Statistically, a digital banking customer brings in twice the income, keeps higher loan and deposit balances, costs 57% less to acquire, conducts 16 times as many self-led transactions, and delivers a 27% return on equity compared with 19% for a traditional retail banking client. It’s no secret that online banking is taking off globally leading to mass the mass digital transformation from the best online banks in 2020. Digital payments surpassed USD 726 billion, led by the strategies of the top online banks in the world. By revenue, JPMorgan Chase was the largest digital bank in the world, followed by Bank of America and Banco Santander. However, this list is not just about revenue. This is BizVibe’s list of the best online banks in 2020 ranked by their digital transformation in the modern banking market.
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What are the top online banks in 2020? This is the complete list of best online banks in 2020 ranked by their digital transformation and revolutionizing the landscape of the modern banking market.
What is the best online bank in the world? Ranking number one on our list of the best online banks in 2020 is Banco Bilbao Vizcaya Argentaria, also referred to as BBVA. BBVA is a Spanish multinational financial services company based in Madrid and Bilbao, Spain. BBVA is known as one of the world’s most mature banks from a digital perspective as its transition to one of the largest digital banks has been seamless and easy. In 2007, the firm started an initiative to digitally transform the bank. Following implementation, it saw a 19% year-on-year increase in new customers. As of 2015, the total number of these clients stood at 14.8 million. According to BBVA’s CEO, the bank’s digital sales accounted for 57% of its total in Q1, and the bank is on course to have 50% of its customers registered for mobile banking by the end of the year. BBVA has 137,968 employees and last year generated USD 28.82 billion in revenues — making it one of the top online banks in the world in 2020 and a pioneer of digital transformation.
Ranking number 2 on our list of the top 10 largest online banks of 2020 is DBS Bank, a Singaporean multinational banking and financial services corporation headquartered in Marina Bay, Singapore. DBS Bank is the largest bank in Southeast Asia by assets and among the larger banks in Asia, with total assets of USD 518 billion. In 2016, DBS Bank was awarded the Best Digital Bank in the World by Euromoney. DBS bank is tied in with Apple Pay, Samsung Pay, and has launched its PayLah personal wallet with more than 800,00 users in Singapore. DBS Bank generated revenues of USD 10.28 billion — making it one of the top digital banks in the world in 2020.
Ranking number 3 on our list of the best online banks of 2020 is the Royal Bank of Scotland, a major retail and commercial bank in Scotland. Often abbreviated as RBS, it is one of the retail banking subsidiaries of NatWest Group, together with NatWest (in England and Wales) and Ulster Bank. In 2019, Royal Bank of Scotland has launched its standalone digital bank Bó in a plan to fend off competition from fast-growing online start-ups including Monzo and Starling. Last year RBS Group generated USD 18.44 billion — making it one of the top online banks of 2020.
Ranking 4th on this list of the best online banks in 2020 is UniCredit. UniCredit is an Italian global banking and financial services company. Its network spans 50 markets in 17 countries, with more than 8,500 branches and over 97,775 employees. UniCredit teamed up with the IMD Corporate Learning Network (CLN) to digitally transform the online banking world. Last year UniCredit revenue reached USD 33.83 billion — making it one the best digital banks in the world. UniCredit’s digital transformation continues to pave the way for the modern banking market in Italy.
Bank of America ranks 5th on our list of the top 10 largest digital banks in the world in 2020. Bank of America is an American multinational investment bank and financial services holding company headquartered in Charlotte, North Carolina, with central hubs in New York City, London, Hong Kong, Dallas, and Toronto. The Bank of America invests in digital-first banking strategies like AI, P2P money transfers, and mobile platforms. With over 38.3 million active digital banking users, Bank of America is one of the best online banks in the 2020 bu user base. As part of this drive to court the younger generations through increased technology-based services, Bank of America recently announced it was launching a new digital debit card that would be made available to all its smartphone-using customers. Last year Bank of America generated USD 91.24 billion — making it one of the largest digital banks in the world in 2020. Bank of America’s digital transformation continues to lead the way for the modern banking market in the United States.
Barclays ranks number 6th on this list of the best online banks in 2020. Barclays is a British multinational investment bank and financial services company, headquartered in London, England. Barclays is a bank that is organized into four core businesses: personal banking, corporate banking, wealth management, and investment management. Barclays delivers exceptional control and visibility across your business – enabling you to manage treasury, trade finance, borrowing, and FX across all markets on one secure, intuitive platform. Last year Barclays generated USD 27.97 billion — making it one the top online banks in 2020.
HSBC ranks 7th on this list of the best online banks of 2020. HSBC is a British multinational investment bank and financial services holding company. HSBC is the 6th largest bank in the world by 2020, and the largest in Europe, with total assets of USD 2.715 trillion as of 2020. HSBC is continuing to combine its the wholesale banking middle and back office, and launched a new digital platform globally across its Global Private Banking (GPB) segment, along with a new digital advisory offering. On the retail banking side, HSBC enabled Digital Identification and Verification for UK Current Accounts. Last year HSBC generated USD 56.1 billion — making it one of the largest digital banks in the world in 2020.
Banco Santander ranks 8th on this list of the best online banks in 2020. Banco Santander is a Spanish multinational financial services company based in Madrid and Santander in Spain. Banco Santander is the 4th largest bank in Europe with approximately US$1.4 trillion in total assets-under-management (AUM). Recently Banco Santander progressed its digital transformation by hiring 3,000 IT professionals worldwide. IBM also announced a five-year, USD 700 million agreement with Banco Santander that will enable the Madrid, Spain-based bank to “accelerate and deepen” its digital transformation to a more open, flexible institution. Last year Banco Santander generated USD 57.83 billion in revenues — making it one of the leading digital banks in the world.
Ranking 9th on this list of the top online banks is JPMorgan Chase, an American multinational investment bank and financial services holding company headquartered in New York City. JPMorgan Chase is the largest bank in the United States and the seventh-largest bank in the world by total assets, with total assets of USD 3.213 trillion. JPMorgan Chase’s digital transformation includes its Digital Innovation Team combining strategy, thought leadership, and execution to shape its digital agenda and offerings. JPMorgan Chase generated USD 115.62 billion — making it one of the best online banks in 2020
Rounding out BizVibe’s list of the best online banks in 2020 is BNP Paribas, a French international banking group. It is the world’s 8th largest bank by total assets and currently operates with a presence in 72 countries. From AI and Big Data to fintech and blockchain, technology, BNP Paribas has embraced all aspects of digital banking to provides the services of a true modern bank in 2020. BNP Paribas’ digital transformation includes a USD 3.2 billion investment in technology to propel the bank forward as a leading digital bank. Last year BNP Paribas generated USD 52.38 billion — making it one of the top online banks in the world in 2020.
This is BizVibe’s list of the best online banks in 2020. Keep track of these companies on BizVibe.
This is a complete list of the top online banks ranked by their total revenue in USD millions.
Name of Bank
Revenue (USD billions)
|1||JPMorgan Chase||115.62||New York City, USA|
|2||Bank of America||91.24||North Carolina, USA|
|3||Banco Santander||57.83||Madrid, Spain|
|5||BNP Paribas||52.38||Paris, France|
|9||RBS Group||18.44||Edinburgh, Scotland|
|10||DBS Bank||10.28||Marina Bay, Singapore|
Retail banking is being pushed back in favor of online and digital banking. As millennials continue to gravitate towards online banking expect the best online banks in 2020 mentioned on this list to continue its innovation and digital transformation.