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Digital-Only Banking Adoption 2022

13% of respondents in the Philippines have a digital bank account.

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By

Richard Laycock

Updated

Fact checked

As it stands, 13% of respondents in the Philippines have a digital bank account, a decrease of 6 percentage points from 2021 according to a recent global survey of 2,049 conducted by Finder in April 2022.

While 13% of respondents in the Philippines say they have a digital bank account, an additional 12% plan to open one in the next year, bringing the percentage of people in the Philippines with a digital bank account to 25%. That figure is expected to jump even higher to 33% by the end of 2027.

Men are more likely to have a digital-only bank account

Men are more likely to have a digital bank account than women, with 14% of men compared to 11% of women saying they have an account.

People aged 35-44 are most likely to bank online

Those aged 35-44 in the Philippines are most likely to say they have a digital bank account, with 16% having an active service.

Which country has the most digital bankers?

Brazil leads the way for digital bankers in 2022, with 43% of those surveyed saying they have an account. Brazil is followed by India (26%), Ireland (22%), Singapore (21%), Hong Kong (20%), United Arab Emirates (19%), Mexico (17%), Spain (17%) and South Africa (15%).

At the other end of the spectrum, the United States has the smallest percentage of adults with a digital-only bank account (8%), followed by both the Philippines and Malaysia at 13%, and Portugal and Germany with 14%.

During the previous survey, Mexico was projected to see an increase in digital bankers of 20 percentage points from 2021 to 2026, which was the highest growth rate of all of the selected countries. And that growth is expected to continue in the years to come with the number of digital bankers in Mexico projected to increase between 2022 to 2027 by almost 24 percentage points (once again the highest growth rate). The United Arab Emirates is close behind with a projected increase of 22 percentage points, followed by The Philippines (21 points) and India (19 points).

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

Interestingly, 5 countries saw a drop in the number of adults who said they had a digital-only bank account from last year's survey.

Malaysia had the largest drop of 7 percentage points. The Philippines saw the second-biggest drop of 6 percentage points, while Germany saw a 5-point drop. Meanwhile, Ireland saw a drop of 3 percentage points.

However, in the majority of countries we looked we see an uptick in the number of people who say they had a digital-only bank account. Brazil sees an 11 percentage point bump in digital bankers between 2021 and 2022, with Mexico not far behind at 6 percentage points.

However, all countries are expected to see an increase again by 2027. On average, 34% of people worldwide will have a digital bank account within the next 5 years, up from an average of just 19% in 2022.

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

In 13 of the 14 countries surveyed, men are more likely to have a digital-only bank account. Of these, Hong Kong and the United Arab Emirates (9 points), Mexico, Singapore and Spain (8 points) had the biggest gender gaps.

Meanwhile, in Portugal, women are actually just as likely to have an online-only bank account with 14% of both men and women saying they have an account.

Adoption highest with younger people

Across the globe, individuals that are most likely to have a digital bank account in Brazil are ages 25–34 (55%), Malaysia ages 18–24 (20%), Philippines ages 35–44 (16%), Ireland ages 25–34 (34%), Mexico ages 25–34 (22%), Hong Kong ages 35–44 (23%), Singapore ages 18–24 (39%), United Arab Emirates ages 18–24 (31%), Germany ages 35–44 (17%), Spain ages 18–24 (22%), South Africa ages 35–44 (18%), India ages 18–24 (33%) and Portugal ages 18–24 (22%).

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