As the world becomes increasingly digitized, the banking industry has also undergone a significant transformation.
Digital banking platforms have become essential for banks to remain competitive and provide efficient services to their customers.
In this blog post, we will explore statistics related to digital banking platforms and Quality Management Systems (QMS) that are used to ensure efficient and effective operations.
Key Digital Banking Platforms Statistics 2023 – MY Choice
- The global digital banking market size was valued at USD 7.5 billion in 2020 and is projected to reach USD 22.3 billion by 2026, at a CAGR of 17.6% during the forecast period.
- In the US, the number of consumers using mobile banking increased from 17% in 2011 to 72% in 2020.
- In the UK, the adoption of digital banking has increased by 30% since 2017, with 73% of adults using online banking and 49% using mobile banking.
- As of 2021, China’s leading digital bank, WeBank, had more than 200 million registered users.
- The COVID-19 pandemic has accelerated the adoption of digital banking, with some banks reporting a 50% increase in the use of digital channels.
- In a survey of global consumers, 80% said that they would consider switching to a digital-only bank.
- In 2020, mobile banking apps were the most downloaded financial apps worldwide, with a total of 4.6 billion downloads.
- The global market for digital payment solutions is projected to reach USD 132.5 billion by 2025, driven by the increasing adoption of mobile payment solutions.
- The use of biometric authentication methods, such as fingerprint and facial recognition, is becoming increasingly popular in digital banking, with over 70% of banks planning to implement these methods by 2025.
- The global blockchain in digital banking market is projected to grow from USD 230 million in 2020 to USD 3.7 billion by 2026, at a CAGR of 60.2% during the forecast period.
Digital Banking Platforms Statistics:
Here are some key statistics related to digital banking platforms:
- In 2021, the global digital banking market size was valued at $6.9 billion and is expected to reach $10.8 billion by 2026, with a CAGR of 7.8% during the forecast period (Source: MarketsandMarkets).
- The adoption rate of digital banking platforms in the United States increased from 33% in 2011 to 60% in 2020 (Source: Statista).
- The number of digital banking users in the United States is projected to reach 160.4 million by 2024 (Source: Statista).
- Mobile banking is the most popular form of digital banking, with 66% of digital banking customers using a mobile app to access their accounts (Source: The Financial Brand).
Table 1: Digital Banking Platforms Benefits Statistics
| Description | Statistics |
|---|---|
| Gen Xers and baby boomers using mobile banking services | 91% and 79% |
Table 2: Digital Banking Platforms Usage Statistics
| Description | Statistics |
|---|---|
| Countries with highest per capita digital banking usage | Denmark, Finland, and the Netherlands |
| Percentage of EU citizens using online banking | Doubled between 2009 and 2019 |
| American bank account holders using mobile banking for account management | 89% |
| Mobile banking customers using online banking platforms at least once a month | 94% |
| Account holders who use mobile banking as their primary way of managing accounts | 70% |
| Consumers under the age of 54 using mobile payment services like Venmo and Apple Pay at least once a week | 30% |
| Users who prefer in-branch consultation in certain situations despite using online banking | Majority |
| Expected increase in mobile and online banking growth compared to 2020 | 54% |
Table 3: Digital Banking Platforms Market Statistics
| Description | Statistics |
|---|---|
| Expected global Digital Banking Platforms market size in 2026 | USD 13.9 billion |
| Compound Annual Growth Rate (CAGR) during the forecast period for the global Digital Banking Platforms market | 11.3% |
| Estimated revenue earned by the Digital Banking Platforms market by the end of 2028 | USD 1,485.5 million |
| Estimated size of the global neobank market by 2028 | $722.60 billion |
| North America’s estimated market share in the Digital banking platform Market in 2021 | Largest |
Table 4: Digital Banking Platforms Latest Statistics
| Description | Statistics |
|---|---|
| Percentage of US banks providing online banking services by 2006 | 80% |
| Percentage of US account holders who are confident their banks will protect their personal information | 95% |
| Estimated savings of the banking industry from chatbot deployment for annual customer service costs by 2023 | USD 7.3 billion |
| Percentage of US citizens more inclined to try a new digital app for banking after the pandemic | 63% |
| Percentage of US consumers identifying as phygital | 25% |
| Direct banks’ share of primary banking relationships | 80% increase |
| Percentage of consumers who would prefer to open a new account digitally but are unable to do so today | 20-25% |
| Direct banks’ share of all primary bank relationships in the US | 20% |
| Traditional large banks’ share of consumer relationships | Around 42% |
| Percentage of baby boomers assuming that their primary bank is where they hold their primary checking account | 60% |
| Percentage of Gen Z consumers who trust the bank to give the best advice | 26% |
Digital Banking Platforms Facts:
- Digital banking platforms offer a range of services, including account management, bill payment, fund transfers, and investment management.
