The growth in online banking has been – and will continue to be – rapid. From a valuation of $11.43 billion in 2019, the projections are that it will reach $31.81 billion by 2027, at a CAGR of 13.6%.
For the incumbent banking system, this rapid growth poses a real and ongoing challenge, as it has opened the door to unconventional disruption and new competition. Non-banking companies are now able to bring different business models and expertise in customer experience to the financial services sector. New products and services are being adopted enthusiastically by consumers, and indeed, there is the rise of entirely new forms of currency and payments that are changing how we think about money.