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The rise of digital banks

43% of Indian adults to have a digital bank account by 2025

Have you ever thought about doing away with your traditional bank account and opting for a 100% online option? While digital-only banking is not yet the norm, it’s becoming increasingly popular. Around 22% of Indian adults – an estimated 205 million – say they have a digital-only bank account and that number is set to grow according to our latest Google Survey of 2,512 Indian adults.

Digital banking adoption is set to increase

Over the next year, a further 12% of respondents say they plan to open a digital-only or 100% online bank account and an additional 9% say they plan to open one over the next 5 years. That means within 5 years, more than 397 million Indian adults are expected to hold online-only bank accounts.

Who is most likely to use a 100% online bank account?

Men are currently more likely than women to have a digital-only or neobank account. According to our survey, 24% of men are neobankers, compared to 15% of women – a difference of 9 percentage points. However, when you take into account those planning to open an account, the gap widens. By 2025, 34% of women say they plan to have an online-only bank account compared to 46% of men.

Which demographics bank online?

While we might think of young adults as the most digitally savvy, less than a quarter (24%) of those aged 18-24 say they have an online-only bank account. However, that number is set to jump to nearly half (47%) by 2025. Currently, those aged 25-34 are the least likely to have a neobank account (18%) and those aged 65+ the most (42%).

How does India compare with the rest of the world?

Brazil and Germany have the biggest percentage of online-only bankers out of the 13 countries included in the study, with 28% of each adult population reporting they bank digitally. India, Malaysia, Spain, Singapore and the Netherlands also have a large proportion of the population banking online, with around one in five adults currently holding neobank accounts.

Those in Italy are least likely to have an online-only bank account at just 12%, followed by France at 13%. Digital banking adoption is currently sitting at 15% in the Philippines, Mexico and Ireland and at 16% in Hong Kong.

Where is digital banking growing the fastest?

Over the next five years, India is set to experience the biggest boom in digital-banking adoption, with a 21% increase in the number of adults with online-only bank accounts. This means that by 2025, we estimate that just under 400 million Indian adults will hold neobank accounts. Brazil, Malaysia and the Philippines are also expected to see significant growth with an increase of 16% in each country, followed by Mexico and the Netherlands (15% each) and Germany and Hong Kong (12% each). Spain, Italy and Singapore are expected to have a more modest, but still significant, adoption rate of 10%, while the data suggests Ireland and France will have the slowest growth rates at 7% and 5% respectively.


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