News

China, India boost mobile banking numbers worldwide

February 27, 2018

Approximately 2 billion consumers will access retail banking services via smartphone, tablet, PC and smartwatch in 2018, up 10 percent from 2017, according to a Juniper Research report.

The new research, Retail Banking: Digital Transformation & Disruptor Opportunities 2018–2022, found that due to accelerated adoption of mobile banking in emerging markets such as India and China, mobile banking users now represent 50 percent of the global banked population.

Juniper expects that global mobile banking will overtake online banking this year in number of users, two years earlier than previously anticipated.

According to the report, banks worldwide engaged in technology investment and new tech offerings in 2017, although the extent of these activities varied considerably.

The Juniper Digital Transformation in Banking Readiness Index analyzed leading Tier 1 banks to evaluate their digital transformation readiness and positioning. The leading banks for digital transformation were:

• Banco Santander
• Bank of America
• Barclays
• BBVA
• BNP Paribas
• Citi
• DBS Bank
• Deutsche Bank
• HSBC
• JP Morgan Chase
• RBS
• Societe Generale
• UniCredit
• Wells Fargo

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