BASINGSTOKE, England--(BUSINESS WIRE)--New forecasts from leading fintech analysts, Juniper Research, estimates that over 2 billion users will access retail banking services via smartphones, tablets, PCs and smartwatches in 2018, up 10% y-o-y.
The new research, Retail Banking: Digital Transformation & Disruptor Opportunities 2018-2022, found that accelerated adoption in key emerging markets such as India and China means that mobile banking users now represent 50% of the global banked population. Juniper expects that the number of global mobile banking users will now overtake online users in 2018, 2 years earlier than previously anticipated.
For more insights, download our complimentary whitepaper: Futureproofing Digital Banking 2018.
Leading Banks Positioned in Juniper’s Digital Transformation Readiness Index 2018
2017 saw banks worldwide engaging in both technology investments and new tech offerings, although the extent of these activities varied considerably. Juniper’s Digital Transformation in Banking Readiness Index analysed leading tier-1 banks to evaluate their digital transformation readiness scores and highlight their respective positioning within the digital innovation roadmap.
It identified the leading group of banks for digital transformation in the sector:
Bank of America
JP Morgan Chase
These banks once again scored highly, offering a wide range of digital portfolios and investing in the rapid development of technology and customer enablement.
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”.
As these banks continue towards digital transformation, technology offerings are also becoming increasingly advanced. For example, chatbot offerings deliver a greater differentiation from a normal app experience, particularly where customer service is concerned. Juniper estimates customer service cost savings achieved through the deployment of conversational chatbot platforms will reach $4.5 billion by 2022.
Juniper Research is acknowledged as the leading analyst house in the digital commerce and Fintech sector, delivering pioneering research into payments, banking and financial services for more than a decade.