Report predicts mobile banking growth of more than 50% a year
May 26, 2009
A new report from a market research firm is predicting that mobile banking via cell phones will grow from 10 million users today to more than 53 million by 2013 - an annual rate of about 52 percent.
Research company TowerGroup said 2009 will be a "pivotal year" for mobile banking as it turns from a niche channel to a mainstream channel for consumer banking. The company said the proliferation of mobile devices and smartphones and consumer preferences for convenience and speed will usher in new users.
Charul Vyas, analyst in TowerGroup's Emerging Technologies practice, said banks have used broader access to high speed internet to extend financial services to more customers through internet banking.
The next step in this evolution will move beyond basic services like balance inquiries, location finders and fund transfers to more sophisticated applications that leverage the functionality of mobile devicesm Vyas said.
The report recommends that banks use mobile banking's potential to capture new customers such as current unbanked customers with no bank accounts, ethnic markets and new generational users, such as Generation Y.
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