150m to adopt mobile banking by 2011

15 January 2009

The number of people accessing banking services through their mobile phones is set to top 150 million worldwide over the next three years, according to a new report.

Juniper Research, which carried out the study, said developed nations of east Asia currently lead the mobile banking market, although a growing number of services are available in North America and western Europe.

By 2011, these areas are expected to account for approximately 70 per cent of the mobile banking customer base.

However, the report said, mobile services will have to address several issues before the market can be fully developed. These include financial regulations, which currently vary from country to country, application slickness and assuring customers about security.

The report's author, Howard Wilcox, said: "Transactional or 'push' mobile banking is being offered increasingly by banks via downloadable applications or the mobile web, complementing existing SMS messaging services for balance and simple information enquiries."

He added that for many financial institutions, mobile banking has already become a "key element" in attracting and retaining customers.

Juniper Research is a telecoms analyst based in Hampshire, England.

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