Mobile Banking Set To Grow Greatly

Mobile devices have become our go-to tool for many different activities that directly affect the operation of many businesses. The next horizon looks to be mobile banking. A new report chronicles just how many consumers will be using mobile devices for banking over the next few years.

shutterstock_92978851• It’s estimated that globally nearly 600 million mobile device owners will engage in mobile banking in 2013

• By 2017, that number is expected to grow to one billion users, or 15% of all mobile device owners

• The US, Western Europe and China are expected to be the leaders in mobile banking

• Many financial institutions are becoming more mobile-ly engaged. Recent research showed that banks are allocating nearly a third of their marketing budgets to mobile.

What Does This Mean To You?

There are 2 takeaways. The more functions that mobile devices perform, the more important they become to users. The second point is mobile point of purchase. The ability to make a purchase with a mobile device opens up a world of convenience for consumers. It also could make in-store shopping easier & quicker while stemming the “showrooming” tide. It would be wise to start looking into mobile point of sale options for your business. As the activity starts to spread, it could become one of the convenience issues that pushes consumers towards one retailer vs. another. For more information on how to make more revenue with mobile, please contact:
Al Fiala

Source: Mobile Commerce Daily; Juniper Research; Forrester Research


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