savings in the range of billions and revenue projections that could make even the most hardened financier raise an eyebrow, it's clear that going digital isn't just a trend, it's the future of banking. So, if you still believe that banking is all about long lines and paperwork, it might be time to update your banking app and join the 21st century - your wallet will thank you.
Regional Insights on Digital Banking
- 67% of financial institutions in the U.S. offer digital account opening.
- 86% of bank executives believe that AI will be crucial to their digital banking strategy.
- The digital banking market in Asia-Pacific is forecasted to grow at a CAGR of 13.6% from 2021 to 2026.
- The digital banking industry in Latin America is forecasted to grow by 12.5% annually through 2026.
Interpretation
In a world where swiping right is just as important as swiping the screen to manage your finances, the digital banking industry is booming faster than you can say "transfer funds." With 67% of U.S. financial institutions already embracing the convenience of digital account opening and 86% of executives hailing AI as the secret sauce to their banking strategy, it's clear that the future is not just online, but smart too. While Asia-Pacific is projected to enjoy a whirlwind growth rate of 13.6%, Latin America is not too far behind with a spicy 12.5% annual growth forecast up to 2026. So, buckle up and log in, because these stats prove that the digital banking revolution is well on its way – disrupting traditional banking as we know it.
