The worldwide number of users of mobile banking and related services is forecasted to grow from 55 million users in 2009 at a compound annual growth rate of 59.2%, to reach 894 million users in 2015.
This is according to research reported by Berg Insight.
“The global number of mobile banking users more than doubled between 2008 and 2009, and is expected to almost double again in 2010. Mobile handsets are in an excellent position to become the primary digital channel for providers of banking and related financial services in emerging markets,” says Marcus Persson, telecom analyst, Berg Insight.
The research firm expects the Asia Pacific region to become the most important regional market; accounting for more than half of the total user base.
In Europe and North America, the technology will mainly serve as an extension of existing online banks as mobile handsets become more widely used for Internet access, anticipates Berg Insight.
By 2015, the firm forecasts that mobile banking will attract 115 million users in Europe and 86 million users in North America.
Mobile banking is also anticipated to play a key role in bringing financial services to people in the Middle East and Africa, the research firm predicts.
Local stats
South African mobile research conducted by Word Wide Worx in 2009 revealed that, while 16% of banking customers in SA use the Internet for banking, 28% use their cellphones. A total of 34% of banking customers use one or both of these channels.
According to the survey, 28% of the South African market does not currently have a bank account. Among those who are banked, but don't currently use cellphone banking, 42% plan to use cellphone banking in the next year.
“People who sign up for their first mobile subscription today will likely open their first bank account in the coming years and thus join the modern financial system. Mobile operators can play a vital role in this development and will have the opportunity to take an active part in the creation of some of tomorrow's most important financial institutions based in Asia and Africa,” comments Persson.
The survey also found that outside of the branch and ATMs, only 6% rely exclusively on the Internet, while 18% rely only on cellphone banking. As far as cellphone banking providers go, First National Bank was rated the best by 38% of respondents, with Absa voted a close second by 35% of respondents.
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