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Mobile Banking Users to Hit 1 Billion by 2017
Jan 11 - More than 1 billion mobile phone users will be using their mobile devices for banking purposes by the end of 2017, compared to just over 590 million this year, according to the latest report from Juniper Research.
The report titled ‘Mobile Banking: Handset and Tablet Market Strategies 2013-2017’ says that by 2017 more than 15 percent of the global mobile subscriber base will be using handsets for banking purposes, but it does acknowledge that around half of all mobile subscribers will still remain unbanked, with limited access to traditional financial services. Schemes such M-Pesa in Kenya and microfinance initiatives which often use the mobile channel can, however, help in this regard.
The Juniper Research report finds that many consumers are already seeing the convenience benefits of accessing banking services on their mobile phones via secure banking apps and portals in the developed world. Most banks now have at least one mobile banking offering, says Juniper, either via messaging, mobile browser or an app-based service. Yet a number of the larger global banks are now confidently deploying two or more of these technologies together, particularly where there is significant smartphone and tablet penetration in western markets.
“From the banks’ perspective the triple play platform is advantageous as it avoids them having to switch suppliers for different approaches, as well as maximizing client reach,” said report author Nitin Bhas. “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.”
The report looks at the relative proportion of mobile banking users accessing information services (‘push’ factors) and transactional banking services (‘pull’) factors. Other key findings include:
- Transactional m-banking usage will soon reflect similar growth rates to mobile banking information services, which paved the adoption path.
- The developed markets of the Far East and China, North America and Western Europe will have the highest penetration of m-banking users in 2017.