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Mobile banking users to pass 1 billion by 2017

Thu 10 Jan 2013
FYI, this story is more than a year old

Mobile banking users are expected to pass one billion people by 2017, almost doubling the amount in 2012.

That is according to latest findings from Juniper Research, who believe phone users will have made use of their mobile devices for banking purposes, compared to just over 590 million this year.

While the forecast of one billion within four years represents over 15% of the mobile subscriber base, it should be acknowledged that around half of all mobile subscribers remain unbanked, with limited access to traditional financial services.

The report finds that many consumers are already seeing the benefits of accessing banking services on their mobile phones.

Mobile banking technology is proven and currently available in most regions of the world, reinforced by exceptional consumer demand, especially within the developed regions.

The report also found that most banks have at least one mobile banking offering, either via messaging, mobile browser or an app-based service.

Yet a number of the larger banks are now confidently 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," says Nitin Bhas, report author.

"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."

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