The number of mobile banking users will reach two billion worldwide by 2022, according to a new forecast from Juniper Research. That’s from a new report entitled Retail Banking: Digital Transformation & Disruptor Opportunities 2016-2021, and it supports already-visible market trends.
For example: the British Trade Association for Banking says that while there are 4.3 million internet banking logins in the UK per day, there are now 11 million mobile banking logins. Meanwhile, five digital banks in the UK have either launched services or received licenses this year alone, with 20 others seeking licenses, according to a Juniper Research white paper entitled Futureproofing Digital Banking.
In a statement announcing the latter report, research author Nitin Bhas asserted that “[r]ecent industry shifts highlight why traditional banks must respond rapidly to retain market share by cultivating new revenue channels and enhancing existing base through sustained innovation.” Meanwhile, new players are trying “to increase market share and maintain profitability in the long-run.”
These trends track with the overall rise in the use of mobile devices more generally, with a recent GSMA Intelligence report indicating that it’s skyrocketing. It will also likely entail a growing interest in secure mobile authentication solutions, given the sensitivity of mobile banking transactions — and indeed we’re already seeing some of the biggest financial services players taking advantage of sophisticated technological solutions such as biometrics for these kinds of applications.