According to the ABA Banking Journal, mobile phones have become necessary to both business and private sectors. In 2011, the number of mobile phone users even reached up to six billion while the number of customers using mobile banking reached 300 million worldwide.
Global Information Inc (GII) has just released only three of the 40,000 plus market research reports forecasts, and studies that will help companies, investors, regulators, and marketers forecast, strategize, and plan their business.
The Business Case for Mobile Banking
The use of technology has changed the traditional methods of banking, ensuring their security and user-friendliness. Mobile banking is now used for not only various basic services such as checking balances and transferring fund, but for marketing products and services offered by banks as well. The new report provides a detailed analysis of global mobile banking services, and emphasizes on the emerging market opportunities as well as the in-depth challenges of a mobile banking system.
Mobile Banking and Payments
In the next few years, costumers will rely more and more on mobile financial services, even exceeding the number of customers who use online banking by 2015. With mobile financial services, banks can expect to increase their sales by as much as 60%. However, this technology could lower the cost of acquiring new customers by 20% due to the increased effectiveness of mobile-related customer acquisition marketing..
- In 2011, mobile phone users reached the 6 billion mark
- There are 300 million mobile banking users worldwide
- Mobile networks cover 85%-90% of the population
- Banks can increase sales by as much as 60% with mobile financial services
- The cost of acquiring new customers can decrease by as much as 20%
Covered by my Visible Banking Team
With mobile banking poised to overcome online banking within the next 2-3 years, how quickly will the world become a global cash-less economy and we will all make most payments via our digital wallet? And if it happens, how big the impact on the less wealthy who can’t afford to buy a mobile phone for each studying or working person in the household?
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