Mobile Banking To Grow Tenfold - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
Government // Mobile & Wireless
News
4/16/2008
03:32 PM
50%
50%

Mobile Banking To Grow Tenfold

The number of transactions is expected to rise from 2.7 billion in 2007 to 37 billion by 2011, as banks continue to deploy more services, Juniper Research says.

Ten times as many consumers are expected to use mobile banking in 2011 compared to last year, according to a survey released Wednesday.

Juniper Research reported that the 816 million consumers will access banking services and products through their mobile phones in three years.

The report on the mobile financial services sector states that financial institutions are delivering more products and services through mobile phones. They include financial information, money transfers, bill payments, account management, and customer service.

The number of annual mobile banking transactions will rise from 2.7 billion in 2007 to 37 billion by 2011, around the globe as banks continue to deploy more services. Consumer confidence must grow because of improved security efforts in order for service use to rise, according to the report.

Financial regulation, transaction fees, revenue sharing issues, and problems with customer support could hinder growth, the report cautioned.

The report found that China and surrounding areas will have the greatest number of people using mobile banking services, followed by Western Europe and India and surrounding countries.

Financial information services are forecast to be the most popular banking product accessed through mobile phones.

Financial transaction values will almost double from 2007 to 2011 worldwide, and they will become four times as common in emerging markets during that time.

The report, titled "Mobile Financial Services: Banking & Payment Markets 2007-2011" can be downloaded from the Juniper Research Web site. It examines the existing mobile financial services market and forecasts trends. It is based on interviews, case studies, and analysis from representatives in the mobile financial services industry.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
News
Can Cloud Revolutionize Business and Software Architecture?
Joao-Pierre S. Ruth, Senior Writer,  1/15/2021
Slideshows
10 IT Trends to Watch for in 2021
Cynthia Harvey, Freelance Journalist, InformationWeek,  12/22/2020
News
How CDOs Can Build Insight-Driven Organizations
Jessica Davis, Senior Editor, Enterprise Apps,  1/15/2021
White Papers
Register for InformationWeek Newsletters
Video
Current Issue
2021 Top Enterprise IT Trends
We've identified the key trends that are poised to impact the IT landscape in 2021. Find out why they're important and how they will affect you.
Slideshows
Flash Poll