A study reveals that by 2010 the number of users who access mobile banking services will reach 21.27 million in US. The initiative coming from mobile payments and mobile banking provisioners to roll out favourable options for those customers who need access to financial services while on the move is expected to bring improvements to the financial services industry. Nevertheless, these provisioners must face the challenge of gaining subscribers' confidence and educating them on the capabilities of mobile financial services offerings.
Integrated mobile banking and payments services have enough potential to become dominant future trends on the market. Despite the fact that this market may still be divided into mobile payments and mobile banking verticals, future developments could fill this gap by incorporating these functionalities being within a single application from an end-user perspective.
Another report conducted by Boston-based consultancy Aite predicts that mobile banking numbers will increase from 1.6 million in 2007 to 35 million by 2010.
The study was published by research house Frost & Sullivan.
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