According to Stocklytics.com, digital bank deposits are projected to surpass $20 trillion by the end of the year and reach $30 trillion by 2028.
Stocklytics financial expert Edith Reads commented on the data: “Digital banks can provide greater deposit interest rates while being profitable because they do not require physical branches or a large workforce. This cost advantage helps them to attract customers looking for higher returns on their savings”.
THE POWER OF CONVENIENCE AND ACCESSIBILITY
Convenience and accessibility are two significant aspects driving core deposit growth in the age of online banking. Customers may now access their bank accounts and complete numerous activities from their homes or while on the go using their smartphones.
THE NEW ERA OF DIGITAL BANKING PLATFORMS
This convenience has changed how people manage their money and has tremendously impacted the entire banking business. Just thinking that digital banking platform market size has grown rapidly in these years and, according to data from The Business Research Company, it will grow from a value of $6.68 billion reached in 2023 up to $7.49 billion provided in 2024 with a CAGR of 12%. But its race won’t stop in next years and it’s possible that it will increase its value to $12.49 billion by 2028 with an expected CAGR of 13.6%. This kind of growth could be attributed to digital transformation investments, collaboration with fintech startups, global expansion and compatition, and AI adoption.
