Skip to main content

More Financial Services Migrate to the Mobile Cloud

Mobile digital banking is defined as the provision of financial services to customers on their mobile devices -- such as smartphones and media tablets. This usage includes transactions such as funds deposits, withdrawals, account transfers and current balance inquiry.

However, the scope of mobile digital banking is extending rapidly to further types of financial products and services, especially the introduction of secure wallets on mobile devices.

According to the latest market study by Juniper Research, a mobile banking service is currently available in most regions of the world, driven by exceptional consumer demand -- especially within the developed regions.

Juniper Research study findings uncovered that over 1.75 billion mobile phone users will have used their device for banking purposes by the end of 2019 -- that's compared to 800 million this in 2014.

Providers such as the Bank of America have already announced, back in 2013, that more of their customers are now logging in to their mobile services than through their online web access system.

Mobile Channel Market Development

Juniper notes that emerging countries across the world -- such as China, India and Bangladesh -- also witnessed significant growth in the past 12 months. Moreover, the growth outlook is very bright.

"The level of maturity in the 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," said Nitin Bhas, principal analyst at Juniper Research.


However, with the mobile channel becoming a key customer retention strategy, it presents a great challenge to the more traditional legacy financial services institutions that historically resist change.

The scale of this challenge has been confirmed by the decreasing number of branch visits by consumers and also the closure of physical bank branches over the past 12-24 months. For example, in April 2014, RBS UK announced the closure of 44 branches across the United Kingdom.

Mobile Banking App Adoption Rises

The study findings also notes that nearly 100 percent of the banks analysed had some sort of mobile (SMS, Browser and App based) and online banking offering.

Almost every bank surveyed reported having software apps available for at least one smartphone operating system. Moreover, it's anticipated that additional services and more transactions will migrate to the mobile cloud over time.

Today, banking apps are ranked highly among the most downloaded financial apps in various mobile app stores globally, with banks reporting a high number of average transactions per month per user.

Popular posts from this blog

Linux Phone Standards Forum

A new Linux Phone Standards Forum (LiPS) has been founded to promote mass market adoption of Linux telephony terminals through standardization, interoperability testing and market education. The founding members include Cellon, France Telecom, FTM Labs, Huawei, Jaluna, Mizi, Open Plug and PalmSource. LiPS will support device manufacturers and operators in bringing to market Linux-based devices at lower cost (due to lower deployment costs through standardization), while facilitating the programming and development process for software and silicon vendors. The Forum said plans to work with other organizations such as the OMTP and OMA to identify requirements of distinct device categories including smartphones, feature phones, fixed-line, or converged devices. For each of these categories, or profiles, LiPS will define standard API�s that support relevant applications and services as well as a certification process for technology providers. In keeping with the open source philosophy, L

Cloud Services Gain New Momentum in Europe

Across European nations, more CIOs and CTOs are investing in public cloud services that become the essential foundation for the design and delivery of innovative digital transformation projects. Public cloud computing spending in Europe will reach $113 billion in 2022 and will double to $239 billion by 2026, growing at a 22 percent 5-year CAGR, according to the latest market study by International Data Corporation (IDC). Investments in Software-as-a-Service (SaaS) will continue to lead most of the spending in Public Cloud in Europe in 2022, but Platform-as-a-Service (PaaS) will be the fastest-growing segment. In fact, PaaS enables digital business deployment via the quick testing and production of new software applications. Public Cloud Market Development Professional services, banking, and discrete manufacturing will be among the top spenders in public cloud services, absorbing almost 60 percent of the overall public cloud services spend in 2022.  Human-centric industries are adjustin

Strategic Digital Transformation Spending Trends

Looking ahead, many Chief Executive Officers (CEOs) continue to selectively invest in new strategic digital transformation projects that enable a significant competitive advantage. Some additional investments may go towards improving existing IT infrastructure and operations.  Worldwide IT spending is now projected to total $4.5 trillion in 2022 -- that's an increase of 3 percent from 2021, according to the latest updated estimate by Gartner. For now, most CIOs will be relieved that their budget is safe from major cuts. While IT spending is expected to grow in 2022, it will be at a slower pace than in 2021 -- partly due to a 5 percent cutback on spending for personal computers, media tablets, and printers. Digital Transformation Market Development "Central banks around the world are focusing on fighting inflation, with overall inflation rates expected to be reduced through the end of 2023. However, the current levels of volatility being seen in both inflation and currency exch