Consumers’ growing willingness to get their financial services from non-FI providers is spurring consumer brands to embed financial elements in their products and services. But this new form of finance will mean dramatic changes for incumbent and startup FIs.

This year, 81.6% of internet users in the US will access their bank accounts digitally at least once per month, according to our latest estimates. That’s significantly higher than the 72% we previously projected, due in large part to the pandemic. We expect this behavior to continue, and by 2023, we forecast there will be 207.3 million US digital banking users.

Less than 13% of smartphone users in Germany will use proximity mobile payments this year—one of the lowest rates in Europe. User numbers will increase slowly, but privacy concerns and the popularity of cash and card payments will curtail adoption.

Growth in proximity mobile payment use in the UK remains slow but steady. Against a strong headwind of contactless card use, mobile payments have struggled to take hold, though young consumer use offers a glimmer of hope.

This year, there will be 82.5 million mobile phone P2P payment users in the US, according to eMarketer estimates.

Hossein Rahnama, founder and CEO of fintech AI firm Flybits, explains the benefits and challenges of virtual assistants for brands in Canada.