It’s one small step for mobile, one giant leap for banking in the 21st century.
New findings from Juniper Research reveal that 1.75 billion mobile phone users will have used their devices for banking purposes by the end of 2019, compared to 800 million this year.
The report notes that mobile banking technology is currently available in most regions of the world, driven by exceptional consumer demand, especially in the developed regions. Providers such as the Bank of America have already announced, back in 2013, that more of their customers are logging in to their mobile services than through their online system.
“The level of maturity in number and innovation of services being offered in the market across several geographical areas, demonstrates that banks now regard the mobile channel as an indispensable revenue-stream,” says report author Nitin Bhas.
“However, Bhas adds, “with the mobile channel becoming a key customer retention strategy, it presents a great challenge to traditional institutions.”