Digital bank deposits to surpass $20t by end-2024

Convenience of remote banking has changed how people manage their money.

Digital bank deposits are projected to surpass $20t globally by the end of 2024 and reach $30t by 2028, according to market data and analytics platform Stocklytics.com.

The higher interest rates offered helps digital banks attract customers looking for higher returns on their savings, said Stocklytics financial expert Edith Reads.

“Convenience and accessibility are two significant aspects driving core deposit growth in the age of online banking. Customers may now access their bank accounts and complete numerous activities from their homes or while on the go using their smartphones,” Reads noted. 

She added that this convenience has changed how people manage their money and has tremendously impacted the entire banking business.