Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

MOBILE BANKING USERS TO EXCEED ONLINE BANKING USERS FOR THE FIRST TIME BY 2019

New findings from leading analysts, Juniper Research, finds that over 1.75 billion mobile phone users will have used their devices for banking purposes by the end of 2019, compared to 800 million this year.

The report notes that mobile banking technology is currently available in most regions of the world, driven by exceptional consumer demand, especially in the developed regions. Providers such as the Bank of America have already announced, back in 2013, that more of their customers are logging in to their mobile services than through their online system.

mBanking Opportunity vs. Traditional Business Model

Additionally the new report, Mobile & Online Banking: Developed & Developing Market Strategies 2014-2019, notes that emerging countries such as China, India and Bangladesh also witnessed significant growth in the past 12 months.

MOBILE BANKING USERS TO EXCEED ONLINE BANKING USERS FOR THE FIRST TIME BY 2019 1“The level of maturity in number and innovation of services being offered in the market across several geographical areas, demonstrates that banks now regard the mobile channel as an indispensable revenue-stream. However, with the mobile channel becoming a key customer retention strategy, it presents a great challenge to traditional institutions”, report author Nitin Bhas added.

The scale of this challenge has been confirmed by the decreasing number of branch visits by consumers and also the closure of physical bank branches over the past 12-24 months. For example, in April 2014, RBS UK announced the closure of 44 branches across the UK.

Banking App Adoption Rises

The report also notes that nearly 100% of the banks analysed had some sort of mobile (SMS, Browser and App based) and online banking offering, with almost every bank having apps available for at least 1 smartphone OS. Banking apps are ranked highly amongst the most downloaded financial apps in different app stores, with banks reporting high number of average logins per month per user.

The whitepaper, Digital Banking ~ Mobile and Beyond’ is available to download from the Juniper website together with further details of the full report and Interactive Forecast Excel (IFxl).