Are you looking to add Digital Banking Platforms to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Digital Banking Platforms statistics of 2024.
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Best Digital Banking Platforms Statistics
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- Mobile banking is not solely for younger generations, however, as 91% of Gen Xers and 79% of baby boomers also reported seeing the benefits of these services. [0]
Digital Banking Platforms Usage Statistics
- Denmark, Finland, and the Netherlands have the highest per capita digital banking usage, as 91% of their population used online banking in 2019. [1]
Digital Banking Platforms Market Statistics
- The global Digital Banking Platforms market size is expected to grow USD 8.2 billion in 2021 to USD 13.9 billion by 2026, at a Compound Annual Growth Rate of 11.3% during the forecast period.. [2]
- According to MarketsandMarkets, the global Digital Banking Platforms market size is expected to grow USD 8.2 billion in 2021 to USD 13.9 billion by 2026, at a Compound Annual Growth Rate of 11.3% during the forecast period. [2]
- North America is estimated to hold the largest market share in the Digital banking platform Market in 2021. [2]
- According to stats, the global neobank market is growing at a CAGR rate of over 47% and is expected to hit $722,60 billion by 2028. [3]
- According to the study, the market is estimated to grow at a CAGR of 9.8%, earning revenue of around USD 1,485.5 million by the end of 2028. [4]
Digital Banking Platforms Latest Statistics
- By 2006, 80% of all US banks provided online banking services. [1]
- The percentage of EU citizens using online banking doubled between 2009 and 2019. [1]
- 89% of American bank account holders use mobile banking for account management. [1]
- 94% of mobile banking customers use online banking platforms at least once a month. [1]
- It is estimated that the deployment of chatbots will save the banking industry $7.3 billion in annual customer service costs by 2024. [1]
- At the time, online banking customers accounted for 20% of its total client base. [1]
- For 70% of them, mobile banking is the primary way of managing accounts. [1]
- Approximately 82% of account holders. [1]
- Approximately 30% of consumers under the age of 54 use mobile payment services like Venmo and Apple Pay at least once a week, while only 12% of those older than 54 do the same. [1]
- According to a recent survey, 63% of US citizens said they were more inclined to try a new digital app for banking than they were before the pandemic. [1]
- Also, 82% said they were concerned about paying a visit to their local banks. [1]
- According to banking statistics, only 14% of users go for other options, such as in. [1]
- Although 37% of account holders use online banking to find such information, most users still prefer in branch consultation in these situations. [1]
- Mobile and online banking growth are expected to experience a 54% increase compared to 2020. [1]
- Based on Deloitte’s global online banking data, 73% of customers use online banking channels at least once a month and 59% use mobile banking apps equally as frequently. [1]
- Also, the most generous digital banks offer up to 2% more in APY than you’ll earn on accounts at branch banks. [1]
- Based on online banking statistics, 95% of US account holders are confident their banks will protect their personal information on digital platforms. [1]
- Direct banks’ share of primary banking relationships is up 80% since. [5]
- These digital natives consumers who are digitally engaged, with a preference for avoiding branches altogether now represent 32% of those we surveyed, up sharply from 26% in early 2020. [5]
- As a result of this growing digital comfort and availability, 25% of US consumers now identify as phygital, up from 17% a year ago. [5]
- This shift neatly mirrors the reduction in branchdependent users 35% of the total compared to 42% pre pandemic as more consumers have grown comfortable using web and mobile apps. [5]
- While banks invested heavily in digital over the last year, we still see a gap in meeting customer preference for digital account opening 20 25% of consumers would prefer to open a new account digitally but are unable to do so today. [5]
- For example, 21% of those opening a new deposit account would prefer to do this digitally, but are unable to do so at their current bank. [5]
- Branches still have their place for many users 33% prefer the branch for certain activities. [5]
- And while digital channel use accelerated, there’s still a meaningful customer segment (35%). [5]
- Direct banks now make up 20% of all primary bank relationships in the US, up from 10% in 2019. [5]
- Large traditional banks have continued to hold steady at around 42% of consumer relationships. [5]
- While 60% of baby boomers assume that their primary bank is where they hold their primary checking account, only 34% of Gen Z consumers say the same. [5]
- In contrast, 26% of Gen Zers say their primary bank is the company that they trust to give the best advice, compared to just 7% of baby boomers. [5]
- There’s also a small but growing share of consumers who say their primary bank is the one that acts in the best interest for the environment and society, including 14% of Gen Zers and 12% of millennials. [5]
- But only 2% of baby boomers feel the same. [5]
- This may be happening faster than many bankers think 57% of millennials and 64% of Gen Z consumers now say they have a financial account with a nontraditional institution. [5]
- In fact, 17% of those with accounts with nontraditional financial institutions now identify this as their primary financial institution, double what we saw just a year ago. [5]
- 80% of fortune 2000 companies rely on our research to identify new revenue sources. [2]
- In North America, 35% are using online banking more than before coronavirus. [2]
- Nearly 20% of the European banking sector comprises small and medium banks. [2]
