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Mobile Banking Users to Exceed 1 billion in 2017, Representing 15% of Global Mobile Subscribers

 

March 11 - A Juniper Research report finds that more than 1 billion mobile phone users will have made use of their mobile devices for banking purposes by the end of 2017, compared to just over 590 million this year.  Whilst the forecast of 1 billion users by 2017 represents just under 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.

Smart & Secure Banking

The Juniper report, Mobile Banking: Handset & Tablet Market Strategies 2013-2017, 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.  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”, noted report author Nitin Bhas.

Other key findings include:

The report finds that the ability to access banking information and make transactions whilst on the move ‘whenever you want’ and ‘wherever you are’ is a compelling proposition to most banking customers.  The report provides the relative proportion of mobile banking users accessing information services (“push”) and transactional banking services (“pull”).

The ‘Mobile Banking ~ Smart & Secure’ whitepaper is available to download from the Juniper website together with further details of the full report.

Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.


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