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.