13 Banking Industry Statistics to Know ( Plus Trends)

On this page, we’ve gathered some banking industry statistics to provide insight into the industry, how it’s changing, and what’s trending. 

Keep reading to unlock insights into the banking industry!

13 quick banking industry statistics to know

The financial services industry (FSI) is one of the most important in the world. What happens in the industry affects almost everything, so it only makes sense to study it in detail. 

What better way to begin than by looking at some statistics? Here are a few to keep in mind: 

1. JPMorgan Chase is the largest bank in the world by market capitalization. The Bank of America and the Industrial and Commercial Bank of China follow in second and third.
2. The value of personal savings in the United States in 2023 was $911 billion
3. Visa has a market capitalization of $520 billion
4. Mastercard has a market capitalization of $396 billion
5. By 2027, 64.9 million mobile bank users will be Millennials
6. By 2027, 52.5 million mobile bank users will be Gen Z
7. 78% of Americans prefer to bank via a mobile app or website
8. 57% of Americans use debit cards as their primary payment method
9. 48% of Americans have a certificate of deposit account
10. 29% of Americans prefer to bank in person
11. 6% of households are unbanked (meaning no one has a bank account)
12. Global inflation is expected to fall to 5.2% by the end of 2024
13. The International Monetary Fund (IMF) expects the world economy to grow at no more than 3% in 2024

Current trends in the banking industry

Now that we covered some quick banking industry statistics, let’s talk about current trends in the industry.

Technology, in particular, has changed the banking industry in many ways. Customers can transact on their smartphones without leaving their homes. 

Here are some of the top trends in the banking industry:

1. Open banking

Open banking is also known as “open bank data.” It allows banks and third-party developers to share customers’ financial data through application programming interfaces (APIs). With the information, they can create a personalized experience for their customers. Open banking has grown popular among financial institutions. 

Bankers expect the global open banking users to grow at an average rate of nearly 50% between 2020 and 2024.

The European market leads the race. The innovation has generated a £7.2 billion revenue opportunity. Open banking is not only the future of banking, but the reality that banks face today. 

2. Artificial Intelligence (AI) and machine learning (ML)

AI involves using technologies to build machines capable of mimicking human cognitive abilities. ML is a subset of AI that enables systems to learn and improve from experiences. 

Companies in various industries are leveraging these technologies to optimize efficiency. The banking industry is following suit.

Financial institutions use AI and ML in many ways. For example, chatbots help customers make inquiries and get quick responses. Some banks also leverage AI in detecting potential risks. It can detect fraud by monitoring user transactions and spotting unusual activity.

Research predicts that 85% of organizations will use AI and ML to augment foresight by 2026. 

3. Cybersecurity

Technology has many benefits and some risks. One common example is cyber breaches. Cyber breaches are unauthorized access to computer data, applications, devices, and networks. It occurs when an intruder bypasses security mechanisms. Cyberattacks can be damaging for banks. 

The finance industry remains one of the primary targets for attackers. Financial institutions globally reported 1,829 cyber incidents in 2022. An IBM research states that the global average cost of a data breach in 2023 was $4.45 million. The figure represents a 15% increase over three years. 

Due to the risks, 51% of organizations plan to increase their security investments. 

Banks and other financial institutions use modern solutions to reduce security breaches. These include multifactor authentication, encryption, and robust privacy policies. 

AI tools have also been pivotal in enhancing cyber security protection. They are offering solutions like threat monitoring and breach risk prediction.

4. Cloud computing

Cloud computing enables banks to reduce data storage costs and improve data security. It also helps with regulatory compliance and improves customer relations management (CRM). These are examples of the few benefits the innovation offers.

Make better money moves with digital marketing from WebFX

Now that you know what’s trending in the banking industry and have insights from our banking industry statistics, it’s time to start making moves. Marketing your bank is crucial if you want to stay competitive in your industry.

WebFX helps banks drive growth with effective digital campaigns. 

We have experience in digital marketing in the financial sector and know the intricacies of various marketing strategies. With over 28 years of experience in digital marketing, we know what it takes to drive success with marketing.

Do you want to develop a tailored marketing campaign and expand your reach? Contact us today to learn more about our digital marketing services!

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