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Market ScenarioAccording 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.
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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.
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.
Key Players
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.
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.
Segments:
Mobile banking market is segmented on the basis of Solution, Technology and Deployment.
Mobile Banking Market by Solution:
• Customer management
• Mobile banking features
• Mobile payment features
• Mobile trading features
• Others
Mobile Banking Market by Technology:
• Wireless application protocol (WAP)
• Standalone mobile application
Mobile Banking Market by Deployment:
• On-cloud
• On-premise
Regional Analysis:
The regional analysis of Mobile Banking Market is being studied for region such as Asia Pacific, North America, Europe and Rest of the World. North America is estimated to acquire largest market share due to increase in demand of adopting mobile banking through smartphones where the customers use mobile channels to interact with the banks rather than visiting the banks. Europe is expected to be the fastest growing market due to faster transactions and mobile payments done by the bank which has led to increase in adoption of mobile banking used by the Europeans to make transactions.
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Intended Audience:
• Banks
• Government organizations
• Mobile network operators
• Retail network operators
• Security service providers
• Payment service providers
• Regulators
• Research organizations
• Technology end users
About Us:
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.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Contact Info:
Name: Abhishek Sawant
Email: Send Email
Organization: Market Research Future
Website: https://www.marketresearchfuture.com
Release ID: 458146
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