- Digital banking platforms are accessible 24/7, allowing customers to manage their finances at any time and from anywhere.
- Digital banking platforms use encryption and other security measures to protect customer data and transactions.
- Digital banking platforms are often more cost-effective than traditional banking methods, as they eliminate the need for physical branches and personnel.
Digital Banking Platforms Benefits:
There are several benefits of using digital banking platforms, including:
- Convenience: Customers can access their accounts and perform transactions from anywhere and at any time, without the need to visit a physical branch.
- Cost-effectiveness: Digital banking platforms are often more cost-effective than traditional banking methods, as they eliminate the need for physical branches and personnel.
- Security: Digital banking platforms use encryption and other security measures to protect customer data and transactions.
- Personalization: Digital banking platforms can use customer data to offer personalized financial advice and services.
- Efficiency: Digital banking platforms automate many banking processes, reducing the need for manual input and speeding up transactions.
Digital Banking Platforms Trends:
The following are some of the current trends in digital banking platforms:
- Increased adoption of mobile banking: Mobile banking is the most popular form of digital banking, and this trend is expected to continue as more customers use their smartphones to manage their finances.
- Integration with other financial services: Digital banking platforms are increasingly being integrated with other financial services, such as investment management and insurance.
- Expansion into emerging markets: Digital banking platforms are being introduced in emerging markets, where traditional banking methods are less developed.
- Use of artificial intelligence and machine learning: Digital banking platforms are using AI and machine learning to offer personalized financial advice and services to customers.
Digital Banking Platforms Adoption:
The adoption of digital banking platforms has been increasing rapidly, as more and more customers prefer the convenience and ease of accessing their accounts online. Here are some adoption statistics:
- The adoption rate of digital banking platforms in the United States increased from 33% in 2011 to 60% in 2020 (Source: Statista).
- The number of digital banking users in the United States is projected to reach 160.4 million by 2024 (Source: Statista).
- In the Asia-Pacific region, the digital banking market is expected to grow at a CAGR of 18.6% during the forecast period (Source: MarketsandMarkets).
Digital Banking Platforms Market Overview
- The global digital banking platforms market was valued at $3.3 billion in 2020 and is expected to reach $9.6 billion by 2027, with a CAGR of 15.4%.
- The Asia Pacific region is expected to have the highest CAGR in the digital banking platforms market from 2020 to 2027, due to the increasing adoption of digital banking platforms in countries such as China, India, and Japan.
- The mobile banking segment is expected to hold the largest share of the digital banking platforms market by 2027, due to the increasing number of smartphone users and the convenience of mobile banking.
- The cloud-based deployment model is expected to hold the largest share of the digital banking platforms market by 2027, due to its flexibility, scalability, and cost-effectiveness.
Digital Banking Platforms Features and Functionality
- The most common features of digital banking platforms include account management, payments and transfers, loan management, and bill payment.
- More than 80% of banks and financial institutions offer mobile banking services to their customers.
- More than 50% of banks and financial institutions offer digital onboarding services to their customers.
- The use of artificial intelligence (AI) and machine learning (ML) in digital banking platforms is increasing, with features such as chatbots and voice assistants becoming more common.
Digital Banking Platforms and Customer Experience
- More than 90% of customers use digital banking platforms to access their accounts.
- Customers expect a seamless and consistent experience across all digital banking channels, including mobile, online, and in-person.
- Personalization is becoming increasingly important in digital banking platforms, with customers expecting personalized recommendations and offers based on their banking history and behavior.
- The use of biometric authentication, such as fingerprint and facial recognition, is increasing in digital banking platforms to improve security and convenience for customers.
Digital Banking Platforms and Security
- Cybersecurity is a top concern for banks and financial institutions, with data breaches and cyber attacks becoming increasingly common.
- Digital banking platforms are implementing multi-factor authentication and encryption to improve security and protect customer data.
- Banks and financial institutions are also investing in AI-powered fraud detection systems to identify and prevent fraudulent activities.
Digital Banking Platforms and Regulatory Compliance
- Banks and financial institutions are subject to strict regulatory requirements, such as the General Data Protection Regulation (GDPR) and the Payment Services Directive 2 (PSD2).
- Digital banking platforms are implementing measures to ensure compliance with these regulations, such as strong customer authentication and data protection.
- The use of application programming interfaces (APIs) is becoming increasingly important in digital banking platforms to comply with open banking regulations and enable data sharing between different financial institutions.
Digital Banking Platforms and Financial Inclusion
- Digital banking platforms are helping to increase financial inclusion by providing access to banking services for underserved populations, such as those in rural areas or with limited access to traditional banking services.
- Mobile banking is particularly important for financial inclusion, as it enables customers to access banking services without the need for a physical branch.
