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Digital Banking Maturity Report

The Biggest Global Digital Banking Study

Exploring the Landscape of Banking in Ireland & Europe

The two main Irish banks are improving in their rankings, bringing Ireland into the adopter status. However, there remains a significant gap between Irish banks and the leading champions. In contrast, Indian banks have made significant strides in meeting customer demands for digital products across all channels and parts of the journey, closely followed by Turkish banks.


European banking diverges into two paths: traditional banks emphasise heritage and straightforward financial services, while neo-banks and diverse banks expand beyond traditional offerings. Strict regulations challenge innovation and flexibility. Traditional banks rely on trust and stability, whereas neo-banks are attracted to lifestyle-oriented solutions. Both strategies cater to diverse market needs. The demand for integrated solutions may drive traditional banks to innovate, but their established heritage could secure a significant market share, particularly among the ageing population.

 

Introducing the Digital Banking Maturity Report conducted in 2024: a comprehensive global study of 349 banks across 44 countries, offering insights into digital functionalities and UX design.

The study enables banks to benchmark against the market and competitors, drawing inspiration from global leaders. Our goal is to provide banking leaders with actionable insights to stay competitive, foster innovation, and achieve digital excellence in a rapidly evolving landscape.

The real value of digital banking is not about the number of features squeezed into an app, but how well it serves customer needs at a given moment.

Exploring the Landscape of Banking in Ireland & Europe

The two main Irish banks are improving in their rankings, bringing Ireland into the adopter status. However, there remains a significant gap between Irish banks and the leading champions. In contrast, Indian banks have made significant strides in meeting customer demands for digital products across all channels and parts of the journey, closely followed by Turkish banks.

European banking diverges into two paths: traditional banks emphasise heritage and straightforward financial services, while neo-banks and diverse banks expand beyond traditional offerings. Strict regulations challenge innovation and flexibility. Traditional banks rely on trust and stability, whereas neo-banks are attracted to lifestyle-oriented solutions. Both strategies cater to diverse market needs. The demand for integrated solutions may drive traditional banks to innovate, but their established heritage could secure a significant market share, particularly among the ageing population.

Key Quantitative Insights from the 2024 Digital Banking Maturity Report

  • Satisfaction
  • Ease of Use
  • Navigation
  • Accessibility
  • Customisation
  • Complexity 
  • System Consistency
  • Error Rate
  • Visual Appeal
  • Support
  • Uniqueness
  • NPS Score
  • Out of 12 banks analysed, 4 were neo-banks (FinTech’s).
  • 4 out of 5 neo-banks ranked as the best among the sample, holding the top 4 positions.
  • 3 top-rated parameters received a perfect score of 10/10 on the NPS scale.
  • 4 out of 7 traditional banks offered a fully digital approach to banking.
  • Top-performing areas: Satisfaction, Ease of Use, Navigation.
  • Lowest performing areas: Accessibility, Customisation, Complexity.
  • These insights suggest a need for enhancements in inclusivity and tailored user experiences to improve overall usability.

Implications for Banking

 

1. Digital Champions: The report identifies "Digital Champions" - banks excelling in digital innovation, seamless customer journeys, and real-time services. These banks set trends and are seen as role models.

2. Hyperpersonalisation: Emphasis shifts from feature overload to streamlined, personalised experiences using real-time data and AI-driven insights.

3. AI Integration: Banks leverage AI for efficient, secure, and consistent banking operations, enhancing customer trust and satisfaction.

4. Trust and Security: Strong focus on regulatory compliance and advanced cybersecurity measures to protect financial data.

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