The rise of digital banking

1 min read 06 Mar 2015, 12:57 AM IST Join us

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There are nearly 700 million digital banking consumers across Asia, although there is wide variation in use across the region, says survey

Developed Asia has a digital banking penetration of more than 80% among urban banking consumers; in India, it is 18%—among the lowest in Asia. Photo: Bloomberg (Bloomberg ) — Developed Asia has a digital banking penetration of more than 80% among urban banking consumers; in India, it is 18%—among the lowest in Asia. Photo: Bloomberg
**(Bloomberg )**

An increasing number of consumers are adopting digital banking, finds a survey by management consulting firm McKinsey and Co.

According to the survey, there are nearly 700 million digital banking consumers across Asia, although there is wide variation in use across developed and developing nations in the region.

Developed Asia has a digital banking penetration of more than 80% among urban banking consumers; in India, it is 18%—among the lowest in Asia.

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While historical factors, such as the dominance of cash transactions across certain segments of industry, have kept digital penetration low in India, latest trends suggest that customers in India are more open to digital than ever before, and adoption is constrained more by supply than demand, the survey finds.

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