Over half a billion people will use mobile banking by 2013 reports Fonecast. This number is up from just over 300 million last year, according to a report by Juniper Research. The research suggests it will become a fundamental component of banks’ business strategies in the future.
Mobile banking is particularly likely to gain impetus in Western markets as consumers seek tighter control on their finances. However, the report warns that the most successful deployments of m-banking are likely to use applications, text messaging and browsers rather than being solely app focussed.
Sonia Lalli, the report’s author, said “Mobile Banking will be one of the greatest success stories of the mobile commerce industry over the next five years, as consumers observe the benefits of accessing banking services on the move. As customers become comfortable with undertaking basic banking functions on their mobiles, an increasing number will adopt transactional-based banking enabled by the enhanced functionality afforded by smart devices, exposed to an all-immersive consumer experience.”
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