Consumers are increasingly using mobile phones for banking needs

Consumers around the world are increasingly carrying out their banking operations via their mobile phones.
This is according to new findings from Juniper Research, which predicted mobile banking should grow at a global compound annual rate of 18 per cent.
As a result of this movement, there is likely to be one billion consumers using this platform in the next five years.
Entitled Mobile Banking: Handset and Tablet Market Strategies 2013-2017, the report suggested the last 12 months have seen the sector growing in maturity.
Nitin Bhas, senior analyst at Juniper Research – which was founded in 2001 and aims identify new high growth markets in the wireless sector – said banks now look at mobile channel as an indispensible revenue stream.
The expert added: “The dominant conclusion concerns the level of maturity in number and innovation of mobile banking services being offered in the market across several geographical areas.”
These findings follow on from Juniper’s previous report on mobile banking, which was released at the same time last year and highlight the changes that have taken place since.