More than one billion mobile users will have used their devices for banking purposes by the end of 2017, despite the slower than expected uptake globally.
According to Juniper research, just 590 million used mobile banking services this year. While this forecast represents more than 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.
Juniper Research said the majority of total mobile phone users who used mobile banking information by 2017 would be in the Far East and China. The company interviewed eight and profiled 16 mobile banking vendors including Deutsche Bank, SAP Mobile Services and Bank of America, a spokeswoman said.
The company defined mobile banking as the provision of banking services to customers on their mobile devices, predominantly the operation of bank current and deposit or savings accounts. The report also points out that this scope is extending rapidly, the company said.
The report found that most banks have at least one mobile banking offering, either via messaging, mobile browser or an app-based service, it said. A number of the larger banks were offering two or more of these technologies together, the report said.
Report author Nitin Bhas said apps would be the dominant access mode in developed markets, with banks reporting an increased number of visits per month on their mobile apps.
“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.”
What Mobile reported this week about the flop of the ‘mobile wallet’ and NFC technology in 2013, with ICM research reporting the technology is unlikely to take off in 2013. ICM analyst Jamie Belnikoff believed this is due to a lack of terminals in stores, and little to no promotion of the technology. According to the research, consumers also have concerns regarding security.
