Mobile banking users to exceed 150m globally by 2011 according to Juniper Research
Hampshire, UK – 14th January 2009: The number of mobile phone subscribers that use their phones for mobile banking transactions will exceed 150m globally by 2011, according to a new study by Juniper Research. These figures refer to additive banking which is focused on developed markets rather than transformational banking (see Note for Editors below).
The Juniper Research report determined that the mobile banking market is currently most advanced in the Far East, but that growing numbers of mobile banking services are being offered in North America and Western Europe. The developed nations of the Far East, North America and Western Europe are forecast to account for over 70% of the user base by 2011.
Report author Howard Wilcox gave more details: "Transactional or “push” mobile banking is being offered increasingly by banks via downloadable applications or the mobile web, complementing existing SMS messaging services for balance and simple information enquiries. Mobile banking is a key element in banks’ distribution channel strategies as they compete to attract and retain customers.”
The Juniper report highlighted the extra user convenience as a key benefit. The mobile phone is the device that people – especially Generation Y - will not leave home without. Mobile banking is an addition to the wide choice of applications and services that they can access through their handsets to make life easier, especially via smart phones such as the iPhone.
However the report identified several factors that will need addressing to really foster market development including financial regulations which vary from country to country, application slickness, and security. Whatever the reality of the strength of the security, it is the perception and image in the mind of the user that dictates whether they will trust the service.
The Juniper Research study provides an analysis of the trends and issues affecting this market, exploring how the mobile banking market will develop. The report provides forecasts of user take-up, user-level messaging traffic, user-level transaction volumes and gross transaction values for “Push” Mobile Banking Information Services, and “Pull” transactional banking services. The report also presents the strategies of 15 key vendors and 12 mobile banking services pioneering in this developing market.
Mobile Banking Whitepaper and further details of the study, ‘Mobile Banking: Strategies, Applications and Markets 2008-2013’ can be freely downloaded from www.juniperresearch.com. Alternatively please contact John Levett at email@example.com, telephone +44(0)1256 830002.
Further reports in the Mobile Commerce Stream are:
• Mobile Payment Markets: Digital and Physical Goods 2008-2013 (published in July 2008)
• Mobile Payment Markets: Contactless NFC 2008-2013 (published in July 2008)
• Mobile Payment Markets: Money Transfers and Remittances 2008-2013 (published in August 2008)
• Mobile Payment Markets: Strategies and Forecasts 2008-2013 (published in September 2008)
• Mobile Ticketing: Transport, Sport and Entertainment and Other Events 2008-2013 (published in October 2008)
• Mobile Coupons: Strategies, Applications & Markets 2008-2013 (published in November 2008)
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.
Note for Editors
Additive banking adds further choices or distribution channels for banks to serve their customers or make the banking experience more convenient for existing customers.
Transformational banking is about extending banking services to customers who cannot be reached profitably with traditional branch-based financial services: typically these services exploit the ubiquity of the mobile phone and are more focused on developing countries.
This press release was distributed by ResponseSource Press Release Wire on behalf of Juniper Research in the following categories: Personal Finance, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.