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A new Juniper Research’s report titled “Mobile Financial Services: Banking & Payment Markets 2007-2011″ suggests that the number of consumers accessing banking services and products via their mobile phones will reach 816 million by 2011, a tenfold increase on the number using such services in 2007.
Financial institutions are bringing an increasing number of products and services to the mobile environment — including financial information services, funds transfer, bill payment and presentation, account management and customer service — which in turn should help the annual number of global mobile banking transactions rise from 2.7 billion in 2007 to 37 billion by 2011.
However, the report cautioned that a number of hurdles to service deployment and user adoption have yet to be overcome, including financial regulation, payment transaction costs, revenue share issues and customer support difficulties.
Other findings from the report include:
- Not surprisingly, the China/Far East region will have the greatest number of users of mobile banking services, followed by Western Europe and the Indian sub-continent
- Financial information services will be the most popular banking product offered via the mobile
- Worldwide average financial transaction values are expected to nearly double over the 2007-2011, rising by more than 4x in many emerging markets
As usual, more information is available on Juniper Research’s website.
About The Author
Dusan Belic
Dusan has been using smartphones since their introduction and is now following the latest trends in the industry. The "convergence" is what he's most excited about, and writing about it is the next logical thing to do. He thinks that using a smartphone is what everyone who cares about their time should do. In addition to his interests in mobile phones, Dusan also loves to experiment with the latest web and mobile 2.0 services. The idea of accessing and managing your information from any device no matter where you are simply amazes him. Whether it's an online to-do list, note taking service or a video sharing social network, he's there to try it out. He admits though, he's still searching for the ultimate web-based organizational tool, which "sings" perfectly with the mobile PIM application. Dusan used to run SymbianWatch.com which later became part of IntoMobile. He lives in Serbia, South-East Europe, from where he edits the site on a daily basis.
