Economic hardship won’t affect mobile banking with Juniper Research predicting customers will flock to such services in volumes, eventually reaching 530 million users by 2013, up from 300 million in 2011. According to the research company, mobile services are becoming a fundamental component of banks’ business strategies as they respond to the current financial crisis.
On the other side of the equation, smartphone users seek tighter control of their finances given uncertain economic conditions to which some financial institutions responded with dedicated smartphone and tablet apps. However, the report cautions that the most successful deployments adopt a triple-play solution utilizing not only apps, but SMS and Browser-based delivery channels.
Some other findings from the report include:
- MNOs and banks have a mutually beneficial opportunity to collaborate to improve customer acquisition and retention, whilst reducing operational costs;
- Transactional mBanking usage will reflect similarly aggressive growth rates to SMS with over 550 million subscribers worldwide by the end of 2016;
- The developed markets of North America, Western Europe and the Far East & China will have the highest penetration of users in 2016.
And you can get additional information from this page at Juniper’s website.