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.