Press Release: Mobile Banking Service Adoption to Reach over Half a Billion Users by 2013 Despite Economic Downturn
Hampshire, UK -
17th January 2012: Despite
the challenging economic climate and threat of further global recession, a new report from Juniper Research finds that
mobile banking users worldwide will reach 530 million by 2013, up from just
over 300 million in 2011. Indeed, Juniper finds that mobile services are becoming
a fundamental component of banks' business strategies as they respond to the
current financial crisis.
The 5th Channel
The report found that as banks migrate from traditional
bricks-and-mortar approaches and seek competitive differentiation, mBanking
offers an opportunity for all banks
to improve operational efficiencies and customer retention and acquisition as a
cost-effective communication channel.
24/7 Connectivity and Smart Apps
As consumer smartphone adoption becomes more prevalent, mBanking
will gain impetus particularly in Western markets, with consumers seeking
tighter control on finances given uncertain economic conditions. Juniper
observes that Financial Institutions are anticipating consumer demand by
developing native smartphone and tablet applications for iPhones, iPads and
Android devices. However, the report cautions that the most successful
deployments adopt a triple-play solution utilising not only apps, but SMS and
Browser-based delivery channels.
According to report author Sonia Lalli: "Mobile Banking will
be one of the greatest success stories of the mobile commerce industry over the
next five years, as consumers observe the benefits of accessing banking
services on the move. As customers become comfortable with undertaking basic
banking functions on their mobiles, an increasing number will adopt
transactional-based banking enabled by the enhanced functionality afforded by smart
devices, exposed to an all-immersive consumer experience."
Other key findings from the report include:
·
MNOs
and banks have a mutually beneficial opportunity to collaborate to improve
customer acquisition and retention, whilst reducing operational costs;
·
Transactional
mBanking usage will reflect similarly aggressive growth rates to SMS with over
550 million subscribers worldwide by the end of 2016;
·
The
developed markets of North America, Western Europe and the Far East & China
will have the highest penetration of users in 2016.
The Mobile Banking whitepaper is available to download from the
Juniper website together with further details of the full study.
Juniper Research provides research and analytical services to the global
hi-tech communications sector, providing consultancy, analyst reports and
industry commentary.
Jess Hanslip
Juniper Research
T: +44(0)1256 830 001
E: jess.hanslip@juniperresearch.com
Author
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