Juniper Research forecasts 816 million mobile banking users by 2011
Juniper Research predicts 816 million consumers will use mobile devices for banking services by 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.
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