3/22/2012 3:05:39 PM
Mobile banking use 'set to treble by 2016'
Mobile banking use is set to treble by 2016 as smartphone adoption increases and consumers become more familiar with using their device for transactions, new research has claimed.
A report by Juniper Research found mobile banking was gaining traction because of the increasing ease of use of mobile banking platforms and apps. Juniper predicted around 80% of mobile banking customers in 2016 will pay their bills via their device. It also said users of transactional mobile banking services will increase from 185 million last year to more than 550 million by 2016. However, the agency warned adoption could be slowed down by security concerns, chiefly the growth in spyware and malware.
Juniper Research director Windsor Holden said: 'Customers are becoming increasingly more confident in using basic informational mBanking services. The natural progression is to engage in transactional banking, as they demand tighter control over their finances within a turbulent economic environment and busier lifestyle which are at odds with a 9 to 5 branch-based service.'
Editor: Graeme Neill