A Juniper Research study has revealed one billion people will have used their mobile phones for Internet banking purposes by 2017.
The research, in Mobile Banking, Handset and Tablet Market Strategies 2013-2017, stated around 590 million users currently access Internet banking from their mobile phones.
Nitin Bhas, the report’s author, said: “From the banks’ perspective, the triple play platform is advantageous as it avoids them having to switch suppliers for different approaches as well as maximising client reach.
“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 report claims many users are experiencing the advantages of banking through their mobile phones. Partially due to widespread consumer demand, mobile banking technology is available in most parts of the globe, but especially in developed countries.
Kenya led the way on mobile banking and mobile money, first with M-PESA and most recently with M-Shwari which has now surpassed KSh976 million (US$11.35 million) in deposits just three months after launching.
A large number of banks offer one mobile banking facility at least but many of the larger banks are implementing more of these technologies together, especially in areas where penetration of tablets and smartphones is substantial.