Juniper Researchpredicts 816 million
consumers will usemobile devices for banking servicesby
2011, but there will be problems along the way.
Mobile banking numbers forecast for 2011 are ten times the 2007
figure, said
Juniper Research.
The Juniper report said financial institutions are increasing
the variety of products available on mobile devices. These include
financial information services, funds transfer, bill payment and
presentation, account management and customer service.
The number of global mobile banking transactions will rise from
2.7bn in 2007 to 37bn by 2011 as more services are deployed.
The report said greater
consumer confidence - from
enhanced security measures used in
mobile financial services -
will be crucial to increased use.
However, the report cautioned that a number of issues in
deployment and user adoption have to be addressed. These
involve financial regulation, payment transaction costs, revenue
share issues and customer support difficulties, said the Juniper
report.