By 2011, more than 150 million customers worldwide will use their phone for mobile banking transactions, according to a new study from Juniper Research.
The firm said mobile banking currently is more advanced in the Far East, but is growing steadily in North America and Western Europe. These three markets combined are expected to account for more than 70% of the mobile banking user base by 2011.
“Transactional or ‘push’ mobile banking is being offered increasingly by banks via downloadable applications or the mobile Web, complementing existing SMS messaging services for balance and simple information enquiries,” said Howard Wilcox, author of the report. “Mobile banking is a key element in banks’ distribution channel strategies as they compete to attract and retain customers.”
Convenience is a key driver of the mobile-banking market, said Juniper. Challenges to market expansion include varied financial regulations from country to country, application slickness and security.
The report focuses on mobile banking in developed markets.
Juniper: 150M customers for mobile banking by 2011
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