Mobile Banking Users to Exceed 1 Bn this Year, Representing Nearly 1 in 5 of Global Adult Population
Hampshire, UK – 13th October 2015: New research from leading analysts, Juniper Research, finds that over 1 billion mobile phone users will have used their devices for banking purposes by the end of this year. This global user base is forecast to reach 2 billion by 2020, by which time it will represent 37% of the global adult population.
Growth in adoption has been particularly aggressive in emerging markets, leading Juniper to revise adoption forecasts upwards. Under Juniper’s revised forecasts, mobile banking users will exceed the 1 billion mark this year instead of during H1 2016 as previously anticipated.
Omnichannel Era Begins – What Next?
The new research, Worldwide Digital Banking: Mobile, Online & Wearable 2015-2020
, notes that banking strategy in the retail space has evolved into an omnichannel approach by providing a seamless and integrated experience across multiple individual channels. However, while most consumers – especially in developed markets – prefer digital banking and virtual channels, a significant proportion still favour an in-branch, face-to-face meeting compared with an audio or video call with a customer contact centre.
Juniper argues that this strategy will change further as banks finalise a ‘balancing act’ between multiple channels. “This is more likely to be centred on the mobile device as more banks move towards a ‘mobile first’ approach; additionally, this trend is likely to accelerate given the scale of physical branch closures in some markets
”, added research author Nitin Bhas.
Financial Institutions Embrace Blockchain Technology
Meanwhile, the research observed that while Bitcoin has struggled to match the hype, the technology underpinning it, the blockchain, is becoming the focus of increased attention from banks as an array of alternative implementations are considered.
It pointed out that players such as UBS and Deutsche Bank are exploring models whereby banks could become ‘the custodians of cryptographic keys’ and use the technology to create a common standard for securities and assets trading.
Other key findings include:
- Juniper estimates that around 19% of global household bills will be paid via PC, tablet and mobile devices this year.
- Global online banking users as a proportion of banked individuals is forecast to cross the 50% mark in 2016.
The whitepaper, ‘Futureproofing Digital Banking’
is available to download from the Juniper website together with further details of the full research.
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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