Finbold: Asian countries lag behind the global 39% average for banking apps usage

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Data analyzed by Finbold indicates that an average of 38.7% of global internet users aged between 16 and 64 years use banking and financial apps as of Q3 2020.

Among the selected ten countries, Germany leads countries that fall short of the global average at 38.6%, followed by the United Arab Emirates at 37.2%. Asian countries also trail the global average, with India accounting for 32.2%, followed by China at 27.7%. Japan holds the tenth spot at 24.7%

Elsewhere, Brazil tops with 57% of the respondents using banking and financial services apps. Singapore occupies the second spot at 55.8%, followed by the U.K. at 53.3%. Canada accounts for 51%, with the United States capping the top five at 43.1%.

Trailing countries still hold immense potential 

The report offers a future outlook for top economies that fell behind the global average. According to the research report:

“Although leading economies like Germany, China, and Japan are lagging behind the global average, they still hold immense growth potential. They operate in regions with advanced technological innovation and regulatory support. At the moment, for example, China’s regulatory concerns might be stopping more consumers from leveraging financial services apps. However, once regulators bring full clarity to the sector, the numbers will potentially surge.”

The Finbold analysis also shows that Canada accounts for 82.6% of individuals aged 15 years and above with a credit card possession. Japan follows a distant second with 68.4%. The U.S. is third at 65.6%, followed by the U.K. at 65.4%. Only India at 3% is below the global average of 18.4% among the selected countries.

Read the full story with statistics here: 

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Jennifer Evans
President, @B2BNewsnetwork (launched Nov 2014). Content, community and analytics obsessed. Inventor @squeezecmm. Past chair, @itac_online @whiteribbon