Mobile Financial Service Adoption by Consumers will Exceed the Use of Online Banking, Forecasts Timetric

20 Sep 2012 • by Natalie Aster

At the beginning of 2011, 30% of mobile phone users in developed markets used a mobile banking service on their mobile phones at least once. By 2015 however, a number of forecasts expect at least 50% of US mobile users to be conducting transactions from their mobile devices, doubling the 25% utilization rate in 2011. Despite the success of mobile banking apps, the future of mobile banking is likely to be dominated by browser-based solutions, due to the convergence of PC-based and mobile internet.

According to the report “Mobile Banking and Payments” by Timetric, the mobile financial service adoption by consumers will grow significantly during the next few years, exceeding the use of online banking by 2015. By offering mobile financial services, banks can reasonably expect to increase their sales by as much as 60%, while research has shown that implementation of such technology can reduce the cost of acquiring a new customer by 20% due to the increased effectiveness of mobile-related customer acquisition marketing.

Report Details:

Mobile Banking and Payments
Published: September, 2012
Pages: 95
Price: US$ 3.800,00

Key Highlights of the Report Are:
Banks in developed markets should sharpen their marketing so that customers have a better understanding of the added value of mobile banking services.
Mobile banking needs to be part of a multi-channel strategy able to increase customer acquisition and loyalty rates.
There are potential channel savings to be made, but above all there is an opportunity for banks to increase sales through new value-added services
Younger generations seem to be fascinated by modern data and telecommunication services and have a good perception of institutions that offer mobile financial services.

More Studies on Business Services by Timetric Include:

More new market research reports by can be found at Timetric page.

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