46% Indian Adults Will Have A Digital-only Bank Account by 2027
Commentary from Finder’s global fintech editor Elizabeth Barry
Digital banking is set to boom in India, with 39% of Indian internet users expected to have a digital-only account by 2023, according to Finder’s Digital Banking Adoption Report.
Finder’s online survey of 2,899 Indian internet users reveals over a quarter (26%) of adults currently have a digital-only bank account, up from 22% in 2020.
Finder’s report also reveals India has the second highest level of digital-only bank adoption, behind only Brazil (43%) and well ahead of countries like Singapore (21%) and South Africa (15%).
With an additional 12% saying they plan to open one by 2023 and a further 7% by 2027, digital-only banking adoption could hit 39% by 2023 and 46% within five years.
Finder’s global fintech editor, Elizabeth Barry, expects the growth in digital banking adoption in India to be significant but says consumers may not be as quick to adopt as they think they will.
“When we ran this study in 2020, 12% of respondents said they planned to open a neobank account within 12 months. However since then we’ve only seen a growth of four percentage points.
“This suggests that the barriers to opening an account are still too high or that incumbent players are successfully retaining customers.
“It might also be that we only see digital banking adoption take off with increased smartphone penetration. In 2020 smartphone penetration was around 54% and it’s expected to increase to 96% by 2040.”
To see the full report visit: https://www.finder.com/in/digital-banking-statistics
Digital bank adoption by country, ranked
- Brazil – 42.74%
- India – 26.27%
- Ireland – 21.80%
- Singapore – 21.22%
- Hong Kong – 19.69%
- The United Arab Emirates – 18.83%
- Mexico – 17.42%
- Spain – 16.75%
- South Africa – 14.78%
- Germany – 14.39%
- Portugal – 14.20%
- Malaysia – 13.14%
- The Philippines – 12.78%
- The United States – 7.50%
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