You are here: silicon.com > Financial Services > News

Mobile banking set for boom time

Ringing up billions of transactions

Tags: security, consumer, payment, mobile

By Tim Ferguson

Published: 16 April 2008 16:08 GMT

The number of people accessing banking services via their mobile phones will increase tenfold over the next four years according to Juniper Research.

Around 816 million consumers are forecast to be using mobile banking services by 2011.

Five mobile trends to watch…

What's the mobile world got in store for 2008?


The research shows financial services organisations are increasingly offering mobile services and products including financial information services, account management, bill payment and customer service.

The most popular service will be financial information, while the average mobile banking transaction value is predicted to double between 2007 and 2011.

The number of banking transactions made on mobile phones was around 2.7 billion last year but this is expected to hit 37 billion by 2011 as more and more services are deployed.

The greater uptake will also be driven by greater consumer confidence due to improved security measures.

Juniper predicts the biggest region for mobile banking services will be China and the Far East, followed by Western Europe and India.

But Juniper also warns there are still obstacles to overcome around mobile banking including financial regulations, payment transaction costs and customer support.

  1. Zones
  2. Management
  3. Networks
  4. Software
  5. IT Services
  6. Hardware
  1. Verticals
  2. Public Sector
  3. Financial Services
  4. Retail & Leisure

silicon.com Financial Services
Get the latest financial services news straight to your inbox. Sign up for the FS newsletter today!


  • Jobs
.Net Mobile Project Manager

About the mobile project: my client is seeking who has experience in developing applications for mobile phones - thin client applications deployed on ...

C / C++ / OpenGL / 2D or 3D # South East

Skills to include: C/C++, OpenGL, DirectX, 2D/3D Graphics API's, low-level drivers, Linux, WinCE/WinXP Here is an exciting opportunity for a software ...

Forensic Analyst (Mobile phones)

Forensic Analyst (Mobile phones) This is a vacancy for an experienced Forensic Analyst to join the existing forensic team within a well known leading ...

Nick Beecham and Belinda Doshi
No more tax breaks for offshoring?
Financial services firms must prepare now for 2010 legal changes

Tim Ferguson
On a new Voyager, tackling fraud and the intellectual challenge
Interview: Nationwide IT director, Peter Stafford

Nick Heath
David Lister on smart grids and why he left RBS
Interview: National Grid CIO

Andy Jones
Why banks will push ahead with offshoring
Comment: Even if they don't want to

Catherine Stagg-Macey
Legacy IT holding back insurers
Comment: Economic crisis means finance giants must step lively

Julian Goldsmith
The City fund manager with no IT department
Q&A: How asset management is embracing the cloud...

Agenda Setters 2009
Welcome to the ninth annual Agenda Setters poll – silicon.com's list of the top 50 most influential individuals in the technology and IT industries, from techies and CIOs to entrepreneurs and business leaders. Find out more in our latest special report.




Quick Sitemap Links: