Mobile banking use 'will increase threefold by 2016'
Published 2 April 2012 by Joel Stanier
With smartphones in the pockets of a rapidly growing number of bank account holders, it's expected that mobile banking will become more and more popular over the next few years.
The number of people using mobile phones for day-to-day banking transactions is likely to treble by 2016, according to a report by Juniper Research.
185 million people across the globe used mobile devices for online banking in 2011, according to the report, and this could increase to more than 500 million by 2016 as smartphones become more commonplace.
Juniper's Research Director Windsor Holden said: "Customers are becoming increasingly more confident in using basic informational banking services. The natural progression is to engage in transactional banking, as they demand tighter control over their finances within a turbulent economic environment and busier lifestyles which are at odds with a 9 to 5 branch-based service."
However, the report did warn that some people will remain reluctant to use mobile banking - particularly older customers - because of the security concerns involved.
An expert at thinkmoney comments: "There have been a number of security issues raised in recent months regarding mobile banking, and it's likely that criminals will increasingly target this area as more and more people use their mobile phone to access their bank account.
"That's why it's important to take the necessary precautions when using online banking, whether it's on a computer or on your mobile phone. Only use a website or app you know you can trust, and make sure you have the necessary security software installed. And if anything looks suspicious, log off immediately and report it to your bank account provider."