Skip to main content

More Upside for Banking Services on Mobile Phones

According to the latest market study by Juniper Research, over 1 billion mobile phone users will have made use of their mobile devices for banking purposes by the end of 2017, compared to just over 590 million this year.

While their forecast represents over 15 percent of the mobile subscriber base in 2017, around half of all mobile phone service subscribers remain un-banked -- meaning, these are people with limited access to traditional financial services.

The findings from the Juniper study suggest that many consumers are already seeing the benefits of accessing banking services on their mobile phones.

Mobile banking technology is proven and currently available in most regions of the world, reinforced by exceptional consumer demand, especially within the developed regions.

Juniper also found that most banks have at least one mobile banking offering -- either via messaging, mobile browser or a software app-based service.

Yet a number of the larger banks are now confidently deploying two or more of these technologies together -- particularly where there is significant smartphone and media tablet penetration.

"From the bank's perspective the triple play platform is advantageous as it avoids them having to switch suppliers for different approaches as well as maximizing client reach," said Nitin Bhas, senior analyst at Juniper Research.

While basic messaging remains highly popular and relevant in the financial sector, mobile software apps will likely be the dominant access mode in developed markets.

In fact, banks are already reporting an increased number of visits per month on their mobile apps.

The upside opportunity for significant new growth will likely lead to the introduction on more enhanced smartphone apps that offer an increasing array of new offerings.

Other key findings from the market study include:
  • 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.
  • The Juniper report provides the relative proportion of mobile banking users accessing information services (“push”) and transactional banking services (“pull”).
  • Transactional mBanking usage will reflect similar growth rates to mobile banking information service.
  • The developed markets of Far East & China, North America and Western Europe will have the highest penetration of users in 2017.

Popular posts from this blog

Digital Transformation Investment at $3.4 Trillion

Business technology leadership matters. Across the globe, more leaders have been pursuing bold Digital Transformation (DX) initiatives with the goal of creating new sources of business value through digital products, services, and experiences. As an additional benefit, the COVID-19 pandemic revealed that digital transformation efforts improve an organization's resilience against global market disruptions. Global DX investment is forecast to reach $3.4 trillion in 2026 with a five-year compound annual growth rate (CAGR) of 16.3 percent, according to the latest worldwide market study by International Data Corporation (IDC). Digital Transformation Market Development "Despite strong headwinds from global supply chain constraints, soaring inflation, political uncertainty, and an impending recession, investment in digital transformation is expected to remain robust," said Craig Simpson, senior research manager at IDC . The benefits of investing in DX technology -- including aut

Artificial Intelligence for National Border Security

National border protection agencies are under pressure to provide the highest level of security in the face of growing threats, such as increasing illegal migration and international terrorism. Now, government agencies are embracing advanced border security technologies to aid in effectively and reliably securing national borders. These solutions look to detect and identify potential threats and prevent them from escalating to a point that may jeopardize security. Security Surveillance Market Development Traditional border security patrols and Closed-circuit Television (CCTV) surveillance systems aren't adequate protection, and agencies must increasingly deploy new solutions to stay ahead of criminals and other potential threats to ensure the safety of a country’s borders. According to the latest market study by Juniper Research, the value of the border security technology market will exceed $70 billion globally in 2027 -- that's rising from $48 billion in 2022. Growing by 47 p

How to Apply Sustainability to Drive Value Creation

Global climate change policy initiatives have been an emerging topic for CEOs and their leadership teams, as they look to the future. Many organizations are preparing to play their part and help reduce carbon emissions. Eighty-seven percent of business leaders expect to increase their organization’s investment in sustainability over the next two years, according to the latest worldwide market study by Gartner. Customers are the stakeholder group creating pressure for these organizations to invest or act on sustainability issues -- selected by 80 percent of executives, followed by investors (60 percent) and regulators (55 percent). Sustainability Market Development "Sustainability enables businesses to cope with disruption," said Kristin Moyer, VP analyst at Gartner . "Economic uncertainty, geopolitical conflict and escalating materials and energy costs are forcing businesses to reexamine all forms of expenditure." According to Gartner, this focus on essentialism --