Mobile banking will break the 1 billion user mark in 4 years

Mobile Banking

Mobile BankingBy the year 2017, studies are showing that the use of these services will have skyrocketed.

The latest mobile banking study data from Juniper Research has indicated that an increasing acceptance of this type of smartphone and tablet based service has caused users to bring the number of users up to nearly 200 million.

It is expected that the growing use of tablets will play an important role of the industry’s adoption.

In fact, while mobile banking over tablets represents 9 percent of the total number of customers at the moment, it is expected to represent 19 percent by the close of 2017, said the Juniper Research data. Consumers are taking on increasingly mobile lifestyles, which is allowing them to turn to this type of service more and more.

The study determined that mobile banking is being led primarily by bill presentment and payments (MBPP).

This type of MBPP transactional banking, particularly among tablet users, will grow significantly over the next few years. The prediction is that tablets will be used for this purpose more than smartphones by 2017. This is particularly true in developed areas where tablet device adoption is the greatest.

The data also showed that as the adoption of tablets continues to rise, there will be a considerable shift toward mobile banking, purchasing, and other forms of transactions over these devices from desktop PCs, laptops, and even in-store. The current trend toward couch commerce is expected to begin to move its way into the bank industry and experience a substantial growth once it arrives there.

According to Juniper Research senior analyst, Nitin Bhas, “With online payments accounting for a significant proportion of all bill payments, especially in developed markets, BPP (Bill Presentment and Payment) transactions will indeed migrate from the desktop towards tablet devices.”

Individuals frequently prefer using tablet devices to manage their bill payments and transactions, when compared to the experience they receive over their smartphones. However, as banks bundle their MBPP services in combination with mobile banking platforms, it will improve the ease of use over the smaller devices, as well, increasing the use of the service, overall.

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