M-banking to reach half a billion users by '13: Juniper

A new report from Juniper research finds that mobile banking users globally, will reach 530 million by 2013.

The company finds that mobile services are becoming a fundamental component of banks' business strategies as they respond to the current financial crisis.

One of the key findings of the report depicts that as banks seek competitive diffrentiation, mBanking offers an oppurtunity for all banks to improve operational efficiencies and consumer retention, and acquisition as a cost-effective communication channel.

The company says that financial institutions are anticipating consumer demand by developing native smartphone and tablet applications for iPhones, iPads and Android devices.

However, the report also says that the most successful deployments adopt a triple-play solution utilising not only apps, but SMS and browser-based delivery channels.

''As customers become comfortable with undertaking basic banking functions on their mobiles, an increasing number will adopt transactional-based banking enabled by the enhanced functionality afforded by smart devices, exposed to an all-immersive consumer experience,'' said Sonia Lalli, author of the report.

The other findings of the report include- transactional mBanking usage will reflect similarly aggressive growth rates to SMS with over 550 million subscribers worldwide by the end of 2016; The developed markets of north America, western Europe and the far east & China will have the highest penetration of users in 2016.