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Digital Banking: Market Forecasts for Banking-as-a-Service, Open Banking & Digital Transformation 2021-2026

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Report Overview

Juniper Research’s latest Digital Banking report provides an extensive analysis of how the banking space is transforming digitally, in reaction to intensifying competitive pressures, as well as the increased availability of APIs, such as with banking-as-a-service, open banking and embedded finance.

The report positions 15 banking-as-a-service vendors in a Juniper Research Leaderboard, as well as assessing 30 digital-only banks on their disruptive potential, and 30 traditional banks on their digital transformation efforts via two Juniper Research Positioning Indexes respectively. The research also includes an extensive forecast suite, which includes digital banking use and bill payment and presentment use, split by online, mobile and tablet channels.
 
This research suite includes:
  • Deep Dive Strategy & Competition (PDF)
  • 5-year Deep Dive Data & Forecasting (PDF & Excel)
  • Executive Summary & Core Findings (PDF)
  • 12 months' access to harvest online data platform
Key Market Statistics
Market Size in 2021: $2.3tn
Market Size in 2026: $3.4tn
2021 to 2026 CAGR: 11.91%

  Buy Full Research Suite - Immediate access to all the above only £3750.

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Key Features

  • Sector Dynamics: Analysis of key trends and primary challenges across the digital banking space; highlighting the impact of:
    • The COVID-19 pandemic
    • The rise of banking-as-a-service and enabling new market entrants
    • The integration of open banking and how this is disrupting the current landscape
    • How digital transformation in banking is changing the market fundamentally
  • Juniper Research Leaderboard: Key player capability and capacity assessment for 15 major banking-as-a-service vendors, including:
    • Bankable
    • BankMobile
    • Cambr
    • ClearBank
    • Cross River
    • Green Dot
    • Marqeta
    • OpenPayd
    • Railsbank
    • Singular Banking
    • solarisBank
    • Sopra Banking Software
    • Starling Bank
    • TietoEVRY
    • Treezor
  • Juniper Research Digital Transformation Readiness Index: Analyses 30 global Tier 1 banks to evaluate their digital transformation readiness scores and highlight their respective positioning in the digital innovation roadmap.
  • Juniper Research Digital-only Bank Positioning Index: Analyses 30 emerging and innovative digital-only banks that have the potential to disrupt traditional banking models.
  • Benchmark Industry Forecasts: Including forecasts for digital banking use, including online banking, mobile banking and tablet banking, with forecasts for digital use and bill payment and presentment. All forecasts are split by the following 25 countries and run until 2026:
    • Argentina
    • Australia
    • Brazil
    • Canada
    • China
    • Colombia
    • Denmark
    • France
    • Germany
    • India
    • Italy
    • Japan
    • Mexico
    • Netherlands
    • Norway
    • Poland
    • Portugal
    • Saudi Arabia
    • Singapore
    • South Africa
    • South Korea
    • Spain
    • Sweden
    • UK
    • US

Key Questions Answered

  1. What are the regional differences in how open banking is rolling out across the world?
  2. What are the key trends influencing the evolution of the banking market?
  3. How are traditional banks digitally transforming and which banks are leading these efforts?
  4. Which digital-only banks are leading the market?
  5. What effect will the introduction of BaaS have and what are the leading platforms?

Companies Referenced

Case Studied: Experian, Monzo, OpenPayd, Tala, Tink.
 
Included in the Juniper Research Leaderboard: Bankable, BankMobile, Cambr, ClearBank, Cross River, Green Dot, Marqeta, OpenPayd, Railsbank, Singular Banking, Solarisbank, Sopra Banking Software, Starling Bank, TietoEVRY, Treezor.
 
Included in the Juniper Research Neo & Challenger Bank Vendor Positioning Index:
Ally Banks, Atom, au Jibun Bank, Axos Bank, Banco Original, BM Technologies, Boursorama Banque, digibank, Fidor, Go Bank, Hello Bank, Kakao Bank, Koho, Monese, Monzo, MYBank, N26, NuBank, Orange Bank, Paytm Bank, Pepper, Rakuten, Revolut, SBI Sumishin, Starling Bank, Tandem, WeBank, Wise.
 
Included in the Juniper Research Digital Transformation in Banking Readiness Positioning Index: ABC (Agricultural Bank of China), Banco Santander, Barclays, BBVA, BNP Paribas, BoC (Bank of China), BofA (Bank of America), BPCE, CCB (China Construction Bank), Citi, DBS Bank, Deutsche Bank, Emirates NBD , Equity Bank of Kenya, HDFC Bank, HSBC, ICBC (Industrial and Commercial Bank of China), JPMorgan Chase, Maybank, MUFG (Mitsubishi UFJ Financial Group) , QNB, RBS/NatWest, Sberbank, SBI, Société Générale, Standard Bank , Sumitomo Mitsui , UniCredit, United Bank for Africa, Wells Fargo.
 
