By 2017, over 15 percent of mobile subscribers will use a smartphone or tablet for online banking, according to Juniper Research.
Over one billion cellular subscribers will use mobile online banking within four years, according to a new study by Juniper Research.
Juniper's new report, "Mobile Banking: Handset & Tablet Market Strategies 2013-2017," finds that the larger banks are starting to release two or more mobile banking offerings. According to Juniper Research, consumers are using the platforms because they enjoy having the ability to perform banking transactions on-the-go.
The study found that the majority of banks offer at least one mobile banking option. The three major mobile banking platforms offered include SMS messaging, mobile browser-based transactions, and individual apps for consumers.
According to Juniper Research, by using all three platforms together banks can reach the highest number of clients. Juniper Research Senior Analyst Nitin Bhas said that using a variety of platforms gives banks improved future flexibility and client reach.
"From the banks' perspective the triple play platform is advantageous as it avoids them having to switch suppliers for different approaches as well as maximizing client reach," said Bhas.
"While messaging remains highly popular and relevant in the financial sector, apps will be the dominant access mode in developed markets with banks reporting an increased number of visits per month on their mobile apps."
The study discovered that consumers are specifically using mobile banking apps in growing numbers. According to Juniper, consumers use mobile banking platforms for their ability to perform transactions anywhere and anytime.
Juniper Research says that one of the most common uses of mobile banking platforms is to check banking information. However, the company expects mobile transactions, like app-enabled check deposits, will continue to grow over the next four years.
By 2017 Juniper Research expects the highest market penetration for mobile online banking to happen in developed markets. The report specifically points out China, North America, and Western Europe as territories to watch going forward.
For its study Juniper Research held interviews and profiled major players in the mobile and banking industries. The report includes profiles of companies like Accenture, Bank of America, and SAP Mobile Services.
Mobile image on home page via Shutterstock.
Join the Industry's Leading eCommerce & Direct Marketing Experts in Chicago
ClickZ Live Chicago (Nov 3-6) will deliver over 50 sessions across 4 days and 10 individual tracks, including Data-Driven Marketing, Social, Mobile, Display, Search and Email. Check out the full agenda and register by Friday, August 29 to take advantage of Super Saver Rates!
James is a freelance writer and editor. In addition to ClickZ, his work has appeared in publications like V3, The Commonwealth Club, CachedTech.com, and Shonen Jump magazine. He studied Journalism at Weber State University.
The Marketer's Guide to Customer Loyalty
Customer loyalty is imperative to success, but fostering and maintaining loyalty takes a lot of work. This guide is here to help marketers build, execute, and maintain a successful loyalty initiative.
The Multiplier Effect of Integrating Search & Social Advertising
Latest research reveals 68% higher revenue per conversion for marketers who integrate their search & social advertising. In addition to the research results, this whitepaper also outlines 5 strategies and 15 tactics you can use to better integrate your search and social campaigns.
August 21, 2014
September 23, 2014