Mobile Banking to outpace Internet Banking within five years

A recent report revealed that the number of people who view their checking account, transfer funds and perform other banking tasks from their phones is expected to increase over the next five years.

Juniper Research said that by the end of 2019, more than 1.75 billion people will use their smartphones and tablets for banking purposes, up from 800 million this year. Due to high consumer demand, mobile account management tools are available in most parts of the world, particularly developed countries. In many cases, banks are reporting that their customers are more often logging in through Mobile Banking rather than Internet Banking.

"The vast majority of global banks now offer web-based and app-based Mobile Banking options: particularly in developed markets where smartphone adoption (and banked penetration) is highest," report author Nitin Bhas told Telecoms.com.

Tablets are expected to be the top Mobile Banking device
A separate report from Javelin Strategy and Research predicted that by 2018, tablets will overtake personal computers as the main way consumers access online banking.

Currently, one in three consumers uses a tablet to email their financial institution, and 30 percent of mobile banking users view and pay bills using the Web browser on their tablet. The researchers said that these methods will become more common as a greater number of consumers own a tablet. Seventy-two percent of online bankers use their PC or laptop, while 53 percent and 69 percent manage their finances via a tablet and smartphone, respectively.

Mary Monahan, executive vice president and research director for Javelin, said the only reason tablets haven't already become the market leaders is that many banking apps aren't optimized for these devices yet.

For more tips and updates on the latest in banking technology, contact Landmark Bank.

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