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Mobile Banking Market Share Worldwide Industry Growth, Size, Statistics, Opportunities & Forecasts up to 2023


Mobile Banking Marke

iCrowdNewswire   Jan 7, 2021  5:00 AM ET

According to a new report by Market Research Future (MRFR), the global market for mobile banking is anticipated to expand at a staggering CAGR during the assessment period (2017-2023) due to the emergence of smartphone applications. Mobile banking has become one of the most popular technologies in the recent years with the emergence of the internet. Mobile banking offers customers an opportunity to the bank from anywhere and anytime around the world without having to visit the branch. The system allows their users to avail several financial and banking services with the help of telecommunication devices. The services comprise various monetary and information transactions starting from simple SMS banking to access to investment, information, support and content services.

Future Constraints and Drivers Impacting the Market

The banking industry is adopting new initiatives and challenges in order to drive customer satisfaction and expectation. Customers are implementing new banking applications to make use of the technology which has been introduced. This is one of the major factors accelerating the market for mobile banking during the assessment period. Besides, smartphone applications are changing the banking method which can also be considered as one of the major factors driving the market growth. With the increasing number of smartphone users worldwide, mobile banking subscribers are also expected to grow in a large number. Mobile banking also facilitates recording, mapping, and studying the customer’s financial status, thus positively affecting the market.

Available Exclusive Sample Copy of this Report @ https://www.marketresearchfuture.com/sample_request/2906

Meanwhile, regular use of mobile banking can apply extra charges from banks which are offering such services which might affect the growth in the coming years. Moreover, network and connectivity infrastructure is also acting as a hindrance to the global market, thus resulting in poor user experience. Also, lack of awareness regarding the features of mobile app is challenging the adoption.

Global Mobile Banking Market Segmentation

Globally, the market for mobile baking has been segmented on the basis of technology, solution, and deployment.

The market has been segmented into mobile banking features, mobile payment features, customer management, and mobile trading features, based on solution. Mobile banking features comprise fund transfer, transfer of money using email address or mobile number, alert services, recent transactions information, and balance inquiry. A customer can know about his account balance and other details by simply giving a missed call from the registered mobile number. With the penetration of smartphones and rapid use of internet, the use of mobile banking is expected to spur in the coming years.

The market has been segmented into wireless application protocol (WAP) and standalone application based on technology. India Bank offers WAP mobile banking to offer more flexibility to the customers to access their bank accounts without having to visit the bank. Customers having enable GPRS facility on their handset can access their account through WAP-based mobile banking. HSBC has launched standalone open banking app, called Connected Money which allows customers to view their accounts on a single screen.

The market has been further segmented into on-cloud and on-premise based on deployment.

North America to Hold the Largest Market Share

Geographically, the market for mobile banking has been spanned across regions such as North America, Europe, Asia Pacific, Europe, and Rest-of-the-World. Among these regions, North America has been anticipated to hold the largest market share owing to the increasing demand for adopting mobile banking through smartphones. Customers use mobile channels to interact with banks right from their smartphones.

Europe is also expected to emerge as the fastest growing market owing to the faster transactions and mobile payments done by the banks, thus leading to increase in the adoption of mobile banking by the Europeans.

Industry News

Zelle, a new payment service backed by more than 30 US banks, will be launching its standalone app on 12th September to take on competitors like Square Cash and Venmo. The network had been quietly powering money transfers for major US banks including Chase, Bank of America, Citibank, and Wells Fargo since launching in June.

Access Report @ https://www.marketresearchfuture.com/reports/mobile-banking-market-2906

Competition Analysis

Some of the major players operating the global market for mobile banking are Dais Software Company (Bulgaria), Strands Inc. (U.S.), Ebanq B.V (Netherlands), Nymbus Inc. (U.S.), Apex Software Ltd. (Kenya), Temenos Group AG (Switzerland), Neptune Software PLC (U.K.), Fisa System (U.S.), Capital Banking Solutions (U.S.), and others.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.



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Keywords:    Mobile Banking, Mobile Banking Market, Mobile Banking Industry, Mobile Banking Sector, Mobile Banking report, Mobile Banking market size

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