Digital banks in Asia Pacific witnessed improving overall profitability in FY2019. Although some digital banks’ net profit in FY2020 has been affected by COVID-19 pandemic, their growth outlook remains optimistic.

Digital-only banks pose serious challenges to the traditional financial services industry with their entirely new banking experience. However, for most of them, licensing, scale and profitability are the three key issues they must face going forward.

Consumers in India rated ICICI as the Most Recommended Retail Bank in the 2023 BankQuality™ Survey with a score of 69%, while Paytm scored 64% and rated as the Most Recommended Digital-Only Bank