By 2011, the number of customers to use mobile devices for banking services will increase tenfold, predicts Juniper Research. But there are hurdles to overcome first.
Juniper Research predicts 816 million consumers will use mobile devices for banking services by 2011.
According to the report, financial institutions will increase the variety of products available on mobile devices, including financial information services, funds transfer, bill payment and presentation, account management and customer service.
The number of global mobile banking transactions will rise from 2.7 billion in 2007 to 37 billion by 2011 as more services are deployed.
However, the report warned that a number of obstacles would hinder service deployment and user adoption and need to be overcome. These involve financial regulation, payment transaction costs, revenue share issues and customer support difficulties, said the Juniper report.
Greater consumer confidence through enhanced security measures is key to boost adoption of mobile services.
China and the Far East region will be the biggest users of mobile banking services, followed by Western Europe and India.