Around 40% of Asians prefer online or mobile banking over traditional banking practices, according to a report by American consulting firm McKinsey & Company.
The study also found that around 50% of correspondents aged less than 40 years prefer digital banking. Currently, around 670 million consumers in Asia are dependent on digital-banking, and that number is expected to become 1.7 billion by 2010.
Go deeper with GlobalData
Online sales in Asia totalled $149bn in 2012, which accounts for 3.5% of the total retail market share. Online sales in the US account for 7.2% of the total sales, reported China Money Network.
Despite 20% rise in the number of online retail sales in other sectors, the rate is lower in the banking sector.
According to McKinsey, the digitisation of banks, which includes digitally offering their present services, allowing higher sales-force productivity, and adopting disruptive new propositions, can play a vital role in creating or destroying value for banks.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
