Over 2 billion users will access retail banking services via smartphones, tablets, PCs and smartwatches in 2018, up 10 per cent from 2017, according to new forecasts from Juniper Research.

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 per cent of the global banked population.

Mobile banking users are tipped to grow 14 per cent year-on-year, compared to 6 per cent for online banking.

Juniper expects that the number of global mobile banking users will now overtake online users in 2018, two years earlier than previously anticipated.

Leading Banks   

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:

  1. Banco Santander
  2. Bank of America
  3. Barclays
  4. BBVA
  5. BNP Paribas
  6. Citi
  7. DBS Bank
  8. Deutsche Bank
  9. HSBC
  10. JP Morgan Chase
  11. RBS
  12. Societe Generale
  13. UniCredit
  14. Wells Fargo

These banks once again scored highly, offering a wide range of digital portfolios and investing in the rapid development of technology and customer enablement.

Juniper Research Digital Transformation in Banking Readiness Index

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.

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