Mobile Banking Users to Double in Five Years

Cell Tower detailThe number of global customers who use mobile banking services will rise to more than 1 billion by 2017, according to a new report from U.K.-based firm Juniper Research. At the end of 2013, the number of mobile banking customers is expected to total 590 million worldwide.

Much of the gain will come from the deployment of more than one of the mobile banking methods currently in use: text messaging, mobile browser, or mobile app. The author of Juniper's report said:

From the banks' perspective the triple play platform is advantageous as it avoids them having to switch suppliers for different approaches as well as maximising client reach. While messaging remains highly popular and relevant in the financial sector, apps will be the dominant access mode in developed markets with banks reporting an increased number of visits per month on their mobile apps.

Juniper also noted that the highest usage of mobile banking services will come from North America, Western Europe, and the Far East, including China.

The forecast for 1 billion users by 2017 represents more than 15% of the global mobile subscriber base, leaving a lot of room for more growth. Juniper estimates that about half the world's mobile subscribers have no relationship with a bank.

Filed under: 24/7 Wall St. Wire, Banking, Research, Telecom & Wireless
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