Digital Banking Innovations and Trends
Digital banking is transforming the financial services industry, enabling more customer-centric approaches.
Driven by intensifying competition and evolving customer demand, banks are increasingly adapting their business models by embracing new and innovative technologies to:
enhance the customer experience
improve operational efficiency
Discover the emerging digital banking trends that are reshaping the banking industry in our latest Market Trends report.
Digital banking has revolutionized the way we bank and manage our finances
Digitalization in the sector has accelerated over the last few years, largely driven by consumer demand and enabled by the global increase in access to the internet.
Mobile banking has become the primary method of banking for many consumers
>2.7 billion digital banking users in 20221
Digital payments are one of the fastest growing segments
The global digital payments transaction value reached $8.35T in 2022, an increase of 11% from the previous year2
Technological innovations are enabling faster, secure, inclusive and transparent transactions
E.g.: blockchain, cryptocurrency, artificial intelligence, open banking, BNPL
Digital-only neobanks have gained popularity
Over 290 neobanks operating globally, with a combined user base of over 70M3
Explore our Start Path platform on Market Trends to connect with key players in digital banking and access full company profiles and webinars featuring leading and emerging digital banking startups, including:
More and more banks are embracing new and innovative technologies to enhance the services they offer their customers and improve efficiencies in their internal processes.
Mastercard has identified four pillars and 12 emerging trends in digital banking:
Grow – create new revenue streams
Optimize - improve operational efficiency and reduce costs
AI chatbots/digital humans
Engage – increase existing customer share of wallet
Open Banking and super apps
Enhance – improve the customer experience
Security and privacy
2 Statista. ‘Digital Payments Worldwide,’ 2023
3 Insider Intelligence. ‘What neobanks are, how they work, and the top neobanks in the US & world in 2023,’ 2023