Mentioned:
7‑Eleven, ABN, ABS (Association of Banks in Singapore) , ACCC (Australian Competition and Consumer Commission). , Accenture, AccountNow, Adib, Afterpay, Aion Bank, AlBakara, AliBaba, Alluim Money, Amazon Pay, American Express, Ant Group, Anthos Capital, Anytime, ANZ, Aplazame, Apple Pay, Arcus, Arkea Banking Services, Augumentum Fintech, Auka, Axos Bank, axway, Backbase, BaFin, Bancolombia, Bank of Melbourne, Bank of Tokyo, Bankable, BankMobile, Bankwest, Banxy Bank, BBVA Bancomer, BCB (Banco Central do Brasil), Berkshire Hathaway, Betterment, BNP Paribas, Borse Stuttgart, Branch, British Red Cross, BRSA (Banking Regulation and Supervision Agency), Capital Banking Solutions, Central Bank of Turkey, CFPB (Consumer Finance Protection Bureau), Chrysalis Investments, Cisco, Clear Books, Cleo, Coinbase, Commonwealth Bank, Consorsbank, Contour, CRA (Canada Revenue Agency) , Curv, Customers Bank, Customers Bankcorp, CyberSmart, Dawn Capital, DBS Bank, DeCurret, Dell Technologies, Deloitte, Digital Risks, Ditto Bank, Dozens, DreamOval, E*TRADE Advisor Services, EazzyBiz, Economist Intelligence Unit, Eurazeo, eurobits Technologies, EY Global, FCAC (Financial Consumer Agency of Canada), FED (Federal Reserve), Fidelity Management and Research Company, Fin TechSystems, Finleap, Fitbit, Flux, Flybits, FreeAgent, FSA (Financial Service Agency), FSC (Financial Services Commission), FS-ISAC (Financial Services Information Sharing and Analysis Center) , FTI (Financial Technology Institution), Funding Circle, Garmin, Gemini, GIC, Goldman Sachs, Good Green Bank, Google Pay, Grab, Green Dot Bank, Grindrod Bank, Growth Street, Heartcore Capital, HPE, IBM, ING, Instantor, Intuit Turbotax, Invesco, Japan Airlines, JTC Group, Juntos, KeyBanc Capital Markets, Kinnevik AB, Klarna, Kmart, Komgo, Kontist, KPMG Poland, Kraft Bank, Lakestar, Latona, Layer, LendKey, LEVERIS, Libeo, Lunchr, Lydia, Lyft, Marginalen Bank , MAS (Monetary Authority of Singapore), Mastercard, McAfee, McDonald’s, Megalith Financial Acquisition Corporation, Microsoft, Middlegame Ventures, Millenium Management, Mitsubishi UFJ, MODIFI, Molo, Money Dashboard, MoneyPak, Morgan Stanley, Morning, M-PESA, MYSQL, NAB, NACHA (National Automated Clearing House Association), National Bank of Rwanda, Nationwide Building Society, Net1, Nimbla, Novus, NPCI (National Payments Council of India), Nutmeg, OakNorth, OCBC, Okra, Old National Bank, ONPEX, OpenLegacy, Openlink, OpenWrks, Oracle, Ovamba Solutions, PayPal, PayStream, People’s Bank of China, Peoples Trust Group, PFC, Pintec, Pinterest, Plaid, PropertyGuru, Qatar Investment Authority, Qlik, QNB Pay, Qonto, Quickbooks, Raisin Bank, RapidPay, RBI (Reserve Bank of India), Red Hat, Revolut, Rocketloans, Royale Oceanic, RushCard, Salesforce, Samsung, Sands Capital, SAP, SBI Group, SBS (Sopra Banking Software), Shine, Shopify, Simple, Slack, Slydepay, SmartBuy, Smava, Société Générale, Sopra Steria, So‑sure, Sparda-Bank, Sparqa Legal, Spendesk, Square, St George, Standard Chartered, Start-up Chile, Stash, StoneCastle, Stripe, Sumitomo Mitsui Financial Group, Sun Life Vietnam, Swissborg, Tail, Tarabut Gateway, Temenos, Tencent, Tide, T-Mobile, Tomorrow, Trade Republic, Transact Payments, UBA Connect, Uber, UnderPinned, United Bank , UOB, Upstart, Van Lanschot, Ventura Capital, Viber, Viet Capital Bank, Vina Capital, Visa, VMWare, Vodeno, Walmart, Wealthfront, wealthify, WeBank, Westpac, Whatsapp, William Blair, Xero, YAPEAL, Yolt, YouGov, Younited, Zettle.
 
