Mobile Banking to Exceed One Billion Users By End of 2015
Mobile banking is sweeping across the world. Over one billion people, or one in five adults, will have used mobile banking by the end of 2015.
The new study from Juniper Research also forecasts two billion mobile banking users by 2020, representing 37% of adults around the globe.
Online banking users are projected to cover 50% of all bank users in the world some time in 2016. Juniper predicts that 19% of global household bills will be paid through computers or mobile devices this year, indicating a strong growth in the online payment sector as well.
According to a survey released in September by the American Bankers Association, 39% of Americans and 45% of mobile device owners use mobile banking at least once a month.
In 2014, Juniper Research issued a report that showed by the end of 2019, mobile banking users would reach 1.75 billion. At that time, they estimated there would only be 800 million users by the end of 2014. Those numbers have increased dramatically though, due to the increased adoption of digital banking solutions around the world.
While there are a number of bank customers who are converting to mobile banking, there are a significant number who prefer face to face interactions with their local branches. Nevertheless, there is a high demand for innovative solutions for mobile banking apps which continues to push financial institutions to do more with modern technology.