Study Suggests Digital Banking Users to Exceed 3.6 Billion Worldwide by 2024
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.
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.
In the Philippines, banks like UnionBank and RCBC have doubled down on their digitizing initiatives in an effort to gain market share and prepare for a digital future.
Source: Press Release, Money Control
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