 
 

Data & Interactive Forecast

Juniper Research’s Digital Banking forecast suite includes:
  • Banking platform splits by:
    • PC & Desktop
    • Mobile Handset
    • Tablet
    • Smartwatch
  • Banking segment splits for Banking Information Services & Alerts
  • User base, transaction volume and value splits for Bill Payment & Presentment Services
  • Access to the full set of forecast data of 83 tables and over 19,500 datapoints.
  • Interactive Excel Scenario tool allowing the user the ability to manipulate Juniper Research’s data for 10 different metrics.

Geographical splits: 25 countries

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Interactive Excels (IFxl): Our IFxl tool enables clients to manipulate both forecast data and charts, within an Excel environment, to test their own assumptions using the Interactive Scenario Tool and compare selected markets side by side in customised charts and tables. IFxls greatly increase a clients’ ability to both understand a particular market and to integrate their own views into the model.

Forecast Summary

53% of the world’s population will access digital banking services in 2026; reaching over 4.2 billion digital banking users, from 2.5 billion in 2021. Increased digital transformation efforts enabled banks to function effectively during the pandemic, justifying the benefits of digital banking use and fostering further user growth.
  • China will be the largest digital banking market over the next five years; accounting for almost 25% of digital banking users in 2026. Banks should better integrate their many offerings into a single, consistent digital experience to better compete with diverse competition.

Digital Banking Full Research Suite

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  • Executive summary report (pdf)
  • Deep dive strategy & competition report (pdf)
  • Market data, forecasts and analysis report (pdf)
  • Market data, forecasts and interactivity (xls)
  • Quarterly updates to market data & forecasts (pdf, xls)
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Digital Banking Trends & Strategy Research

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Deep Dive Strategy & Competition

  • Deep dive strategy & competition report (pdf)

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Jul 2021

$2299

€2321

£1990

Executive Summary & Core Findings

  • Executive summary report (pdf)

 

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Jul 2021

$2299

€2321

£1990

Digital Banking Market Sizing & Forecasting

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Deep Dive Data & Forecasting

  • Market data, forecasts and analysis report (pdf)
  • Market data, forecasts and interactivity (xls)
  • Quarterly updates to market data & forecasts (pdf, xls, online access)
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$3454

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Latest market data forecasts and impact analysis. Delivered as PDF and interactive Excel

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Feb 2022

$1444

€1458

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May 2021

$1444

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Feb 2021

$1444

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Fortnightly insights providing analysis, context and opinion about key developments across all research streams.
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Research FAQs

How big is the digital banking market?
By the end of 2021, there will be almost 2.7 billion users of digital banking globally, driven by the rise of digital-only banks and the ongoing focus on digital transformation by established bank brands.
What is the digital banking market growth?
Between 2020 and 2024, the digital banking user base will grow by 50% globally.
Which segment accounted for the largest digital banking market share?
By the end of 2021, we anticipate 2.6 billion mobile banking users globally, compared to 2 billion online banking users.
What are the trends in banking?
The rise of Open Banking has also enabled AISPs (Account Information Service Providers) and PISPs (Payment Initiation Service Providers) to begin to erode the direct relationship between the bank and the customer.

Open Banking has also given users the ability to view, manage and initiate payments via accounts at other FIs (Financial Institutions) via their own bank, based on the usage of APIs.

These are now being joined by a major new disruption, that of BaaS (Banking-as-a-Service).

Research Details

Publisher:
Juniper Research
Published:
19/07/2021
Author(s):
Nick Maynard, Damla Sat
Category:
Fintech & Payments
Regions:
8 Key Regions - includes North America, Latin America, West Europe, Central & East Europe, Far East & China, Indian Subcontinent, Rest of Asia Pacific and Africa & Middle East
Countries:
Argentina, Australia, Brazil, Canada, China, Colombia, Denmark, France, Germany, India, Italy, Japan, South Korea, Mexico, Netherlands, Norway, Poland, Portugal, Saudi Arabia, Singapore, South Africa, Spain, Sweden, UK, USA

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  • Why Banking-as-a-Service is Driving Banking Innovation

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  • Digital Bill Payment & Presentment Value to Exceed $2 Trillion Globally in 2021
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