Over two billion people will access retail banking services via smartphones, tablets, PCs and smartwatches in 2018, representing almost 40 per cent of the global adult population.
This is according to a study from Juniper Research, which forecasts that mobile banking users will grow 14 per cent year-on-year, while online banking users will increase by six per cent on last year. Juniper attributes the growth to accelerated adoption in key emerging markets such as India and China.
The study found that mobile banking users now represent half of the global banked population, with the number of mobile banking users expected to overtake online users in 2018 – two years earlier than previously anticipated.
Juniper also identified a leading group of banks driving digital transformation in the sector: Banco Santader, Bank of America, Barclays, BBVA, BNP Paribas, Citi, DBS Bank, Deutsche Bank, HSBC, JPMorgan Chase, RBS, Societe Generale, Unicredit, and Wells Fargo.
Research author Nitin Bhas noted: “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 programmes, with regards to digital technology.”
The research also notes the increasingly advanced technology offerings deployed by such institutions. For example, Juniper estimates that customer service cost savings achieved through the deployment of conversational chatbot platforms will reach $4.5 billion by 2022.
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