The Latest Digital Banking Platform Industry Statistics Explained
The global digital banking platform market was valued at $3.95 billion in 2019.
The statistic “The global digital banking platform market was valued at $3.95 billion in 2019” indicates the total monetary worth of digital banking platforms globally within that specific year. This value reflects the size and significance of the digital banking industry in 2019, including the financial investments, revenues, and economic activity generated by digital banking platforms around the world. The figure of $3.95 billion also serves as a key indicator for businesses, investors, and policymakers to understand the scale and growth potential of the digital banking sector, highlighting its importance in shaping the future of the financial services industry.
The market is expected to reach $10.87 billion by 2027 at a CAGR of 13.6% during 2020–2027.
This statistic implies that the market in question is projected to grow significantly over the period from 2020 to 2027, with its value increasing from its current figure to $10.87 billion by the end of 2027. The Compound Annual Growth Rate (CAGR) of 13.6% indicates the annualized growth rate over this period. A CAGR of 13.6% suggests a strong level of growth for the market, which can be attributed to various factors such as increasing demand, technological advancements, market trends, and other influencing factors. This projection provides insight into the potential expansion and opportunities within this market segment and serves as a valuable metric for investors, businesses, and policymakers to consider when making strategic decisions.
China is the leader in terms of digital banking platform market size by country, with a 34.2% share in 2020.
The statistic indicates that China had the largest market share in the digital banking platform industry among countries in 2020, with a percentage of 34.2%. This means that China’s digital banking platform market was the most significant in size compared to other countries during that year. The high market share suggests that China has made significant advancements in digital banking technology and adoption, making it a leader in providing convenient and efficient digital banking services to its population. This statistic highlights China’s dominance in the digital banking sector and its position as a key player in the global fintech industry.
65% of US adults with a bank account said they prefer digital banking methods.
The statistic “65% of US adults with a bank account prefer digital banking methods” indicates that a significant majority of adults in the US who have a bank account prefer using digital banking services over traditional methods such as visiting a physical bank branch or conducting transactions over the phone. This statistic suggests a growing trend towards technology-driven financial services and highlights the increasing popularity and convenience of digital banking among consumers. The preference for digital banking methods may be driven by factors such as ease of access, convenience, time-saving benefits, and the availability of user-friendly mobile apps and online platforms offered by financial institutions.
A study showed that digital banking users will hit 3.6 billion by 2024, up from 2.4 billion in 2020.
The statistic suggests a substantial increase in the number of digital banking users projected to reach 3.6 billion by 2024, up from 2.4 billion in 2020. This growth indicates a significant trend towards the adoption of digital banking services worldwide over this four-year period. The increase of 1.2 billion digital banking users within this timeframe represents a substantial jump, highlighting the growing reliance on digital platforms for financial transactions and services. This trend could be influenced by factors such as technological advancements, increasing internet penetration, changing consumer preferences, and the convenience and efficiency offered by digital banking solutions.
In 2025, it is expected that 72% of the UK adult population will access digital banking regularly.
The statistic indicates that in 2025, the UK adult population is projected to have a significant adoption of digital banking, with 72% of adults accessing digital banking services on a regular basis. This suggests a notable shift towards online and mobile banking channels as the preferred method of managing financial transactions and services. The high percentage forecasted reflects the growing reliance on digital technology in the banking industry, driven by factors such as convenience, accessibility, and advancements in online security measures. This trend underscores the need for financial institutions to continue investing in digital banking infrastructure to meet the evolving preferences and expectations of customers.
In Australia, digital banking satisfaction was reported to be 89.3% in 2020.
The statistic indicating that digital banking satisfaction in Australia was reported to be 89.3% in 2020 reveals a high level of contentment among Australian consumers with digital banking services. This percentage suggests that the vast majority of individuals using digital banking services in Australia during that year were satisfied with the overall experience. Such a high level of satisfaction could be indicative of the convenience, accessibility, and efficiency offered by digital banking platforms in Australia, as well as the effectiveness of customer service and security measures in place. This statistic is valuable for financial institutions and policymakers to understand consumer preferences and improve digital banking offerings to meet the evolving needs of the population.
68% of global banking customers are using FinTech applications for digital banking.
The statistic indicates that a significant majority, specifically 68% of global banking customers, are utilizing FinTech applications for their digital banking needs. This demonstrates the growing trend and adoption of financial technology solutions among banking customers worldwide. The high percentage suggests that FinTech applications are becoming increasingly popular as a preferred choice for banking services, offering customers convenience, efficiency, and innovative features compared to traditional banking methods. This statistic underscores the importance for banks to adapt and integrate digital solutions to meet the evolving demands and preferences of their customers in today’s technology-driven financial landscape.
81% of banks are looking to digitally transform their business.
