2009 is key year for mobile banking adoption
2009 is set to be an important year for mobile banking, as this financial channel is poised to undergo a significant transformation form niche to mainstream channel for consumer banking, a recent research report predicts.
According to research data, the mobile banking usage rate is set to increase from 10 million active users in 2009 to over 53 million active users by 2013, which would account for a 51.8 percent compound annual growth rate (CAGR), despite the current economic downturn.
This is due in particular to consumers&;8217; growing desire to manage their finances more closely and access aggregated financial information in real time, at their convenience. This in turn puts pressure on financial services providers, forcing them to add mobile banking channels in addition to the existing branch and online banking services. Also, the proliferation of mobile phones and smart phones in particular has led to the establishment of a networked consumer market, which has impacted consumer lifestyle insofar as personal finance management is concerned and has also created an opportunity for banks to extend the reach of their banking services.
The research estimates that in time, mobile banking services are set to grow beyond basic banking functionality, as more sophisticated applications are to be developed. Vendors are expected to continue their struggle for market dominance, as partnerships and platform integration are seen as having the biggest potential for success.
The research reports dubbed "From Niche Play to Mainstream Delivery Channel: US Mobile Banking Forecast, 2008-13&;8221; has been developed by US-based research and advisory services firm TowerGroup.
According to research data, the mobile banking usage rate is set to increase from 10 million active users in 2009 to over 53 million active users by 2013, which would account for a 51.8 percent compound annual growth rate (CAGR), despite the current economic downturn.
This is due in particular to consumers&;8217; growing desire to manage their finances more closely and access aggregated financial information in real time, at their convenience. This in turn puts pressure on financial services providers, forcing them to add mobile banking channels in addition to the existing branch and online banking services. Also, the proliferation of mobile phones and smart phones in particular has led to the establishment of a networked consumer market, which has impacted consumer lifestyle insofar as personal finance management is concerned and has also created an opportunity for banks to extend the reach of their banking services.
The research estimates that in time, mobile banking services are set to grow beyond basic banking functionality, as more sophisticated applications are to be developed. Vendors are expected to continue their struggle for market dominance, as partnerships and platform integration are seen as having the biggest potential for success.
The research reports dubbed "From Niche Play to Mainstream Delivery Channel: US Mobile Banking Forecast, 2008-13&;8221; has been developed by US-based research and advisory services firm TowerGroup.