January 20, 2012
Mobile banking service adoption to reach over half a million users by 2013 - report
TORONTO --Mobile banking users worldwide are set to reach 530 million by 2013, up from just over 300 million in 2011, a recent research has revealed.
A new report from Juniper Research has found that, as banks migrate from traditional brick-and-mortar approaches and seek competitive differentiation, mobile banking offers an opportunity for all banks to improve operational efficiencies and customer retention and acquisition as a cost-effective communication channel.
The research has also revealed that, as consumer smartphone adoption becomes more prevalent, financial institutions are anticipating consumer demand by developing native smartphone and tablet applications for the iPhone, the iPad and Android-powered devices. However, the report warns that the most successful deployments adopt a triple-play solution using not only apps, but SMS and browser-based delivery channels at the same time.
Finally, the report has revealed that transactional mobile banking usage is set to reflect similarly aggressive growth rates to SMS with over 550 million subscribers worldwide by the end of 2016, with the developed markets of North America, Western Europe and the Far East & China having the highest penetration of users.