The statistic that 81% of banks are looking to digitally transform their business indicates a significant trend within the banking industry towards adopting and leveraging digital technologies to improve and innovate their operations, products, and services. This high percentage suggests that the majority of banks recognize the importance of digital transformation in staying competitive, meeting customer expectations, and enhancing efficiency. Factors driving this trend may include the increasing demand for online and mobile banking services, the rise of fintech competitors, and the potential benefits of automation, data analytics, and artificial intelligence. By embracing digital transformation, banks aim to streamline processes, enhance customer experiences, and drive growth in an increasingly digital and interconnected financial landscape.
46% of all banking transactions are now digital.
This statistic indicates that 46% of all banking transactions are conducted through digital channels such as online banking, mobile banking, and ATMs. The shift towards digital banking methods reflects a significant trend in the banking industry, as more customers prefer the convenience and accessibility offered by digital platforms. This statistic suggests that traditional brick-and-mortar branches are becoming less popular for conducting banking transactions, signaling a greater reliance on technology for financial services. As digital banking continues to evolve and improve, we can expect this trend to further increase in the future, highlighting the importance of technological advancements in the financial sector.
Mobile banking users are set to exceed 1.2 billion in 2024.
The statistic “Mobile banking users are set to exceed 1.2 billion in 2024” indicates that the number of individuals utilizing mobile banking services is projected to surpass 1.2 billion by the year 2024. This suggests a significant and growing trend towards the adoption of mobile banking platforms worldwide. The increasing convenience, accessibility, and functionality of mobile banking apps are likely contributing factors to this surge in users. As technology continues to advance and more people rely on smartphones for various tasks, including banking, the number of mobile banking users is expected to continue to rise in the coming years.
Digital banking fraud losses reached $2.92 billion in 2020.
The statistic ‘Digital banking fraud losses reached $2.92 billion in 2020’ represents the total financial damages incurred by individuals and financial institutions due to fraudulent activities in digital banking channels over the course of the year. This figure highlights the significant impact of cybercrime and fraudulent schemes on the digital banking sector and the broader financial ecosystem. The substantial monetary value demonstrates the scale and severity of the issue, emphasizing the importance of implementing robust security measures, fraud detection tools, and cybersecurity protocols to safeguard against such threats and protect the integrity of digital financial transactions.
By 2026, North America’s digital banking market is expected to reach $2.4 billion.
The statistic states that the digital banking market in North America is anticipated to grow to $2.4 billion by the year 2026. This suggests a significant increase in the adoption and utilization of digital banking services across the region over the next few years. Factors driving this growth may include technological advancements, changing consumer preferences towards digital platforms for financial transactions, and the convenience and accessibility offered by digital banking services. This statistic underscores the continued shift towards digital solutions within the banking industry in North America, highlighting the importance of financial institutions’ investments in digital infrastructure and services to meet the evolving needs of customers in an increasingly digitally-connected world.
It’s predicted that by 2025, digital-only banks will have over billion users.
The statistic provided predicts that by the year 2025, digital-only banks will collectively have more than one billion users worldwide. This forecast suggests a significant and growing trend towards the adoption of digital banking services, likely driven by advancements in technology, changing consumer preferences, and increased accessibility to mobile devices and internet connectivity. As traditional brick-and-mortar banks face increasing competition from these digital alternatives, the projected surge in digital bank users highlights the continued evolution and digitalization of the financial industry.
The Global Digital Banking Platform Market is forecasted to grow at a rate of 16.4% from $4.9 billion in 2020 to $12.07 billion by 2028.
This statistic indicates that the Global Digital Banking Platform Market is expected to experience significant growth over the next eight years, with a projected compound annual growth rate (CAGR) of 16.4%. The market value is anticipated to increase from $4.9 billion in 2020 to $12.07 billion by 2028. This forecast suggests a rapid expansion in the adoption and utilization of digital banking platforms worldwide, driven by factors such as the increasing demand for digital financial services, advancements in technology, changing consumer preferences towards digital channels, and the ongoing digital transformation within the banking industry. This growth trajectory highlights the importance and opportunities presented by digital banking platforms in the evolving landscape of financial services.
By 2030, Generation Z is set to become the most influential consumer group for banks.
The statistic “By 2030, Generation Z is set to become the most influential consumer group for banks” suggests that the purchasing power and influence of Generation Z individuals, generally defined as those born between the mid-1990s and early 2010s, is expected to surpass that of other generations in the banking industry by the year 2030. As this younger demographic cohort continues to mature and enter the workforce, they are projected to represent a significant share of bank customers, driving changes in banking products, services, and marketing strategies to cater to their preferences, technological savvy, and financial needs. Banks will need to adapt their offerings to better appeal to the unique characteristics and digital expectations of Generation Z to remain competitive in the evolving financial landscape.
Conclusion
By analyzing the digital banking platform industry statistics, it is evident that the sector is experiencing rapid growth and transformation. With increasing adoption of digital banking services, advancements in technology, and changing consumer preferences, the industry is poised for further expansion in the coming years. It is crucial for banks and financial institutions to stay ahead of these trends and continue to innovate in order to remain competitive in the evolving landscape of digital banking.
References
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8. – https://www.www.businessinsider.com
9. – https://www.www.prnewswire.com
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