Report: Mobile Banking Users to Reach 1 Billion Globally (Jan. 14, 2013)
Jan. 14, 2013
Nearly twice as many mobile phone users by the end of 2017 will have used their devices for mobile banking, compared with this year—1 billion versus 590 million—according to a new report from U.K.-based Juniper Research.
The developed markets of Far East & China, North America and Western Europe will have the highest penetration of users in 2017. However, Juniper is forecasting that the leading region, by a significant margin, will be the Far East & China.
“In Japan, for example, the advanced status of mobile payment and commerce services, generally via NTT DoCoMo, KDDI and Softbank, means that mobile banking is a logical and attractive progression to users who are already very ‘switched on’ to wider applications, such as mobile transit ticketing or location-based mobile couponing,” a Juniper spokesperson tells Paybefore.
The report, “Mobile Banking: Handset & Tablet Market Strategies 2013-2017,” indicates that many consumers already are seeing the benefits of accessing banking services on their mobile phones. While most banks have at least one mobile banking service, such as text messaging or an app-based service, several larger banks are deploying two or more of these technologies together, particularly where there is significant smartphone and tablet penetration.
“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,” according to the report’s author and senior analyst Nitin Bhas.