The Market Research Future (MRFR)’s analysis reveals that the global mobile banking (M-banking) market can achieve a moderate growth rate during the forecast period (2019-2023).
With a mounting number of smartphone users as well as mobile banking subscribers, more and more banks are now focusing on customer mobile transactions. Users find it convenient to perform transactions on their smartphones, which offers banks leverage over others and elevates their position in the market. M-banking helps map, record and study customers’ financial transactions as well as their behavior, as per which customized services are provided to them. This helps banks to get customer loyalty by facilitating customer retention.
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It is apparent that place and time convenience as well as user-friendly interfaces to conduct easy banking has led to high demand for mobile banking; however, security is still a cause of concern that can affect mobile banking adoption. As a consequence, service providers are striving to deal with handset operability issues by coming up with efficient applications that suit a variety of available platforms. Emergence of the latest and innovative technologies that also support other applications on the device has helped this purpose.
Mobile banking is surging by leaps and bounds in various regions that are filled with a high density of the under-banked population. These regions are lacking in banking services in spite of technological advances and the boom in the smartphone market. However, mobile banking is gaining momentum in developing countries like India, Bangladesh, China, parts of Latin America, South Korea, Africa, and Brazil, compared to developed countries like the United Kingdom (UK), Germany, Australia, Thailand, and France.
The prominent players in the Mobile Banking Market are – Temenos Group AG (Switzerland), Nymbus Inc. (U.S.), Neptune Software PLC (U.K.), Strands Inc. (U.S.), Capital Banking Solutions (U.S.), Dais Software Company (Bulgaria), Ebanq B.V (Netherlands), Apex Software Ltd. (Kenya), Fisa System (U.S.), among others.
The worldwide market for mobile banking has been segmented with respect to solution, technology, and deployment.
Solution-wise, the mobile banking market includes mobile banking features, customer management, mobile trading features, mobile payment features, and others.
Depending on the technology, the global mobile banking market consists of standalone mobile application and wireless application protocol.
Deployment-based segments are on-cloud and on-premise.
The global mobile banking market has been regionally segmented into Europe, North America, Asia Pacific (APAC), and the Rest of the World (RoW).
North America is known for its booming banking industry, which is marked with advanced tech-driven changes. High concentration of an established IT industry in the region is also pushing the growth trajectory of the mobile banking market. Several banks in the region are leveraging significant marketing practices to promote lucrative schemes. In addition to these practices, they also make substantial investments that lead to considerable market expansion in the region.
Europe is making similar strides and has landed in second position in the global mobile banking market. The regional is expected to grow at the fastest rate in the years ahead, on account of the consistently flourishing technologically advanced banking industry. Also, developed countries like Germany, France, the U.K., etc. are observing a high proliferation of smartphones, which works in favor of the m-banking market in the region.
Across APAC, mobile banking has surged at different rates in different countries. In developed countries, digital banking has gained higher momentum. South Korea and Australia are the leaders in the region, in terms of digital banking activities. Banks in Australia make massive demand for internet banking as well as mobile banking, and are continuously developing user-friendly mobile banking applications to cater to the customers’ digital requirements. Markets in India, the Philippines, and Indonesia are expanding, given the surge in digital banking in recent years. The accelerated need for digital banking in these countries is mostly the result of mounting mobile penetration, a highly dispersed geography as well as low access to banking services. Therefore, the underbanked customers in these countries are now demanding to be served via their mobile devices, which can elevate the market position for mobile banking in the region during the conjectured timeframe.
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- Government organizations
- Mobile network operators
- Retail network operators
- Security service providers
- Payment service providers
- Research organizations
- Technology end users
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