Select Page

The number of worldwide mobile phone users who perform mobile banking will double from 200 million this year to 400 million in 2013, according to [pdf] a new white paper from Juniper Research.

Far East Spurs Mobile Banking Growth
In “Mobile Banking Goes Mainstream,” Juniper Research forecasts that slightly more than 200 million mobile phone users will have made use of their mobile device for banking information purposes by the end of 2010. This technology is now established and widely available. By 2013, Juniper expects that number to hit 400 million.

juniper-mobile-banking-june-2010.jpg

The Far East and China currently account for about half of global mobile banking users, and that percentage will remain virtually flat as the number of users increases globally. Most regions will roughly retain their percentage of global mobile banking users in the next three years, with Western Europe accounting for the second-highest percentage of users and the Middle East and Africa and North America tying for the third-highest percentage.

Three Types of Mobile Banking Technology Dominate Market
Juniper has identified three major types of mobile banking technology which currently dominate the market and will likely continue to at least through 2013. These are message-based mobile banking, mobile browser and downloadable application. A brief review of each follows.

  • Message-based Mobile Banking. This is currently the most popular form of mobile banking and easiest to perform from the financial institution’s perspective. Primarily SMS messaging is used to alert account-holders of various account activity. It may be offered free or fee-based.
  • Mobile Browser. Banks and other financial institutions have offered mobile-enabled websites since the late 1990s, but they have only recently gained popularity with the advent of faster broadband networks, cheaper data traffic costs and more sophisticated smartphones. Services may be very basic, such as displaying mini-statements, or more advanced, such as bill payments.
  • Downloadable Application. Downloadable mobile banking applications are mostly smartphone apps. Typical services they provide include account balance, bill payment and fund transfer.

Consumers Less Satisfied with Online Banking
US online consumers are generally less satisfied with bank and credit card institutions today than in 2009 or 2008, according to the comScore annual “State of Online Banking Report”. In 2010, 70% of survey respondents reported being “highly satisfied” with their primary bank, a marginal decrease from 71% last year. Credit card companies also reported a small decline in customer satisfaction scores, from 62% in 2009 to 60% in 2010.

Feel Like You're Always Playing Catchup?

Stay ahead of the curve with our free newsletter. It’s fast. It’s factual. And it’s clear

marketing charts logo

Error: Please enter a valid email address

Error: Invalid email

Error: Please enter your first name

Error: Please enter your last name

Error: Please enter a username

Error: Please enter a password

Error: Please confirm your password

Error: Password and password confirmation do not match