Digital-only banks are booming – and India could be next

FinTechs and neobanks now account for about 17 per cent of the global banking industry’s revenue, eating into customer trust, something that used to belong almost entirely to high-street banks. McKinsey’s Global Banking Annual Review 2026 calls this one of banking’s biggest disruptions in the last two decades.

Much of that shift comes down to two simple things digital banks have offered. The first is transparency about what customers are actually being charged, and the second is reliability, which comes in the form of an app and a 24X7 support line that works when something goes wrong.