Mobile banking set for boom time

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.

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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.