Research group IDC has estimated that Western European banks will spend £30m on providing mobile services this year, with that figure growing rapidly in the near future.
"Recent improvements to wireless technologies are paving the way for further development in the distribution of financial services through mobile phones and handheld devices," said Barbara Bleiso, programme manager for IDC's European banking service.
"Many banks have been heavily investing in mobile services since their first deployment. Investment in these new technologies is also expected to be strong across the next few years," she added.
The majority of mobile banking services currently available are based on wireless application protocol (Wap) technology. IDC forecasts there will be 1.8 million Wap mobile banking accounts by the end of this year, but expects that both the delivery of mobile banking services and the services themselves will change.