The number of consumers accessing banking services via mobile phones will
reach 816 million by 2011, according to Juniper Research.
The analyst firm said that this figure represents a tenfold increase on the
number using such services in 2007.
China and the Far East will have the greatest number of users of mobile
banking services, followed by Western Europe and the Indian sub-continent.
Juniper reckons that adoption is being spurred by the increasing number of
features being offered by financial institutions, including financial
information, funds transfer, bill payment, account management and customer
service.
Average financial transaction values are expected to nearly double between
2007 and 2011, rising by more than four times in many emerging markets.
Furthermore, the number of global mobile banking transactions will rise from
2.7 billion annually in 2007 to 37 billion by 2011.
The study found that enhanced security measures are helping to address
consumer concerns, but that several hurdles still need to be overcome to ensure
the continued success of mobile banking.
These include financial regulation, payment transaction costs, revenue share
issues and customer support difficulties.
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