As we step into an era of digital disruption and innovation, traditional banking models are starting to fade. The financial sector is witnessing major transformations driven by revolutionary technology, accessing insights into unseen opportunities, overcoming obstacles, and shaping future banking trends. Our blog post today delves into the realm of technology in banking statistics. It encapsulates the significant advancements that technology has brought in banking and how these shifts have translated into statistical figures. Be it AI-powered risk assessments, sophisticated cybersecurity measures, or the convenience of mobile banking, each facet has its own story to tell. Stay tuned as we decode these tech-based banking statistics, and uncover how they are revolutionizing the global financial landscape.
The Latest Technology In Banking Statistics Unveiled
According to Statista, there were 57.4 million mobile banking users in the United States in 2018 and it’s predicted to grow to up to 66.9 million by 2022.
Highlighting the dramatic surge in mobile banking users in the U.S. from 57.4 million in 2018, predicted to reach 66.9 million by 2022, underscores an emerging trend in the banking world – the shift towards digital technology. Not only does it underline the strengthening embrace of banking applications, it also signifies the rising comfort and trust consumers are placing in bank-tech interfaces. This robust expansion of mobile users further points towards the urgent need for banks to prioritize technological improvements, user-friendly platforms and reinforce their digital safety measures. Eyes focused forward, it also invites speculations on further innovations and changes in the banking technology landscape, driven by consumer demand and digital advancements.
A report by Insider Intelligence indicates that mobile banking penetration will hit 57.4% in US by 2024.
The pervasiveness of technology in banking is brought vividly to the fore by an astonishing prediction from Insider Intelligence. Mobile banking in the US is on a trajectory towards an impactful benchmark – an estimated 57.4% saturation point by 2024. This statistical forecast illuminates the consequence of mobile platforms in banking transformation, propelling impressive changes in the financial industry. It underscores the robust inclination towards app-based bank engagements, fueled by convenience, seamless transactions, and 24/7 availability. Emphasizing this forecast in a technology in banking blog post visibly maps out the significant transition from traditional to digital banking, reinforcing the technology’s dominant role in shaping the future of the banking industry. It offers a potent statistical glimpse into future consumer banking trends, proving vital for technology providers, banks, and investors in making strategic decisions.
According to EY’s Global FinTech Adoption Index, 96% of global consumers are aware of at least one money transfer and payments fintech service.
Illuminating the globally digitized financial landscape, EY’s Global FinTech Adoption Index reveals a remarkable 96% of worldwide consumers have knowledge of at least one fintech service related to money transfer and payments. This impressive figure underscores a pivotal transition in banking practices, where digital platforms are rapidly surpassing traditional banking techniques. In a blog post discussing technology in banking statistics, this spotlight stat gives credence to the rapidly evolving financial world, casting a bright light on the expanding consumer awareness and utilization of fintech services. It serves as a testament to tech innovation seamlessly infiltrating the banking sector, promising an era of greater convenience, efficiency, and inclusivity in managing financial transactions.
The recent report on “Digital Banking Platform Market” by MarketsandMarkets predicts the market to grow from USD 3.3 billion in 2018 to USD 5.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.4%.
Painting a picture of the future landscape in terms of Technology in Banking, this statistics breathes life into the impending progression. The “Digital Banking Platform Market” report by MarketsandMarkets outlines an anticipated growth from USD 3.3 billion in 2018 to USD 5.7 billion by 2023. The projection not only captures a leaps-and-bound ascent, but it also signifies an impressive Compound Annual Growth Rate (CAGR) of 11.4%. This leap suggests that the digital transformation in the banking sector is not merely a glossy trend, but rather a powerful force that’s steadily reshaping the industry. The era of traditional banking making way for an increasingly technology-intensive landscape is illustrated by these rising numbers. This is a bright beacon for any aspirant navigating the tumultuous tides of the banking technology world, providing them with a solid prediction of what to expect.
According to Juniper Research, the number of digital banking customers will exceed 3.6 billion by 2024, up from 2.4 billion in 2020.
Drifting on the waves of digitization, the banking industry exhibits a paradigm shift. Highlighting an increase in the number of digital banking customers from 2.4 billion in 2020 to an expected 3.6 billion by 2024, as stated by Juniper Research, serves as a beacon of transformation. It complements the narrative of the blog post about Technology in Banking Statistics, reinforcing the increasing reliance on technology and digital platforms within the banking sector.
This striking surge is a testament to the evolving consumer behavior, reflecting more comfort, trust and preference for digital banking services over traditional ones. Furthermore, it also indicates the growing efficacy of banking technologies to accommodate this massive customer base. Consequently, this statistic not only illuminates the current progression but also projects banking technology advancements to come. It offers insight into future trends, helping both users and banking authorities to plan accordingly.
Recent research by Gartner has found out that 64% of Americans prefer banking with a digital platform over a traditional one.
