The global customer base for mobile banking will reach 1.1bn by the year 2015, according to a new report from Global Industry Analysts.
Convenience of mobile banking operations and the need to lower transactional costs are major driving factors for the technology’s adoption, say the authors of ‘Mobile Banking: A Global Strategic Business Report’, while growing demand for microfinance, mobile remittances and micropayments services from the unbanked population in developing countries is also expected to boost the uptake of mobile banking services.
“The United States, Europe and Asia-Pacific dominate the global mobile banking market, as stated by the new market research report on mobile banking,” say the authors.
“The market for mobile banking is set to achieve tremendous growth, with Asia-Pacific emerging as the predominant market in terms of customer base,” they add. “North America and Europe are characterized by high usage of mobile devices for Internet access, as a result of which mobile banking is an extension of online banking services. In Europe, mobile banking services are still in early stages, and regarded primarily as ‘convenience providers’ and ‘value additions’ rather than revenue generators. On the other hand, the Middle East and African markets are expected to benefit from the mobile banking technology’s ability to provide financial services to remote areas.”