After a period of rapid innovation, the global digital banking market is maturing, transitioning from developing new features to refining existing services and enhancing user experience (UX), according to a recent Deloitte study. The Digital Banking Maturity 2024 report, published in October, surveyed 349 banks across 44 countries to analyze the current state of digital banking and highlight key trends in the industry.
The report reveals a noticeable shift from the previous 2022 edition, with a decline in the adoption of new functionalities in banking apps. Instead of focusing on adding new features, banks are prioritizing the improvement of existing ones and enhancing the overall user experience. This trend is particularly evident among “Digital Champions” – banks leading in digital innovation, seamless customer journeys, and real-time services. These banks are redesigning customer interaction channels and expanding their service ecosystems, particularly in areas like investment services.
Remote digital onboarding has become standard practice in the industry. However, Digital Champions is going further by offering user-centric features such as real-time validation, application status updates, and a “save and finish later” option, aiming to provide exceptional value to customers while covering all their financial needs.
The study also highlights the rise of “super-apps” as a dominant approach among banking leaders. These platforms integrate a wide range of functionalities, allowing users to manage various aspects of their financial lives within a single app. Digital Champions are leading this revolution, offering savings and investment solutions 2.5 times more frequently than their competitors. Additionally, many banks are incorporating fully digital cash loans and extending their digital capabilities to mortgage products.
Some banks are going beyond traditional financial services, offering features such as mobility services, insurance options, and real estate tools, aiming to become all-in-one solutions for customers. This approach, which has gained significant traction in the Middle East and Asia, helps improve customer loyalty by keeping users engaged with the app for more than just banking tasks.
The report also highlights banks’ increasing interest in mortgage lending innovation, with real estate marketplaces becoming more common as part of the mortgage process or as part of a larger property-related ecosystem. Personal financial management tools are also being introduced to improve customer engagement, increase mobile app usage, and create cross-selling opportunities.
Europe leads the world in digital banking, with the highest number of Digital Champions, at 17. Among European neobanks, the UK’s Revolut stands out with 50 million customers, followed by Wise (12.8 million), Bunq (10 million), Monzo (9.7 million), and N26 (8 million), according to Statista.