Shining a spotlight on this Gartner research reveals a trend of immense magnitude: a clear preference for digital banking among 64% of Americans. This quantum leap in technology embracement forms the heartbeat of a tech-centric banking revolution, signifying a paradigm shift in consumer behavior and expectations. As part of a blog post, this statistic acts as a drumroll, accentuating the undeniable transformation of banking from brick-and-mortar edifices to digital platforms. It sets the stage for a deeper and comprehensive exploration of technology’s impact on banking at large, underscoring the importance of banks stepping up their digital game.
According to the FDIC, 30% of customers would consider moving to a tech company for banking services.
Diving into the intriguing narrative that the statistic provides, one can unearth a profound insight which places it at the heart of a blog post about Technology in Banking. In essence, the FDIC statistic uncovers a swift undercurrent of change, demonstrating that nearly one-third of consumers are not merely open to, but actively considering a switch from traditional banking institutes to technology firms for their financial services. This trend sends a strong signal of a potentially disruptive shift within the banking industry, underscoring the significance of technological innovation and digital adoption in transforming consumer preferences. With this statistic, we tap into the pulse of a burgeoning trend that brings the dynamic interplay between technology and banking to the forefront, making it a decisive piece of the discourse on Technology in Banking Statistics.
According to PWC, 82% of financial institutions expect to increase their partnerships with fintech companies in the next 3 to 5 years.
Unveiling this statistic within a blog post dedicated to Technology In Banking Statistics casts a spotlight on a significant trend birthing in the financial industry. It underscores the hastening shift towards digitization, indicating that a vast majority, specifically 82%, of conventional financial institutions foresees a mounting reliance on partnerships with fintech firms in the proximate half decade. With PWC as its source, this statistic infuses higher credibility and adds weight to the discussion.
Such insight can act like a red flag, capturing the attention of stakeholders – from employees in the financial sector who must reskill, to investors eyeing lucrative investment avenues, and policymakers tasked with regulating this burgeoning alliance. Therefore, this statistic isn’t just a number, but a crucial pointer steering the narrative of technological adoption in banking, painting a picture of a digital and collaborative future.
The Federal Reserve Bank of St. Louis cites that 71% of all bank deposits in 2020 were made via digital tools or technology.
The digital revolution is undeniably transforming the banking sector, and the statistic from the Federal Reserve Bank of St. Louis underlines this sweeping change vividly. Emphasizing that a whopping 71% of all bank deposits in 2020 were orchestrated through digital tools or technology strikes a chord, as it reflects how dramatically banking habits have shifted in this digital era. As we barrel towards a cashless society, technology is becoming increasingly intertwined with banking, and this data encourages us to further explore this digital frontier in banking services. The trend illuminated by this statistic is not just monumental; it’s a loud declaration of the new norm, projecting a future where brick-and-mortar banking may become a thing of the past.
Accenture research shows that 76% of bankers view “Implementing a digital transformation program” as a main business priority.
Highlighting Accenture’s research that indicates 76% of bankers see the implementation of digital transformation as a primary business goal, signals an ongoing, critical shift in the industry. From a blogging perspective, it provides a compelling launchpad to explore how technology is reshaping banking, substantiated by a sizeable majority of professionals in the field who are prioritizing this change. In discussing Tech in Banking stats, it serves as a robust starting point that underscores the relevance and urgency of the topic, poignantly paralleling the macroscopic trends with the microscopic focus of most banking professionals today. This piece of data, quite notably, paints a clear picture of the direction banking is headed and the digitization wave that’s causing remarkable ripples.
According to the World Bank, the global average cost of remittances decreased to 6.75% in the first quarter of 2020, driven largely by technological innovations.
This intriguing piece of statistical info sheds light on the transformative impact tech innovations are exerting on the world of banking. In the era where digital disruption continually redefines financial industry norms, this data point articulates the financial benefits of tech-driven solutions. Emphasizing on the first quarter of 2020, it highlights a distinct drop in the global average cost of remittances, courtesy of groundbreaking technological interventions. So, this goes to show, not only are such advancements redefining operational efficiency but also truly democratizing financial services by making them more affordable for the masses. This statistic is a testament to the increasing symbiosis between banking and technology, catapulting the financial sector towards a more inclusive and cost-effective future.
According to IDC, worldwide spending on retail banking technology was expected to reach $21 billion in 2021.
Painting a picture of the evolving banking landscape, IDC’s prediction that worldwide spending on retail banking technology would ascend to a staggering $21 billion in 2021 boldly underscores the rapidly advancing intersection of finance and technology. It’s a potent testament to the profound transformation surfacing within the realm of banking as institutions worldwide invest heavily in technology to streamline operations, enhance customer experience, and innovate their product offerings. This figure also highlights the accelerating shift towards digitalization in the banking industry—a trend both driven by customer demands and technological advancements. Ultimately, it punctuates the roiling narrative of change within the blog post, providing a concrete representation of the scale at which digital metamorphosis is sweeping through the banking industry.
Deloitte reports that 73% of consumers use digital channel for banking services.
