More than 1 billion mobile phone users will have made use of their mobile devices for banking purposes by the end of 2017, according to a new report from Juniper Research.
According to the firm, that figure represents around 15 percent of the total mobile phone user base. Currently, Juniper estimates approximately 590 mobile users engage in mobile banking.
The report, titled "Mobile Banking: Handset & Tablet Market Strategies 2013-2017," found that most banks have at least one mobile banking offering, either via messaging, mobile browser or an app-based service. Yet a number of the larger banks are now deploying two or more of these technologies together, particularly where there is significant smartphone and tablet penetration, says Juniper.
“From the banks’ 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 report author Nitin Bhas in a statement. "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 report also predicts that the Far East & China, North America and Western Europe are the markets that will have the highest penetration of users in 2017.
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio