We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
80,258 News Articles

Are you ready for 1bn mobile banking users by 2017?

Messaging, mobile browser or an app-based services growing

Over 1 billion mobile phone users will use their devices for banking purposes by 2017, compared to 590 million this year, predicts analyst Juniper Research.

The 1 billion mobile banking user base represents over 15 percent of the estimated mobile subscriber base, so the big majority of users will still remain "unbanked", said Juniper.

The developed markets of the Far East & China, North America and Western Europe will have the highest penetration of users in 2017.

The Juniper "Mobile Banking: Handset & Tablet Market Strategies 2013-2017" report says that most banks have at least one mobile banking offering, either via messaging, mobile browser or an app-based service.

But a number of the larger banks are now "confidently deploying" two or more of these technologies together, particularly where there is significant smartphone and tablet penetration, said Juniper.

Juniper analyst Nitin Bhas 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."

Bhas said, "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."

The report finds that the ability to access banking information and make transactions whilst on the move "whenever you want" and "wherever you are" is a "compelling proposition" to most banking customers.

However, despite the hype around mobile business generally, UK firms are failing to generate significant sales, through poorly designed mobile websites and barely any support for mobile wallets, according to two separate in-depth studies published last week.

IDG UK Sites

Samsung Galaxy S6 review: Hands-on with the new Samsung Galaxy. Samsung's flagship is more iPhone-lr......

IDG UK Sites

5 things we hate about MWC: What it's like to be a journalist at a technology trade show

IDG UK Sites

Ractive powers The Guardian's interactive infographics – and lets novice coders build complex...

IDG UK Sites

12in Retina MacBook Air release date rumours: new MacBook Air to have fingerprint ID, could launch...