The link to the spreadsheet is here.
- Consumer banking is also known as retail banking and offers services such as savings and checking accounts, mortgages, personal loans, debit/credit cards and certificates of deposit (CDs) to individual clients.
- Digital banking offering products to customers through various secured digital channels and by integrating online (internet) and mobile banking services by the adoption of the latest digital technologies like analytics, social media, innovative payment solutions, and mobile technology.
- A neobank is a type of direct bank that is 100% digital and reaches customers on mobile apps and personal computer platforms only and does not operate traditional physical branch networks.
TOP TEN DIGITAL BANKS GLOBALLY FOCUSED ON CONSUMER BANKING
1. Bank Of America
- Bank of America has 37 million digital banking users including over 26 million active mobile users.
- Through the bank's consumer banking segment, it offers credit, banking, and
investment products and services to consumers through their digital and mobile channels.
2. Itaú Unibanco
3. Ally Financial
- This online bank's notable features include interest-bearing online checking account, with no monthly maintenance fees, 24/7 live customer support, Zelle integration, and free ATMs on the Allpoint network.
5. Discover Bank
- This bank offers a range of online banking products including checking, savings, CDs, money markets, and IRAs.
6. Capital One
7. E.SUN Bank
provides various types of deposits and provides syndicated loans, residential mortgages, domestic remittances, unsecured personal loans, corporate loans, commercial acceptances, domestic guarantees, and credit cards.
8. Axos Bank
Axos Bank offers rewards checking account with up to 1.25% interest, low-fee loans, and even online business banking.
10. Tinkoff Bank
Tinkoff Bank is a neobank that offers online retail financial services such as debit and credit cards, savings and deposit accounts, mortgage and loans, and insurance among others.
Your Research team applied the following Strategy:
Initially, we made sure to define the two terms involved in this request — Consumer and Digital. We found out that consumer banking is also known as retail banking and offers services such as savings and checking accounts, mortgages, personal loans, debit/credit cards, and certificates of deposit (CDs) to individuals. Digital banking, on the other hand, offers products to customers through various secured digital channels and by integrating online (internet) and mobile banking services by the adoption of the latest digital technologies like analytics, social media, innovative payment solutions, and mobile technology. We also discovered another term related to 'digital bank' — 'neobank'. A neobank is a type of direct bank that is 100% digital and reaches customers via mobile apps and personal computer platforms only and does not operate traditional physical branch networks.
Then, we proceeded to identify the world's top ten digital banks focused on consumer banking, based on assets. Here, we restricted our search for banks that were digital only and offered on consumer products and services. First, we looked for precompiled surveys, research reports, and statistics that lists the top digital consumer banks in the world based on assets. Following this, we looked into firms such as Deloitte, PwC, Statista, KPMG, EY, and Gartner among others and press release distribution sites such as BusinessWire, PR Newswire, PRWeb, among others as they typically publish research analysis reports. Here, we found several reports which mostly dealt with digital banking trends. We found a few precompiled lists, however, some of it focused on digital banks while others focused on consumer banks. We found one report from Global Finance which identified the best digital consumer banks regionally and globally, however, some of them transact in their physical branches. Plus, all of these reports contained the lists that were chosen based on other criteria and not assets.
Secondly, we tried looking at market reports as these contain information about the key players. IBISWorld, Grand View Research, Allied Market Research, and GM Insights are some of the sources we looked into. Here, we only found reports which talked about digital and consumer banking separately. The online banking market reports have the segmentation by banking type- retail banking, corporate banking, and investment banking, however, the list of banks under the retail banking cannot be accessed because all of these reports were under a paywall. Plus, all of these reports did not specify that the leaders were chosen based on assets.
Thirdly, we looked into different sites that ranked the best or top digital consumer banks in the world based on assets. Sites varied from ranking sites, business sites, banking sites, consultancy sites to blog sites. These include fintechnews.hk, thefinancialbrand.com, thebalancesmb.com, ranker.com, inc.com, Banking.com, Business Insider, Fortune, Forbes, among others. Here, we found lists of the digital banks but not specified if they're consumer-focused. We also found lists of the consumer banks, but it was not specified if they're neobanks.
Since we were not able to find a precompiled list of the top digital consumer banks in the world based on assets, we decided to triangulate the information. We used all the resources mentioned above and collected all the neobanks that were consumer-focused, in a spreadsheet and looked for their assets. Please see the steps below:
We created a spreadsheet for the list and set the criteria for the banks to be included in the list. The criteria included:
- The bank should be offering products to customers through various secured digital channels and by integrating online (internet) and mobile banking services.
- The bank should be consumer-focused and must not offer corporate products and services (services limited to savings and checking accounts, mortgages, personal loans, debit/credit cards and certificates of deposit).
- For the banks that offer corporate products and services, we made sure that most of its services and highlighted products were for retail.
- We also included banks from all across the world, since this is global research.
For the survey and market reports specifically from Google Finance, we chose the best consumer digital banks regionally and globally. We included them since they were chosen "based on strength of strategy for attracting and servicing
online customers, success in getting clients to use digital offerings, growth of
online customer base, breadth of products offered, evidence of tangible benefits
gained from digital initiatives, and website design and functionality." We checked their websites, Bloomberg and LinkedIn profiled to double check their business nature. What's left to do here was to find their assets to see who were the top based on the research criteria.
For the lists, we found the top-ranked consumer banks and digital banks separately and picked those on their top 10 as these were already the best. We checked their websites, Bloomberg and LinkedIn profile to check their business nature to see if they were digital that offer consumer or retail products only.
After compiling the list, we looked for their consumer or retail banking assets, but some of the banks, usually those which were still in the early phase of their business models and are continuing to fundraise, did not have assets publicly. Therefore, we looked for their revenue or income and transaction value or total amount fundraised to equate for consumer banking assets as these amounts similarly provide the valuation of these companies.
After accruing information regarding revenue or assets, we then ranked them from highest to lowest and picked the top ten and provided the features and functionalities on the spreadsheet.