By the end of next year, mobile banking service adoption will reach more than half a billion users. That’s according to a bold new slate of predictions in the latest report from Juniper Research.
Juniper estimates that mobile banking users worldwide will reach 530 million by 2013, up from just over 300 million in 2011. The report heralds mobile services to be “a fundamental component of banks’ business strategies as they respond to the current financial crisis.”
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.
“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,” says report author Sonia Lalli. “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.”
The Mobile Banking whitepaper from Juniper is now available to download. To grab it, click here.