A study by Juniper Research has found around 53% of the global population will access digital banking services in 2026.
The study detailed that between 2021 and 2026, the global uptake of digital banking is expected to grow from 2.5 billion to 4.2 billion.
According to Juniper, the research identified digital transformation efforts as enabling banks to function effectively during the pandemic. This, the firm claims, justifies the benefits of digital banking and fostering further user growth.
The study identified China to be the largest digital banking market over the coming five years – with the country accounting for close to 25% of all digital banking users in 2026.
Furthermore, the research recommended that banks seek to better integrate their various offerings into a single, consistent digital experience in order to better compete with diverse competition.
Beyond user uptake, the study also analysed 30 leading Tier 1 banks based on their innovation in terms of investment, digital features, innovation and their agility in terms of profitability, size and brand strength in order to evaluate their digital transformation readiness.
According to Juniper, it identified in order Bank of America, HSBC, JPMorgan Chase, BBVA and the DBS Bank as the leading group of banks for digital transformation.
Juniper said, “Bank of America offers an ever-expanding digital platform, including the Erica chatbot, and has recorded significant upticks in digital usage and engagement during the pandemic. JPMorgan Chase has experimented with blockchain and 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.”
Research co-author Damla Sat added: ‘These banks have progressed with well-planned and executed digital transformation strategies, and other banks need to build similarly broad and revolutionary roadmaps, or be left behind by more agile competitors.”
A recent study by Juniper found the amount of smart POS systems will increase by 156% by 2026, with companies needing to implement new features to stay ahead of the market.