Half of global population will use digital banking by 2026, says report

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With an increase in digital transformation efforts that banks adopted after disruption by the Covid-19 pandemic, there has been a significant growth in the number of users opting for digital banking.

The study has analysed 30 leading Tier 1 banks on their innovation in terms of digital features, investment and innovation. (Representational Image)With an increase in digital transformation efforts that banks adopted after disruption by the Covid-19 pandemic, there has been a significant growth in the number of users opting for digital banking. As of now, 2.5 billion users across the world use banking services digitally. It’s expected that almost 53 per cent of the global population will access digital banking by 2026, according to a study by UK-based research firm Juniper Research.

The new research, Digital Banking: Banking-as-a-Service, Market Transformation & Forecasts 2021-2026, has identified that over the next few years, China will become the largest digital banking market and will account for as much as 25 per cent of digital banking users. The study has analysed 30 leading Tier 1 banks on their innovation in terms of digital features, investment and innovation. Apart from this, agility of banks in terms of their size, profitability and brand strength were also considered in order to evaluate their digital transformation readiness and highlight their respective positioning.

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