Mobile banking users to cross 1 billion this year: Juniper Research

Mobile banking India
The number mobile banking users will be more than 1 billion by the end of this year, said Juniper Research.

Mobile banking users will reach 2 billion by 2020, representing 37 percent of the global adult population – driven by adoption in emerging markets.

While most consumers – especially in developed markets – prefer digital banking and virtual channels, a significant proportion still favor an in-branch, face-to-face meeting compared with an audio or video call with a customer contact center.

More banks move towards a mobile first approach. This trend is likely to accelerate given the scale of physical branch closures in some markets, said author Nitin Bhas.

UBS and Deutsche Bank are exploring models to use technology to create a common standard for securities and assets trading.

Around 19 percent of global household bills will be paid via PC, tablet and mobile devices this year. The report said that global online banking users as a proportion of banked individuals is forecast to cross the 50 percent mark in 2016.

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