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April 28, 2012

Mobile Banking Adoption to rise 40% to reach half Billion by 2013

Press Release: Mobile Banking Service Adoption to Reach over Half a Billion Users by 2013

A Recent Jupeter Research  Data
Predicts that : "Despite the challenging economic climate , Mobile banking users worldwide will reach 530 million by 2013, up from just over 300 million in 2011. Indeed, Juniper finds that mobile services are becoming a fundamental component of banks' business strategies as they respond to the current financial crisis."




The report found that as banks migrate from traditional bricks-and-mortar approaches and seek competitive differentiation, mBanking offers an opportunity for all banks to improve operational efficiencies and customer retention and acquisition as a cost-effective communication channel.


24/7 Connectivity and Smart Apps

As consumer smartphone adoption becomes more prevalent, as Mobile Banking will gain impetus particularly in Western markets, with consumers seeking tighter control on finances given uncertain economic conditions. The research predicts that  Financial Institutions are anticipating consumer demand by driven by developing native smartphone and tablet applications for iPhones, iPads and Android devices. 

However, the report cautions that the most successful deployments adopt a triple-play solution utilising not only apps, but SMS and Browser-based delivery channels.Redemption values will exceed $43bn globally by 2016, driven by better targeting and mobile apps.

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