Rising Demand for Faster Real-time Transactions to Augment Adoption of Mobile Banking Services

Published Date : Sep 06, 2016

ALBANY, NY, Sep 06, 2016: MarketResearchReports.biz has announced the addition of a new report to its repository, titled “Global Mobile Banking Industry 2016, Trends and Forecast.”  The report presents an in depth reports of the current scenario of the global mobile banking industry along with the historical growth trajectory and future growth opportunities. 

Mobile banking services enhance consumer experiences with easy online transactions through mobile banking apps. The number of mobile banking services users is likely to expand tremendously over the next few years. As a result, banks are focusing on developing better online banking platforms and make improvements in mobile banking services to meet the needs of consumers in the coming years.

The acceptance of mobile banking services can be attributed to the high penetration of mobile devices worldwide, paucity of convenience and time, and low cost of infrastructure required in the implementation of mobile banking services. Due to their fast paced life, consumers are in need of services that will save their time and are convenient. This has impelled banks to come up with more feature-rich mobile banking services that will enable consumers to get better insights into their transactions and easily make transactions at any time of the day.

Mobile banking services are designed to be easy to access and user friendly. The infrastructure cost incurred on the implementation of mobile services is comparatively less as they are virtually accessed, which has prompted banks to invest in mobile banking services. They also help banks to reach a wider range of audience. With mobile services, the banking industry has become more competitive as banks strive to provide better and more innovative services. With better services, the loyal customer base of banks and financial institutions also further increases. As a result of all these factors, the adoption of mobile banking services is expected to rise at a substantial rate in the coming years.

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The report also provides an overview of the factors inhibiting the growth of the global mobile banking market. Lack of proper knowledge among consumers regarding the use of mobile banking apps is likely to impede their adoption in the forecast period of 2016-2020. The risks related to online transactions and concerns regarding data and account security are further expected to impede the adoption of mobile banking in future.

The study also presents an reports of the competitive landscape of the global mobile banking market and provides details about the companies operating at the global and regional level. Financial institutions and banks such as La Caxia, JP Morgan, Monestic, and M-Pesa are aiming at designing products and services that will encourage more customers to adopt mobile banking services. The report presents a detailed reports of the mobile banking industry in Asia, North America, and Europe. It also outlines the investment feasibility in these regions and the entry options of new players in the mobile banking market.

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