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.
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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.
March 19, 2014