53% of the world’s population to be using digital banking by 2026

A recent report by Juniper Research found out that 53% of the world’s population will be using digital banking by 2026.

Indeed, the digital transformation caused by the pandemic has led banks to become more innovative in order to stay ahead of the competition. It was then reported that 4.2 billion people will have access to banking-as-a-service online by 2026 as banks are shifting towards digital banking.

Moreover, the study showed that the Bank of America, British bank HSBC, JPMorgan Chase, Spain’s BBVA, and Singapore-based DBS Bank are the five current leading banks in the world. They are starting to use digital services and products such as chatbots, blockchain, online finance programs, and cryptocurrency trading, among others.

It was also reported that digital transformation initiatives have benefitted smaller financial institutions, as digital services became vital during the pandemic.