Consumers are increasingly using their mobile phones to access banking services and products, and about 816 million consumers are expected to do so by 2011, according to a new study from Juniper Research.
The reported noted financial institutions are beginning to offer a wider variety of mobile-based products and services, including financial information services, funds transfer, bill payment and presentation, account management and customer service. Increasing consumer confidence in the security of mobile transactions will be crucial for greater service usage levels, said the report.
The number of global mobile banking transactions per year is expected to increase from 2.7 billion in 2007 to 37 billion by 2011, said the report. The Far East region is expected to lead the mobile banking services segment, followed by Western Europe and the Indian sub-continent, said Juniper.
Several hurdles still exist for the market segment, however, including financial regulation, payment transaction costs, revenue share issues and customer support difficulties, said Juniper.
816M mobile banking customers by 2011
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