Banking has been at the forefront of one of the most significant social changes in the digital era. Despite being a highly regulated sector, it also holds substantial influence over people’s lives.
Enhancing life in the digital era
The emergence of neobanks and the cloud-focused approach of traditional banks have reduced costs and helped foster financial inclusion in less privileged regions. Although digital banking’s penetration remains uneven, it faces common challenges worldwide. One of them is digital identity management, an area where companies like TrustCloud have a well-established track record.
To put the evolution of the industry in numbers, 1 in 4 bank customers worldwide now uses digital services. Asia leads the market, with a projection that by 2024 it will reach one billion users on the continent. This growth represents a staggering 20% increase in just four years. This quantum leap will also be supported by the development of robust video verification for account opening.
Emerging markets and new strategies
Increased investments in infrastructure and a growing financial culture have positioned Mexico as a prominent player in digital banking user growth. Other markets, such as the Philippines, United Arab Emirates, and India, are also making their mark. It will be worth observing the strategies these nations deploy in the coming years. Above all, however, Brazil stands out, with an impressive 42% of exclusively digital users.
According to various studies, the percentage of young people (born between 1995 and 2005) who have access to digital financial services is around 89% worldwide, compared to less than 40% for boomers (born between 1946 and 1964).
Digital identity at the core
The rise of digital banking is inherently linked to the need for improved digital onboarding processes. Opening an account swiftly and securely is only possible through the combined commitment of financial institutions and technology companies. As a specialist in video identification and secure digital transactions, TrustCloud offers solutions that strengthen new customer onboarding through biometrics, video identification for digital identity verification, and KYC analysis.
Statistics show a positive attitude among consumers towards digital banking and a greater trust in committed technology providers like TrustCloud, who provide convenience and privacy.