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 for the Oil and Gas Sector

The savvy CEOs of multinational organizations will accelerate their investment in digital transformation projects in 2022, and beyond, to improve their competitiveness. Every industry leader that is forward-looking will act swiftly to grasp the upside opportunity. Global oil & gas companies face a myriad of operational, commercial, and existential security threats. According to the latest worldwide market study by ABI Research, oil & gas firms apply digitalization to combat these threats and will spend $15.6 billion on digital technologies by 2030. Oil & Gas Digital Apps Market Development Investments in digitalization can help to analyze a supply pipeline’s condition, prepare for fluctuations in the changing prices for oil and gas, as well as aid action plans to create more sustainable operations and transfer to producing renewable energy sources. "Safety and Security are top priorities for oil & gas operators. Data analytics allied with IoT platforms have become

The Fastest-Growing Mobile Opportunity in 2022

The number of mobile communication subscriptions worldwide is currently estimated at 8 billion, with 6 billion on smartphone connections, from a user base of 5.9 billion unique subscribers among a global population of 7.9 billion. Fifth-generation (5G) mobile service subscriptions using a compatible device significantly grew during the COVID-19 pandemic, but 4G connections remain the dominant force within the global telecom service provider sector. While the use of mobile phones is common throughout developing nations, 4G services are still an emerging technology in many parts of the world. Overall, 5G subscriptions will likely grow from 580 million at the end of 2021 to 3.5 billion by the end of 2026. 5G Mobile Market Development According to the latest worldwide market study by Juniper Research, revenue generated from 5G mobile services will reach $600 billion by 2026 -- representing 77 percent of global network operator-billed revenue. The adoption of 5G services across consumer and

2022 Tech Trends Outlook: What Happens Next?

This year may very well be another period of unprecedented challenges and opportunities. In 2022, several highly anticipated technology-related advancements will NOT happen, according to the predictions by ABI Research. Their analysts identify many trends that will shape the technology market and some others that, although attracting huge amounts of pundit speculation and commentary, are less likely to advance rapidly over the next twelve months. "The fallout from COVID-19 prevention measures, the process of transitioning from pandemic to endemic disease, and global political tensions weigh heavily on the coming year's fortunes," said Stuart Carlaw, chief research officer at ABI Research . What Won’t Happen in 2022? Despite all the headlines and investments, the metaverse will not arrive in 2022 or, for that matter, within the typical 5-year forecast window. The metaverse is still more of a buzzword and vision than a fully-fledged end goal with a clearly defined arrival d