Statistics
Banking Industry Trends
The global banking industry hit USD $2.34 trillion by 2020. By 2026, the global online banking industry is estimated to reach USD $20.5 billion. Americans hold an average of 5.3 bank accounts. 1 million Americans used online banking in 2019. There were 4,518 commercial banks in the US in 2019. P. Morgan Chase is the largest bank worldwide by market cap.
However, COVID19 pandemic impacted banking operations across the globe. Banks will face a huge challenge in ongoing operations beyond 2024.
Depending on this situation, from USD $1.5 trillion to USD $4.7 trillion in cumulative revenue could be forgone between 2020 and 2024.
USD $3.7 trillion of revenue will be lost over 5 years which equivalent of more than a half year of industry revenues that’s lost.