Banks that lead in mobile adoption experienced significantly faster deposit account growth than their slower-adopting counterparts from 2021 to 2023, according to an analysis of 200 banks across the world. Senior Partner Max Flötotto and coauthors note that this growth is reflected in both the total number of accounts opened and the proportion opened via digital channels. Mobile leaders opened 381 deposit accounts per 1,000 active customers, on average, in 2023, a 35 percent increase from 2021. By comparison, the global average share of account openings for all banks studied during that time was 17 percent.
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A pair of line charts show the growth of deposit account openings across all channels and the share of accounts opened through digital channels, categorized by mobile adoption level. The chart on the left shows account openings per 1,000 active customers. Mobile leaders experienced a significant increase, starting at ~280 openings in 2021 and rising to ~380 in 2023. In contrast, mobile slow adopters showed more moderate growth, from ~250 openings in 2021 to just over 300 in 2023. The global average for all banks studied also increased, but at a slower rate than the mobile leaders. The chart on the right displays the share of accounts opened digitally, with mobile leaders showing they maintained a higher percentage. Mobile slow adopters saw a more gradual increase in the share of digital account openings, from ~18% in 2021 to ~25% in 2023. The global average also demonstrated growth during the same period.
Note: This image description was completed with the assistance of Writer, a gen AI tool.
Source: Finalta by McKinsey.
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To read the article, see “Deposits: The top profitability lever for retail banks’ CEOs,” February 6, 2025.