Number of mobile phone users tapping into mobile banking will double in 5 years, says Juniper
The number of mobile phone users tapping into mobile banking will double over the next five years, predicts Juniper Research.
More than 1.75 billion mobile phone users will have used their devices for banking purposes by the end of 2019, compared to 800 million mobile phone users this year, says Juniper.
Much of the demand for mobile banking is being spurred by consumers, rather than banks, the market research firm notes. Demand is particularly strong in emerging markets, such as China, India and Bangladesh.
However, in the U.K., banks have been slow to embrace mobile banking, notes Forrester Research. Two of the largest U.K. banks--Barclays and HSBC--did not have a mobile banking app until 2012. Despite getting a late start, Barclays has climbed to the top position in Forrester's U.K. mobile banking benchmark.
"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. However, with the mobile channel becoming a key customer retention strategy, it presents a great challenge to traditional institutions," says report author and Juniper analyst Nitin Bhas.
Almost every bank studied by Juniper has a mobile banking app for at least one smartphone operating system.
"Banking apps are ranked highly amongst the most downloaded financial apps in different app stores, with banks reporting high number of average logins per month per user," says Juniper.
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- see the Juniper white paper (reg. req.)
- read the Forrester Research blog
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