Skip to main content

Digital Banking Users will Reach 2 Billion Worldwide

The retail banking sector continues to pursue digital transformation projects. Mobile devices are key to their strategy, as banks move to a ‘mobile first’ approach. It's a global trend supported by the scale of a declining financial services workforce, and the number of physical branches.

According to the latest market study by Juniper Research, over 2 billion users will access retail banking services via smartphones, media tablets, PCs and smartwatches in 2018 -- that's up by 10 percent year-over-year.

Digital Banking Market Development

The new research found that accelerated adoption in key emerging markets -- such as India and China -- means that mobile banking users now represent 50 percent of the global banked population. Juniper expects that the number of global mobile banking users will now overtake online users in 2018 -- 2 years earlier than previously anticipated.

2017 saw banks worldwide engaging in both technology investments and new tech offerings, although the extent of these activities varied considerably.

Juniper analyzed leading tier-1 banks to evaluate their 'digital transformation readiness' scores and highlight their respective positioning within the digital innovation roadmap.


According to the Juniper assessment, the leading group of banks include: Banco Santander, Bank of America, Barclays, BBVA, BNP Paribas, Citi, DBS Bank, Deutsche Bank, HSBC, JP Morgan Chase, RBS, Societe Generale, UniCredit and Wells Fargo.

These banks once again scored highly, offering a wide range of digital banking portfolios and investing in the rapid development of technology and customer enablement.

"They were found to be in the mature phase of digital transformation, approaching the final stages of objectives as defined in their current roadmap. These players also lead in customer training and employee development programs, with regards to digital technology," said Nitin Bhas, head of research at Juniper Research.

Outlook for Global Digital Banking Growth

As these banks continue towards digital transformation, technology offerings are also becoming increasingly advanced. For example, chatbot offerings deliver a greater differentiation from a normal app experience, particularly where customer service is concerned.

Juniper estimates customer service cost savings achieved through the deployment of conversational chatbot platforms will reach $4.5 billion by 2022.

Popular posts from this blog

Why Healthcare and Smart City Apps Drive 5G IoT

Fifth-generation (5G) wireless technology for cellular networks is a successor to fourth-generation (4G) wireless technology. By 2023, Juniper Research anticipates that there will be over 1 billion 5G connections globally. The technology will provide the data infrastructure for the advancement of wireless communications and for new developments in the Internet of Things (IoT) -- including smart cities and healthcare. 5G IoT Market Development According to the latest worldwide market study by Juniper Research, 5G IoT connections will reach 116 million globally by 2026 -- that's increasing from just 17 million connections in 2023. Juniper analysts predict that the healthcare sector applications and government or other smart city services will drive this outstanding 1,100 percent growth over the next three years. Juniper examined 5G adoption across key industry sectors -- such as the automotive, mobile broadband, and smart homes -- and forecasts healthcare and smart cities will accoun

How Savvy Leaders Re-Imagine Work in 2023

As we look to the year ahead, there will be significant challenges and opportunities facing the Chief Human Resource Officer (CHRO) role. In order to be successful, savvy HR leaders must be prepared to take proactive steps that adapt and evolve. "HR leaders have faced an increasingly unpredictable environment amid many organizations mandating a return to office, permanently higher turnover and burnt out employees," said Emily Rose McRae, senior director at Gartner . HR Innovation Market Development One of Gartner's key predictions for 2023 is that the use of artificial intelligence (AI) and automation will continue to increase within the enlightened digital workplace. This transition will require HR leaders to develop new skills and competencies in order to effectively manage and lead teams that are increasingly relying on these enabling technologies. Additionally, HR leaders will need to ensure that their organizations are investing in the necessary infrastructure and re

Top 10 CFO Priorities Require Rethinking Finance

The Chief Financial Officer (CFO) role is essential to digital business growth. While CFOs do not get closely involved in the tactical details of the digital transformation of their functions, they still recognize its strategic importance. According to the latest survey by Gartner, CFOs are faced with the challenge of balancing the need for substantive digital business innovation with financial cost control and risk management. "CFOs will be stretched thinly across many activities in 2023. The survey revealed a wide range of actions CFOs plan to either lead or be significantly involved with," said Marko Horvat, vice president at Gartner. Survey Findings: The Top Ten Priorities Cost Optimization - Cost reduction remains the top priority for CFOs as they look for ways to cut costs and improve efficiency in their operations. This includes identifying cost-saving opportunities through automation, outsourcing, and business process improvement. Business Continuity - The global C