March 9, 2020 – There will be more than 3.6 billion customers using digital banks by 2024. This is the result of the study from Juniper Research examining the growth of digital-only banks and the traditional banks undergoing digital transformation.
The number (3.6 Billion) is a 54% increase from 2 billion in 2020. The research found that digital-only banks have gained a significant market share because they offered “superior” experiences and “tightly focused USPs (Unique Selling Proposition).”
In the Philippines, for example, a number of companies have applied for a digital banking license, including ING, Cimb, and Tonik. In an interview, Tonik said that the success of such digital-only banks is because their compelling consumer propositions enabled them to operate at a lower cost.
The research recommends banks to personalize their app experience to compete with digital-only banks. It also identified the leading group of banks globally for digital transformation – Bank of America, BBVA, and JPMorgan Chase.
Source: Press Release, Money Control
This article is published on BitPinas: Study Suggests Digital Banking Users to Exceed 3.6 Billion Worldwide by 2024