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Digital Only Banking Adoption 2021

25% of Irish adults have a digital bank account.

As it stands, 25% of Irish adults have digital bank accounts in Ireland, which equates to 932,204 people. That figure is expected to hit 31% (1,155,376) by 2022 and 35% (1,334,892) by the year 2026 – an increase of 11 percentage points (10.7%) over the next 5 years.

Women more likely to have a digital only bank account

Irish women are more likely to have a digital bank account than men, with 26% of women compared to 24% of men saying they have an account.

Around the globe, men are about 2 percentage points more likely to have a digital bank account than women, which means Ireland bucks the trend with women roughly 2 percentage points more likely to have a digital bank account than men.

People aged 25-34 are most likely to bank online

People aged 25-34 are more likely to have a digital bank account with 29% having an active service.

Which country has the most digital bankers?

Brazil has the most digital bankers (32%), followed by Indonesia and Ireland (25% each), Vietnam (23%), and Switzerland and Poland (22% each). On the other end of the spectrum, the United States has the smallest percentage of adults with a digital only bank account (6%), followed by Canada (9%), Finland, Denmark and Mexico (11% each).

Mexico is expected to have the strongest growth in the number of people with digital only bank accounts from 2021 to 2026 – an increase of 20 percentage points. Brazil, Vietnam, Malaysia and the Philippines are all expected to see a growth of 18 percentage points.

Did digital banks lose customers as a result of COVID-19?

Of the 30 countries Finder looked at for this study, Finder had previously run the same survey in 12 of those nations and regions in 2020. Interestingly, 6 out of those 12 countries saw a drop in the number of adults who said they had a digital only bank account.

Germany had the largest drop of 9 percentage points. The Netherlands saw the second-biggest drop of 7 percentage points, while Spain and Mexico closely followed at 6 and 4 percentage points, respectively. Meanwhile, countries like Singapore and Malaysia saw smaller drops of 2 percentage points and less than 1 percentage point, respectively. Bucking the trend, Ireland actually had an extra 10 percentage points of adults with a digital bank account in 2021 compared to 2020, and Brazil had an extra 5 percentage points.

However, all countries are expected to see an increase again by 2026. On average, 28% of people worldwide will have a digital bank account within the next 5 years, up from an average of just 17% in 2021.

Are men or women more likely to have a digital only bank account?

In 19 of the 30 countries surveyed, men are more likely to have a digital only bank account. Of these, the United Arab Emirates, Brazil, Finland and Japan had the biggest gender gaps of 8 percentage points each.

Meanwhile, in 9 countries, women are actually more likely to have an online-only bank account. Australia has a female-led gap of 3 percentage points, and Ireland and Canada both have a gap of 2 percentage points.

    Finder surveyed 41,654 people across 30 countries and regions via Google surveys in March – April 2021. Due to the varying Google infrastructure in each territory, not all surveys were nationally representative. Where a nationally representative sample was unavailable, a natural fall/convenience sample was used. The list of the countries studied, sample sizes and survey types are presented below:

    • The Philippines: A convenience sample of 2,023
    • Singapore: A convenience sample of 1,003
    • Malaysia: A convenience sample of 1,503
    • Hong Kong: A convenience sample of 1,000
    • Ireland: A convenience sample of 1,215
    • Canada: Representative sample of 1,200
    • United States: Representative sample of 2,001
    • Australia: Representative sample of 954
    • New Zealand: A convenience sample of 1,001
    • United Kingdom: Representative sample of 2,001
    • United Arab Emirates: A convenience sample of 1,002
    • Japan: Representative sample of 2,001
    • Indonesia: A convenience sample of 2,004
    • Vietnam: A convenience sample of 2,001
    • France: Representative sample of 1,505
    • Italy: A convenience sample of 1,510
    • The Netherlands: A convenience sample of 1,201
    • Mexico: Representative sample of 2,001
    • Spain: Representative sample of 1,515
    • Brazil: Representative sample of 2,048
    • Germany: Representative sample of 2,002
    • Austria: A convenience sample of 1,215
    • Switzerland: A convenience sample of 874
    • Sweden: A convenience sample of 839
    • Portugal: A convenience sample of 1,202
    • Poland: A convenience sample of 817
    • Norway: A convenience sample of 1,201
    • Hungary: A convenience sample of 1,201
    • Finland: A convenience sample of 1,009
    • Denmark: A convenience sample of 605

Image: Getty

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