Source page: McKinsey & Company
Commentary
Mobile money matters
Financial services | Fintech | Europe
August 5, 2024 – Embedded finance is experiencing significant growth in Europe—revenues there could surpass €100 billion by 2030. Partner Albion Murati and coauthors note that mobile became the dominant retail banking channel in the past 15 years, and the number of bank branches per capita fell 40 percent in that time. From 2019 to 2023, mobile gained ground in banking, with an increase in interactions per customer of 127 percent.
To read the article, see “Embedded finance: How banks and customer platforms are converging,” July 15, 2024.
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Visual form
Composite infographic combining pictogram blocks and channel-comparison columns.
Layout / body structure
The page is split into a smaller left column and a wider right column: the left side shows two 2008-versus-2019 physical-banking comparisons, while the right side shows five channel comparisons from 2019 to 2023 for call center, branch, ATM, internet, and mobile.
What is being compared
It compares the decline in physical banking touchpoints and cash behavior with the change in customer interactions across retail banking channels.
Measurement system
The left side uses cash withdrawals per person and bank branches per 100,000 adults, while the right side uses annual interactions per customer plus a percentage change from 2019 to 2023 for each channel.
Visible structure inside the graphic
The left-side block grids show a smaller drop in cash withdrawals than in branch density, and the right-side channel panels use tall wedge-like columns with start and end values printed inside them, letting the eye scan physical-channel declines against the bright upward mobile column.
Main takeaway from the visual
The visual shows a wholesale channel shift rather than a small preference change: physical banking touchpoints and activity are shrinking, internet is also down, and mobile has become the clear dominant retail banking channel.
Key standout values or extremes
Cash withdrawals per person edge down from about 27 to 24 and bank branches drop from about 36 to 22 per 100,000 adults, while branch interactions fall from 4.5 to 1.8 per customer, ATM from 25 to 18, internet from 24 to 16, call center from 1.2 to 0.9, and mobile jumps from 77 to 175, a 127 percent increase.
Controls / sequence, when applicable
This is a static chart image with no in-chart controls to operate.
Companion media, when applicable
There is no separate companion audio or video; the chart image is the full visual on this page.