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Virtual Banking Adoption 2021
18% of Singaporean adults have a virtual bank account.
As it stands, 18% of Singaporean adults have a digital bank account, which equates to an estimated 900,478 people. That figure is expected to hit 25% (1,230,569) by 2022 and 30% (1,510,495) by the year 2026 – an increase of 12 percentage points over the next 5 years.
Women slightly more likely to have a virtual bank account
Singaporean women are more likely to have a digital bank account than men, with 19% of women compared to 18% 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 Singapore bucks the trend with women roughly 1 percentage point more likely to have a digital bank account than men.
People aged 35-44 are most likely to bank online
People aged 35-44 are more likely to have a digital bank account with 23% 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 virtual 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 virtual 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 virtual 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 virtual bank account?
In 19 of the 30 countries surveyed, men are more likely to have a virtual 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.
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