Mobile banking is set to become increasingly common over the course of the next few years, a new report has revealed.
In excess of one billion mobile users will conduct banking activities on their device by the end of 2017, a new study has established.
According to Juniper Research’s Mobile Banking: Handset & Tablet Market Strategies 2013-17 report published today (January 9th), the popularity of using handheld devices for personal finance purposes will increase markedly over the course of the next few years.
The rapid rate of growth anticipated in this area is reflected in the fact the organisation estimates that 590 million people will carry out mobile banking tasks by the end of 2013 – meaning this number is expected to double in the coming four years.
The overall figure of one billion individuals represents the equivalent of 15 per cent of the total global base of mobile subscribers, meaning the vast majority of users will not switch to this way of working in the near future.
At present, around 50 per cent of people are still “unbanked” in terms of their mobile usage and instead rely on more traditional methods of organising their personal finances.
However, the expected quickness of growth in the number of people conducting banking activities on their handheld devices could mean that more financiers need to look into extending their messaging, mobile browsing and app-based networks.
Juniper Research explained it is already becoming increasingly common for banks to offer such services to their customers.
Nitin Bhas, author of the report, said the simultaneous adoption of all three of these platforms is “advantageous” for lenders, as it means they do not have to change suppliers for different approaches while also focusing on maximising their client reach.
“While messaging remains highly popular and relevant in the financial sector, apps will be the dominant access mode in developed markets with banks reporting an increased number of visits per month on their mobile apps,” the official added.
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