- Digital banking allows personalization at the scale of 5 and 15% revenue growth for companies in the financial services sector. [2]
- 62% say customers arenât ready for them. [6]
- 64% of advisors with chatbots say that it allows them to spend more time solving complex problems compared to 50% of advisors without chatbots. [6]
- 42% of customers prefer the mobile banking experience to a desktop and in branch experience when given a choice. [6]
- Despite this, more than a third (35%). [6]
- Nevertheless, 84% of banking business executives believe that Cloud technology will play a transformative role in banking. [6]
- And out of those financial service companies considering third party collaboration, 47% wanted to collaborate with a fintech firm. [6]
- More than 50% of those under 35 say they would open a primary bank account based on a trusted referral. [6]
- In fact, 50% are just as likely to open their next account with a new bank as they are with their existing bank. [6]
- 62% used branches most frequently, 6% used contact centers, and only 32% used digital channels. [6]
- Now, 71% of consumers prefer multichannel interactions and 25% express a desire for a fully digitally enabled private banking journey with remote human assistance when necessary. [6]
- While 59% of HNWIs prefer an in person meeting with their relationship manager for important investment decisions, 67 % of Millennials say they prefer robo advisory, compared to just 30% Gen X and Babyboomers. [6]
- However, based on a Global Findex survey from 2017, we can see that at least 69% of adults worldwide have a bank account. [7]
- Pair that with Deloitte research showing that 73% of people with bank accounts use online banking at least once a month, and we can surmise that just over 50% of adults bank online. [7]
- By 2019, 72% of British consumers were doing most of their banking transactions over the internet. [7]
- More or less 50% of the most common banking activities are now conducted online. [7]
- In 2018, around 50% of the global banked population were mobile banking users. [7]
- Predicted penetration rate of digital banking in the U.S. 2021. [8]
- Estimated number of digital banking users in the U.S. 2021. [8]
- Mobile banking is already a pervasive trend; according to Insider Intelligenceâs Mobile Banking Competitive Edge Study, 89% of survey respondents said they use mobile banking. [0]
- Further, a massive 97% of millennials indicated that they use mobile banking. [0]
- Consumers want to ensure that their banking information is secure, which explains why the ability to temporarily turn off a payment card was ranked as âextremely valuableâ by 47% of Mobile Banking Competitive Edge Study respondents. [0]
- Nearly 80% of Insider Intelligence Mobile Banking survey respondents say mobile is the primary way they access their bank account. [0]
- Only 21% of survey respondents said they didnât use their bankâs app. [9]
- In a November 2020 Mobiquity survey, approximately 90% of respondents said theyâll continue to use digital technology to make life easier once the pandemic has resolved. [9]
- More than a third of respondents (35%). [9]
- Other mobile app features that users have valued most within the last year include the ability to view statements and account balances (33%), transfer funds (31%) and pay bills (28%). [9]
- These include peerto peer payment (11% of respondents), finding nearby ATMs (8%), cardless ATM withdrawal (6%) and budgeting and tracking tools (5%). [9]
- Only 5% of respondents in the 18 to the 34 age group said they donât use the app. [9]
- the least 41% said they donât use it. [9]
- In the 35 to 54 age group, 19% said they donât use their bankâs mobile app. [9]
- Overall, the most valuable feature during the past year for female respondents has been viewing statements and account balances, with 39% rating it as their top pick. [9]
- Mobile check deposit was a close second (38%). [9]
- For males, 36% said bill pay had been the most valuable feature, while 33% said mobile check deposit. [9]
- In 2015, nearly 37% of consumers said the primary way they accessed their accounts was through online banking, while just under 10% said mobile banking was the primary way, as reported in a 2019 survey from the FDIC. [9]
- In 2019, according to that same survey, 34% of consumers said that mobile banking was the primary way they accessed their bank account, beating out online banking (22.8%), bank tellers (21%), ATMs (19.5%) and telephone banking (2.4%). [9]
- According to Mobiquityâs 2021 digital banking report, more than a quarter of those aged 55 and older and nearly a fifth under the age of 55 listed a better in person experience as one of the top three things that would cause them to switch banks. [9]
- As a result 50 percent of consumers now interact with their bank through mobile apps or websites at least once a week, compared to 32 percent two years ago. [10]
- The shift to digital channels is unlikely to be reversed altogether once COVID 19 is defeated; neither banks nor most of their customers would want that. [10]
- Because 61% of these incidents included banks or credit unions, the cybersecurity infrastructure within financial institutions needs to be as robust as possible. [11]
- In the two years prior to the pandemic, the number of customers leaving their financial institution for another was around 12%âwhereas this survey suggests it will jump to 27% for large banks between 2020 and 2024. [11]
- The vast majority of Chase (89%). [11]
- Nearly 70% of Chase customers, and 60% of nonChase customers, completely or somewhat agree that they feel confident about the safety and security of making payments through digital apps or sending money through peerto. [11]
- Only 10% of Chase customers and 14% of non Chase customers completely or somewhat agree they do not typically manage their finances digitally because technology overwhelms them. [11]
- And about three fourths of Chase and nonChase customers say theyâll likely continue or begin using digital payment options even after the Covid. [11]
