4/23/2018

FMS Article: Digital Banking Trends — Globally


The following article can be found on the blog page of the FMS website.

 

By Hilary Collins, Specialist, Publications and Research, Financial Managers Society

Customers all around the world want more digital options from their financial institutions. Whether by necessity or choice, in the richest and the poorest countries, people are embracing digital banking. Two recent global studies highlight some of the key trends internationally.

67% of global customers are already using digital banking.

People love digital banking – the majority of customers are using it already, and 86% want digital payment, 68% want digital personal loans and 62% want digital mortgages.

 

67% of Americans would try a new digital platform.
Less receptive than customers in India or China, Americans still show openness to new digital banking options.

 

52% of adults worldwide sent or received a digital payment last year.
Digital payments are increasingly popular, with the number of users having risen by 11 percentage points since 2014. Even in developing countries, 44% are on board with digital payments.

 

140 million unbanked individuals opened their first account last year.
Almost 70% of adults globally now have a bank account, in no small part due to the growth of digital payments – many opened their account specifically to receive payment from a job that paid digitally.

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