Mobile banking users will grow to 1.75 billion in 2019 from 800 million in 2014, said Juniper Research.
Juniper Research said mobile banking technology is currently available in most regions of the world, driven by exceptional consumer demand, especially in the developed regions.
In 2013, Bank of America announced that more of their customers are logging in to their mobile services than through their online system.
Emerging countries such as China, India and Bangladesh also witnessed significant growth in the past 12 months, according to Mobile & Online Banking: Developed & Developing Market Strategies 2014-2019 report from Juniper Research.
Juniper Research’s Nitin Bhas said that there is a decreasing number of branch visits by consumers and also the closure of physical bank branches over the past 12-24 months. For example, in April 2014, RBS UK announced the closure of 44 branches across the UK.
Nearly 100 percent of the banks analyzed had some sort of mobile (SMS, Browser and App based) and online banking offering, with almost every bank having apps available for at least 1 smartphone OS.
Banking apps are ranked highly amongst the most downloaded financial apps in different app stores, with banks reporting high number of average logins per month per user.