The battle for digital customers - a global perspective
Globally, commercial banks have demonstrated that they are not the underdogs when it comes to growing the number of digital users. They compete well in most markets under review against the best neo-banks and digital financial institutions (FIs). However, the dramatic rise in digital user base of neo-banks in recent months may erode this lead. November 27, 2018 | Chris Kapfer
In a global survey which assessed 100 financial institutions across 26 key markets on how well they performed in regards to the growth of digital users per month In China, Vietnam, Korea , Japan, India, Brazil, Spain, Germany and the UAE, neo-banks or digital-only FIs outperformed commercial banks in digital user growth per month. However, top tier commercial banks in six out of ten markets such as the US, Canada and Australia continue to outperform neo-banks or digital-only FIs in acquiring and retaining digital customers, with their high-touch high-tech distribution strategy. Overall, Chinese financial institutions and banks, and global platforms achieved the highest five-star rating with growth of more than one million digital users per month. Commercial banks’ digital users grew slower in 2018 For domestic commercial banks, 2015 to 2017, was a key period in digital user conversion and growth. We however observed that since 2018 many have seen decelerating digital user growth. On the contrary, global or regional operating commercial banks inched further up in digital user growth since beginning of ... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
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