Juniper Research forecasts 150 million mobile users

Juniper Research released the results of the new study titled ‘Mobile Banking: Strategies, Applications and Markets 2008-2013'. The research reveals that cell phone users that make banking transactions via their mobile devices will grow to exceed 150 million individuals worldwide by 2011. The figures in the report reflect the status of additive banking which is focused on developed markets.

The study showed that the most advanced mobile banking market is the Far East with North America and Western Europe reporting a growing numbers of mobile banking services. By 2011 developed nations of the Far East, North America and Western Europe are expected to total more than 70% of the mobile banking users base. Many banks are offering ‘transactional’ or ‘push’ mobile banking via downloadable applications or the mobile web to complement existing SMS messaging services for balance and other information enquiries.

In addition, the research also pointed to some obstacles to the sound development of mobile baking markets. Among them there are financial regulations which vary from country to country, application slickness, as well as security. The report notes that the perception and image of a mobile banking service in the mind of the user dictates whether they will trust the mobile banking service.