Mobile Banking Adoption Rate To Go Up: MarketResearch.com

Global research and consulting firm, MarketResearch.com, recently announced that it would be adding new market research study undertaken by TowerGroup, “ From Niche Play To Mainstream Delivery Channel: US Mobile Banking Forecast, 2008-13” to its existing suite of Banking and Financial Services market reports. The report broadly covers the relevance of mobile banking as a conventional offering in 2009, the long term for mobile banking with a brief analysis of the mobile banking segment and its growth during 2008-13.

 

An increasing number of banks and other financial institutions in the United States have jumped onto the mobile bandwagon and have signed up to provide mobile banking services to customers. This has caused a surge in the popularity of mobile banking and more importantly positively impacted the sale of smart phone devices in the US.

According to the TowerGroup report, by the end of 2013, mobile banking will be extensively used by over 53 million users in the United States alone. These 53 million will also use mobile banking facilities to differing extents and across various platforms. In the modern day scenario, people are forced to review their financial position constantly – a mobile platform that enables them to directly administer their funds, with instant access and virtual power over their financial data is slowly proving to be vital value added services to propel the demand for mobile banking in the future.

The report predicts that the market for mobile banking applications will see a lot of development and evolution with several consumer oriented financial institutions strive to capitalize on the complete advantages that this self service channel for financial administration has to offer. It’s intelligent and real time updates of financial records also helps in better organization and better scope for customization.

TowerGroup gives banks the confidence to make long term plans for mobile banking investments so that they can build on the upfront investment cost and use it as a launch pad for more evolved mobile banking alternatives. The residual mobile banking vendors, is expected to build relationships with the best suited distribution associates and help the industry in communicating an overall, well knit view of the mobile financial services segment.