M-banking “one of mobile’s biggest success stories”

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Juniper Research expects the number of mobile banking users to top 530 million by next year.

In a new report, Juniper Research says the number of mobile banking users will grow from 300 million last year to 530 million by the end of 3013.

The report found that as banks migrate from traditional bricks-and-mortar approaches and seek competitive differentiation, m-banking offers an opportunity for all banks to improve operational efficiencies and customer retention and acquisition as a cost-effective communication channel.

Juniper observes that financial institutions are anticipating growing consumer demand by developing native smartphone and tablet applications for iPhones, iPads and Android devices. However, the report cautions that the most successful deployments adopt a triple-play solution utilising not only apps, but SMS and Browser-based delivery channels.

According to report author Sonia Lalli: "Mobile Banking will be one of the greatest success stories of the mobile commerce industry over the next five years, as consumers observe the benefits of accessing banking services on the move. As customers become comfortable with undertaking basic banking functions on their mobiles, an increasing number will adopt transactional-based banking enabled by the enhanced functionality afforded by smart devices, exposed to an all-immersive consumer experience."