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Mobile banking services market
17/04/08
A new report by
Juniper Research into the mobile financial services sector has found
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.
The report found that financial institutions are delivering an
increasing variety of products in the mobile environment including
financial information services, funds transfer, bill payment and
presentation, account management and customer service.
According to the report, the annual number of global mobile banking
transactions will rise from 2.7 billion in 2007 to 37 billion by
2011, as a greater number of services are deployed worldwide. It
adds that increased consumer confidence, due to the enhanced
security measures that are being utilised in mobile financial
services will be crucial to greater service usage levels.
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:
• 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
Juniper Research illustrates the current and near-future status of
the mobile financial services market with market forecasts,
interviews, case studies and analysis from representatives of some
of the leading organisations in the burgeoning mobile financial
services industry.
Nick Gibson, editor
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