- According to Chaseâs study, 85% of Chase customers and 81% of non Chase customers feel that digital banking makes managing finances easier. [11]
- For example, in the United States, it was estimated that holders of neobank accounts increased to approximately 20.2 million between 2020 and 2021. [3]
- According to a report, as of 2020, the Middle East had over 20 neobanks serving nearly 15 million customers. [3]
- According to a 2019 report by KPMG, roughly 73% of Southeast Asians are unbanked. [3]
- At the time, only 5% of Cambodiaâs population had a bank account. [3]
- In the Philippines, approximately 46% of the population donât have access to banking services. [3]
- According to Statista, the Philippines will have approximately 77 percent internet penetration by 2025. [3]
- By 2025, Indonesia is expected to have approximately 9 million users of neobanks, while transaction value will reach approximately $16.5 million in 2024, representing a 57.8 percent increase. [3]
- Malaysian online bank customers are expected to reach 2.35 million by 2025, with user penetration increasing to 6.8%. [3]
- By 2040, Indiaâs smartphone penetration rate will reach 96%. [3]
- While 80 percent of Indians have bank accounts, virtual banks offer a path to greater financial inclusion for the countryâs nearly 2 billion people. [3]
- According to the World Bank, about 95 million people in Sub Saharan Africa are unbanked. [3]
- According to FDI Intelligence, Sub Saharan Africa has 456 million unique smartphone users. [3]
- According to the same report, by 2025, an additional 167 million users will be added. [3]
- Between 2024 and 2030, the global neobank industry is forecast to expand at a Compound Annual Growth Rate of approximately 53.4 percent. [3]
- 42% of customers prefer the mobile banking experience, for example, to a desktop and in branch experience, when given a choice. [12]
- The only customer engagement strategy that a majority of respondents rated as âExcellent”, for example, is social media, at 51%, followed by messaging at 48%. [12]
- 34% of respondents rate them worst or below average. [12]
- According to one study, customers who are onboarded, for example, have a significantly higher customer satisfaction score than those who don’t. [12]
- 61% of Millennials would be open to having banks share their information with other platforms especially if this allowed them a more full. [12]
- Indeed, 53% would like to be offered bundled financial products , such as real estate services together with a home loan. [12]
- Consumers under 35 are more likely to open a primary account with a bank because of a recommendation from friends or family (50%) than because it’s local (30%). [12]
- ( PwC, 2019 Plus, 50% of customers are just as likely to open their next account with a new bank as they are with their existing bank ( PwC, 2019 Consumers are looking for an omnichannel experience. [12]
- Even in the preCOVID 19 world, only 14% of Millennials felt strongly that their primary financial institution helped them to improve their financial health. [12]
- They value financial content that âmakes my life easierâ (31%). [12]
- 26% also value content âthat saves me moneyâ. [12]
- 62% say customers aren’t ready for them. [12]
- 64% of advisors with chatbots say that it allows them to spend more time solving complex problems, compared to 50% of those without chatbots. [12]
- For example, 60% of customers globally want to open a bank account online, according to Oracle’s survey. [13]
- The increased popularity of digital banking has opened customers up to alternative providers, too, Oracle reported, with over 30% of respondents stating they would consider giving banking fintechs a try. [13]
- Overall, 67% of global respondents said they were active on digital banking platforms already. [13]
- Over 80% of Indian and Chinese consumers reported an openness to new digital platforms. [13]
- The U.S., at 67% openness to new digital platforms, was ranked seventh overall. [13]
- Since 2014, the number of adults making or receiving digital payments overall has increased 11 percentage points, the study found. [13]
- In developing countries, 44% now use digital payments. [13]
- Almost 70% of adults around the world now have a bank account, according to the World Bank. [13]
- Since 2011, the number of U.S. adults with bank accounts has increased 6 percentage points, and savings are up 8 points in the last three years. [13]
- Account ownership is limited to 79% of adults among the poorest 20% of households, according to the World Bank. [13]
- Consumers aren’t satisfied with personal finance management and investment options offered by traditional banks, according to Oracle, reporting that more than 40% of its survey respondents said nonbank alternatives could help them better with these needs. [13]
- Over 30% of its global survey respondents said they have never used a challenger bank or fintech but would be open to banking with one. [13]
- Within America, 70% of all adults use a mobile device to check their bank accounts, versus 39% of all Chinese adults and 45% of all Russian adults. [13]
- Projected to Grow at a CAGR of 9.8% by 2024. [4]
- Since the Reserve Bank of India does not allow banks to be 100% digital yet, neobanks in India rely on their partner banks to offer their services. [4]
- According to the Union Minister of State for Finance, Pankaj Chaudhary, India’s digital payments reached âš4371.18. [4]
- Moreover, in August 2021, Razorpay announced that digital payment transactions have grown up 76% in the last 12 months. [4]
- to Reach USD 4.3 Billion by 2028, Projected to Grow at a CAGR of 7.40% – BlueWeave Consulting New Delhi, April 29, 2024. [4]
I know you want to use Digital Banking Platforms, thus we made this list of best Digital Banking Platforms. We also wrote about how to learn Digital Banking Platforms and how to install Digital Banking Platforms. Recently we wrote how to uninstall Digital Banking Platforms for newbie users. Donât forgot to check latest Digital Banking Platformsstatistics of 2024.
