Tuesday, September 27, 2022
Published 1 Year Ago on Tuesday, Jul 20 2021 By Inside Telecom Staff
The pandemic has placed a spotlight on all things seamless; from restaurant menus, hotel check-ins, and even trickling down to FinTech and digital banking services.
This focus has accelerated coming of a digital economy that looks to harness the technological advancements that the world has witnessed since the start of the COVID-19 health crisis, which is why people are looking to digitize all their experiences; specifically through digital banking services.
According to a new study by Juniper Research, 53 percent of the world’s population will access digital banking services in 2026; reaching over 4.2 billion digital banking users, from 2.5 billion in 2021.
The research identified increased digital transformation efforts as enabling banks to function effectively during the pandemic; justifying the benefits of digital banking use and fostering further user growth.
The new research, Digital Banking: Banking-as-a-Service, Market Transformation & Forecasts 2021 2026, identified that China will be the largest digital banking market over the next five years; accounting for almost 25 percent of digital banking users in 2026.
The research recommends that banks should better integrate their many offerings into a single, consistent digital experience, to better compete with diverse competition.
Juniper Research’s Digital Transformation in Banking Readiness Index analyzed 30 leading Tier 1 banks on their innovation in terms of digital features, digital investment, and innovation, as well as on their agility in terms of size, profitability, and brand strength, to evaluate their digital transformation readiness and highlight their respective positioning.
It identified the leading group of banks for digital transformation which are Bank of America, HSBC, JPMorgan Chase, BBVA, and DBS Bank.
Bank of America offers an ever-expanding digital platform, including the Erica chatbot, and has had recorded significant upticks in digital usage and engagement during the pandemic.
“These banks have progressed with well-planned and executed digital transformation strategies, and other banks need to build similarly broad and revolutionary roadmaps, or they will be left behind by more agile competitors,” Research co-author Damla Sat noted.
JPMorgan Chase has experimented with blockchain and has made acquisitions, such as that of wealth manager Nutmeg in the UK to boost its offerings.
HSBC has launched innovative new solutions, such as HSBC Kinetic for small businesses in the UK, with BBVA launching initiatives including cryptocurrency trading and DBS Bank having high levels of digital engagement.
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