Skip to main content

Fintech will Transform the Digital Banking Sector

Online banking is an essential component of today's eCommerce industry, as the two are closely inter-related. eCommerce is the process of buying and selling goods and services via the Internet. It includes a number of financial service types, such as routine banking and funds transfer.

By 2021, nearly 3 billion financial services customers will access retail banking via their smartphones, media tablets, PCs and smartwatches -- that's up by 53 percent from this year, according to the latest market study by Juniper Research.

Digital Banking Market Development

The study found that online usage will continue to rise as consumers increasingly opt for banks offering the convenience of rapid, multi-channel digital services.

This means that banks will need to focus on providing a more frictionless digital experience to their customers, especially if they are to remain market leaders.

Juniper analysts discovered that while traditional banks have so far remained a step behind in delivering innovation and maintaining their competitive edge against new fintech players, the situation is gradually changing.

"Technology is currently the big differentiator for all types of banks -- including traditional banks and the so-called challenger banks. Investments in banking technology reached record levels in 2016 and traditional banks are expected to focus on digital transformation initiatives," said Nitin Bhas, head of research at Juniper Research.

Juniper predicts that in 2017, big banks will acquire challenger players including tech-startups and digital-only banks, and this will further accelerate the rollout of traditional players’ digital strategy.


Juniper's ‘Digital Transformation in Banking Readiness Index’ analyzed leading global tier-1 banks to evaluate their digital transformation readiness scores and highlight their respective positioning within the digital innovation roadmap.

The readiness index identified the leading banks for digital transformation in the sector: Banco Santander; Bank of America; Barclays; BBVA; BNP Paribas; Citi; HSBC; JP Morgan Chase; RBS; Société Générale; UniCredit and
Wells Fargo.

According to the Juniper Research assessment, these banks scored highly and were found to be progressing rapidly towards the final stages of digital transformation. These players have invested heavily in technology, have excellent digital portfolios, and are already witnessing significant cost savings.

Popular posts from this blog

Digital Transformation for the Oil and Gas Sector

The savvy CEOs of multinational organizations will accelerate their investment in digital transformation projects in 2022, and beyond, to improve their competitiveness. Every industry leader that is forward-looking will act swiftly to grasp the upside opportunity. Global oil & gas companies face a myriad of operational, commercial, and existential security threats. According to the latest worldwide market study by ABI Research, oil & gas firms apply digitalization to combat these threats and will spend $15.6 billion on digital technologies by 2030. Oil & Gas Digital Apps Market Development Investments in digitalization can help to analyze a supply pipeline’s condition, prepare for fluctuations in the changing prices for oil and gas, as well as aid action plans to create more sustainable operations and transfer to producing renewable energy sources. "Safety and Security are top priorities for oil & gas operators. Data analytics allied with IoT platforms have become

The Fastest-Growing Mobile Opportunity in 2022

The number of mobile communication subscriptions worldwide is currently estimated at 8 billion, with 6 billion on smartphone connections, from a user base of 5.9 billion unique subscribers among a global population of 7.9 billion. Fifth-generation (5G) mobile service subscriptions using a compatible device significantly grew during the COVID-19 pandemic, but 4G connections remain the dominant force within the global telecom service provider sector. While the use of mobile phones is common throughout developing nations, 4G services are still an emerging technology in many parts of the world. Overall, 5G subscriptions will likely grow from 580 million at the end of 2021 to 3.5 billion by the end of 2026. 5G Mobile Market Development According to the latest worldwide market study by Juniper Research, revenue generated from 5G mobile services will reach $600 billion by 2026 -- representing 77 percent of global network operator-billed revenue. The adoption of 5G services across consumer and

2022 Tech Trends Outlook: What Happens Next?

This year may very well be another period of unprecedented challenges and opportunities. In 2022, several highly anticipated technology-related advancements will NOT happen, according to the predictions by ABI Research. Their analysts identify many trends that will shape the technology market and some others that, although attracting huge amounts of pundit speculation and commentary, are less likely to advance rapidly over the next twelve months. "The fallout from COVID-19 prevention measures, the process of transitioning from pandemic to endemic disease, and global political tensions weigh heavily on the coming year's fortunes," said Stuart Carlaw, chief research officer at ABI Research . What Won’t Happen in 2022? Despite all the headlines and investments, the metaverse will not arrive in 2022 or, for that matter, within the typical 5-year forecast window. The metaverse is still more of a buzzword and vision than a fully-fledged end goal with a clearly defined arrival d