Mobile handsets have been prevailed everywhere and undoubtedly, banking sector is also considering mobile phones as a basic mode of transactions, either it’s related to balance inquiry or cash transfer. But with what pace mobile banking is really growing up? According to a recently released report from “Forrester Research”, mobile banking users will reach 108 million figure by 2017 in the U.S., which will be equivalent to 46% of total bank account holders in the country. At present, about 13% of bank account holders in the U.S. are using mobile app for the banking transactions, while the percentage of such folks in Europe is just 9%, lower than the U.S.. Undoubtedly, as demand of smartphone and Tablet is increasing, mobile banking will get a strong traction in forthcoming years.
How Mobile Devices Are Being Used By ‘Mobile Banking Users’?
Obviously, we have heard a lot about different mobile services like mobile wallet and other mobile payments methods, but the mobile banking is still novelty for a significant number of users around the world. However, at present, considerable number of mobile users are using their device just for balance inquiry and transactions history. 45% of bank account holders are currently using their mobile device for balance inquiry, while 61% users are using their mobile device for inquiring transaction histories. In addition to these, 31% of bank account holder are using their mobile for transferring money between their own accounts.
Interestingly, in the U.S., 65% of mobile bankers use to inquire for the banking activities through their banks’ ‘mobile sites’, while 45% use to access through the ‘mobile banking apps’. But in Europe, SMS alert is still the most common way of mobile banking. The report has also revealed that the mobile banking is somehow dependent upon the age of account holders and income. Presently, younger people (those having higher income and more online experience than average mobile phone users) are driving the mobile banking. However, the growing demand of smartphones and Tablet could boost the adoption of mobile banking in coming years.
Opportunity For Mobile Banking
If we discuss about the opportunity of mobile payments in coming years, then we understand that it’s going to be incredible in future. Indeed, the influence of mobile payments is gradually increasing year-over year. I have already discussed that mobile payment will reach $240 billion by the end of this year, while it would touch $670 billion marks by 2015. In the U.S., there were 102.1 million mobile payment users in 2010 and it surpassed 141.1 million figure by the end of 2011. Undoubtedly, we can see a tremendous growth in mobile payments users. Moreover, it’s also expected that the NFC enabled mobile devices will be grown up from 35 million units in the last year to 1.2 billion by 2015. Anyway, we could expect rise in the global mobile banking users in the near future.