Banking is now increasingly digital, and many innovative banks and fintechs have stepped up across the world to match the expectations of today’s digital-first customers.

We analyzed five different markets to find out which players are making the biggest waves when it comes to digital banking, and created the five market maps on this page.

Digitalization efforts, compared to other industries, can be especially challenging when it comes to banking. The biggest challenge for banks is that consumer appetite for digital products has raced ahead of their ability to deliver the digital experiences that these customers expect. Legacy banking systems are complex, expensive to change and slow to replace.

What’s more, in today’s digital world, change is not a one-and-done activity. The ability to adapt is now a key capability – with consumer preferences, regulatory conditions and economic incentives constantly shifting, banks need to be able to test, launch and revise products on a regular basis to keep up.

Amongst these challenges, certain banks and fintechs stand out as some of the most innovative players. Some international incumbent banks like HSBC or Citi Bank are active in all or most of these markets. Each region also has its own set of regional incumbents, with Australia and New Zealand having the most.

Fintechs on the other hand present a more diverse landscape due to the high level of specialization. While each market has fintechs that stand out with their loans and payments services, crypto trading or buy-now-pay-later (BNPL) services are more popular in the US and the Australia & New Zealand region.

You can explore the digital banking market maps by clicking on the buttons for each region.

Click here for a deeper dive on our digital banking offerings.

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