Reference
- insiderintelligence – https://www.insiderintelligence.com/insights/mobile-banking-market-trends/.
- fortunly – https://fortunly.com/statistics/online-mobile-banking-statistics/.
- marketsandmarkets – https://www.marketsandmarkets.com/Market-Reports/digital-banking-platforms-market-90744083.html.
- sdk – https://sdk.finance/best-neobank-solutions/.
- globenewswire – https://www.globenewswire.com/news-release/2024/01/19/2369547/0/en/India-Digital-Banking-Platform-Market-Set-to-Witness-Prolific-Growth-Projected-to-Grow-at-a-CAGR-of-9-8-by-2024-2028-BlueWeave.html.
- pwc – https://www.pwc.com/us/en/industries/banking-capital-markets/library/digital-banking-consumer-survey.html.
- unblu – https://www.unblu.com/en/blog/13-must-know-statistics-about-digital-banking/.
- kommandotech – https://kommandotech.com/statistics/online-banking-statistics/.
- statista – https://www.statista.com/statistics/1228757/online-banking-users-worldwide/.
- forbes – https://www.forbes.com/advisor/banking/digital-banking-survey-mobile-app-valuable-features/.
- accenture – https://www.accenture.com/us-en/insights/banking/consumer-study-making-digital-banking-more-human.
- forbes – https://www.forbes.com/advisor/banking/digital-banking-as-new-normal-2021-what-to-expect/.
- thewealthmosaic – https://www.thewealthmosaic.com/vendors/unblu/blogs/17-customer-service-statistics-and-trends-in-di-1/.
- americanbanker – https://www.americanbanker.com/slideshow/digital-bankings-global-strides.
How Useful is Digital Banking Platforms
One of the main benefits of digital banking platforms is the convenience they offer. Instead of having to physically go to a brick-and-mortar bank, customers can simply log in to their account and handle transactions with ease. This is especially helpful for those with busy schedules or mobility issues. No longer do we have to wait until the bank is open or worry about the time it takes to get there.
Another advantage of digital banking platforms is the speed at which transactions can be completed. Whether it’s transferring money between accounts, paying bills, or depositing a check, everything can be done in a matter of minutes. This real-time processing ensures that our financial affairs are taken care of efficiently and accurately.
Security is always a concern when it comes to anything involving our money, and digital banking platforms have invested a great deal in ensuring that their systems are safe and secure. With encryption technology, two-factor authentication, and sophisticated fraud detection, customers can have peace of mind that their personal and financial information is protected. In fact, many would argue that digital banking platforms are more secure than traditional banking methods.
Furthermore, digital banking platforms provide a vast array of financial services and tools that are easily accessible to users. From budgeting and financial planning tools to instant access to account balances and transaction history, customers have all the information they need at their fingertips. This empowering feature allows individuals to take control of their finances and make informed decisions about their money.
In addition to these practical benefits, digital banking platforms also contribute to a more sustainable environment. By reducing the need for paper transactions and physical bank visits, digital banking helps to lower our carbon footprint and lessen the impact on the environment. This shift towards digital banking aligns with the global trend towards sustainability and environmentally conscious practices.
Overall, digital banking platforms have proven to be invaluable tools for managing our money in today’s fast-paced world. Their convenience, speed, security, accessibility, and sustainability benefits make them a crucial component of modern financial transactions. While some may still prefer the traditional banking experience, there is no denying the usefulness and efficiency of digital banking platforms. As they continue to evolve and improve, we can expect to see even more benefits and enhancements in the future.
In Conclusion
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