Mobile banking users set to almost double
A new report from Juniper Research finds that over one billion mobile phone users will have made use of their mobile devices for banking purposes by the end of 2017, compared to just over 590 million in 2013.
While the forecast of one billion users represents just under 15% of the mobile subscriber base, Juniper notes that around half of all mobile subscribers remain unbanked, with limited access to traditional financial services.
The report points out that many consumers are already seeing the benefits of accessing banking services on their mobile phones.
The report, Mobile Banking: Handset & Tablet Market Strategies 2013-2017, finds that most banks have at least one mobile banking offering, either via messaging, mobile browser or an app-based service.
However, a number of the larger banks are now deploying two or more of these technologies together, particularly where there is significant smartphone and tablet penetration.
“From the banks’ perspective the triple play platform is advantageous as it avoids them having to switch suppliers for different approaches as well as maximising client reach,” said report author, Nitin Bhas.
“While messaging remains highly popular and relevant in the financial sector, apps will be the dominant access mode in developed markets with banks reporting an increased number of visits per month on their mobile apps.”
The report also finds that the ability to access banking information and make transactions whilst on the move ‘whenever you want’ and ‘wherever you are’ is a compelling proposition to most banking customers.
The developed markets of Far East and China, North America and Western Europe will have the highest penetration of users in 2017.
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