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1bn mobile banking users by end 2015

1bn mobile banking users by end 2015

1 billion mobile phone owners will use their devices for banking purposes by the end of 2015, according to new figures released by Juniper Research.

The worldwide user base is forecast to reach 2 billion by 2020, by which time it will

A laptop, mobile phone and tablet with mobile banking apps

1bn mobile banking users by end 2015

represent 37% of the global adult population. This growth in adoption had been particularly aggressive in emerging markets, Juniper explained, leading the research firm to revise its adoption forecasts upwards. Under the new predictions, mobile banking users will exceed the one billion mark this year, instead of during H1 2016 as previously anticipated.

Juniper also estimated that around 19% of global household bills would be paid via PC, tablet and mobile devices this year, while global online banking users as a proportion of banked individuals would cross the 50% mark in 2016.

The new report notes that retail banking strategy has very much evolved into an omnichannel approach. However, while most consumers – especially in developed markets – prefer digital banking and virtual channels, a significant proportion still favour an in-branch, face-to-face meeting compared with an audio or video call with a customer contact centre.

Juniper argues that banking strategy will change further, as FIs finalise a “balancing act” between multiple channels. “This is more likely to be centred on the mobile device as more banks move towards a ‘mobile first’ approach,” said research author, Nitin Bhas. “Additionally, this trend is likely to accelerate, given the scale of physical branch closures in some markets.”

The research also observes that while Bitcoin was “struggling to match the hype”, the Blockchain technology underpinning it is becoming the focus of increased attention from banks. It points out that players such as UBS and Deutsche Bank are exploring models whereby banks could become “the custodians of cryptographic keys”, and use the technology to create a common standard for securities and assets trading.

The post 1bn mobile banking users by end 2015 appeared first on Payments Cards & Mobile.

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