Dipping into this statistic, we unmask a strong correlation between technology and the modern banking landscape. This Deloitte insight, proclaiming that near three-fourths of consumers utilize digital channels for banking, underscores the irrefutable impact of advanced technology on banking services. Consumers are now leaning towards pixels over paperwork reflecting the prevalence and, more importantly, the acceptance of technology in managing their finances. This central trend opens up a plethora of questions and discussions for our blog post, including how banks are adapting to this digital shift and the innovative ways technology is set to further redefine banking. Ultimately, the statistic is our pulse check on the current status, painting a detailed picture of how stitched technology is in the fabric of contemporary banking practices.
According to Boston Consulting Group, banks that have effectively deployed digital solutions have experienced efficiency gains of 20% to 40%.
Highlighting insights from pivotal bodies such as the Boston Consulting Group underscores the profound influence of digital solutions on the banking industry. The eye-opening efficiency gains of 20% to 40% provide a vivid illustration of the competitive edge gained through innovation and digitization. These numbers aren’t just cold facts, they tell a compelling tale of an industry on the brink of a revolutionary shift. In a blog post covering technology in banking statistics, such data points illuminate how digital adoptions aren’t just the future, they’re reshaping the present, acting as catalysts for unparalleled productivity and efficiency within the banking sector.
Epsilon research reveals that 80% of consumers are more likely to do business with companies that offer personalized experiences, which is increasingly facilitated by banking technology.
As we delve into the fascinating world of technology in banking statistics, the statistic provided by Epsilon research, revealing the inclination of an astounding 80% of consumers towards conducting business with companies that offer personalized experiences, certainly serves as a golden nugget of information. The statistic emerges as a testament to the fact that personalization, when hand-held by banking technology, stands as a key driver in shaping consumer preferences in the business landscape. It paints the picture of a future where banking technology is not just a convenience, but a powerful tool complementing businesses’ drive towards enhanced consumer satisfaction. Piquing interest of banks globally, it holds promise and power, underlining the importance and implications of integrating technologically advanced personalized services into the banking experience. Essentially, it’s a striking reminder of how banking and technology intertwined can unlock unprecedented potential for consumer engagement and loyalty.
As per Accenture, Utilizing AI technology could save the banking industry around $1 trillion by 2030.
Highlighting the Accenture prediction within a blog post discussing Banking Technology, underpins the potential impact that Artificial Intelligence (AI) could have on efficiency and cost reduction within the industry. With a staggering projected savings of $1 trillion by 2030, readers can truly grasp the enormity of AI as a game-changer in the banking universe. It does not only fuel anticipation about the impending AI revolution but also underscores the dire need for traditional financial entities to adapt and evolve amidst technological advancements. Emphasizing this statistic significantly enhances the gravity of the argument supporting AI integration in the banking sector.
World Bank’s Global Findex Database shows that the number of unbanked individuals fell from 2.5 billion in 2011 to 1.7 billion in 2017, largely thanks to advancements in technology.
Drawing from the compelling data found in World Bank’s Global Findex Database, we can trace the riveting journey of digital evolution in the banking sector. Dipping from a staggering 2.5 billion to a significantly lower 1.7 billion over a span of just six years (2011 to 2017), the global population of unbanked individuals paints a vibrant picture of technology’s pivotal role in revolutionizing banking access.
This drop underscores the catalytic impact of technology on banking. It is as though technology threw open the doors of the banking sector, welcoming in those once hindered by geographical locations, economic status, or logistical constraints. In essence, the cascade of 800 million people into the realm of the banked is a testimony to technology, combating financial exclusion and fostering inclusivity with the power of technological advancements.
Highlighting this remarkable shift not only endorses the role of technology like mobile banking, online transactions, and digital wallets in making banking services accessible but also creates a case for continual technological innovation, pushing the boundaries of what’s possible in the digital age. It ultimately underscores the driving narrative of our blog, emphasizing how technology empowers the banking landscape and prompting a call-to-action for integrating advanced digital solutions.
Conclusion
Indeed, the role of technology in the banking sector has become undeniably substantial in the current digital age. The figures we’ve analyzed throughout this blog post indicate a powerful trajectory of growth and innovation. With increasing investments in fintech and continuous advancements in mobile banking apps, blockchain technology, AI, and machine learning, the future of banking will be even more interlaced with technological innovations. These statistics remind us that blending technology and banking services is no longer a luxury but a necessary strategy to stay competitive, cater to customer demands for convenience and security, and stimulate economies. Banking institutions worldwide should embrace this trend and continuously adapt to thrive in this ever-evolving digital landscape. As we move forward, it will be fascinating to see how these technology in banking statistics will change, shaping a novel financial landscape.
References
0. – https://www.www2.deloitte.com
1. – https://www.globalfindex.worldbank.org
2. – https://www.www.stlouisfed.org
3. – https://www.www.accenture.com
4. – https://www.www.epsilon.com
5. – https://www.www.bcg.com
6. – https://www.www.marketsandmarkets.com
7. – https://www.www.ey.com
8. – https://www.www.gartner.com
9. – https://www.www.pwc.com
10. – https://www.www.statista.com
11. – https://www.www.juniperresearch.com
12. – https://www.www.idc.com
13. – https://www.www.businessinsider.com
14. – https://www.www.worldbank.org
15. – https://www.www.fdic.gov