The number of mobile banking users worldwide will reach 530 million by 2013, up from just over 300 million last year, according to a new report from Juniper Research. It says mobile services are becoming a fundamental component of banks’ business strategies as they respond to the current economic climate.
Mobile banking is particularly likely to gain impetus in Western markets as consumers seek tighter control on their finances. However, the report warns that the most successful deployments of m-banking are likely to use applications, text messaging and browsers rather than being solely app focussed.
Sonia Lalli, the report’s author, said “Mobile Banking will be one of the greatest success stories of the mobile commerce industry over the next five years, as consumers observe the benefits of accessing banking services on the move. As customers become comfortable with undertaking basic banking functions on their mobiles, an increasing number will adopt transactional-based banking enabled by the enhanced functionality afforded by smart devices, exposed to an all-immersive consumer experience.”
The number of people making mobile banking transactions is also expected to grow dramatically, with over 550 million users worldwide by the end of 2016.