Exponential growth in the consumption of the internet and smartphones across a wide variety of users is facilitating several digital transformations. Mobile banking or internet banking is one such advancement that is creating shockwaves across markets and creating unprecedented opportunities. It is providing impetus to the adoption of several solutions and services such as e-commerce, cashless payments, and other online services. It is allowing consumers to make payments right from their smartphone devices from virtually anywhere in the world. Smartphone usage has been growing rapidly in the past few years and these devices are becoming essential commodities in contemporary life. Users can transfer funds easily from their devices. In addition, it is also emerging as a pivotal instrument to becoming a cashless economy. Against this backdrop, the global mobile banking market is projected to grow at a fast pace.
Soaring Smartphone Adoption to Stimulate Notable Growth
Growing smartphone usage across both developed and developing economies is accelerating the growth of the global mobile banking market. Smartphones not only offer a far greater user convenience and functionality but also easier access to e-commerce platforms. This means that users can carry out monetary transactions 24x7 from anywhere, only limited by their bank’s online services outreach. Moreover, the rapid advancements in networking and cybersecurity technologies have made these mobile banking smartphone applications far more functional. Service providers can offer real-time customer help which boosts consumer confidence in the technology. In addition, paced e-commerce purchases in recent years hint at the presence of fruitful opportunities in the future of the global mobile banking market.
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Paced Growth in C2B Services to Open New Avenues of Growth
One of the key contributors to the global mobile banking market’s significant expansion is its thriving customer-to-business (C2B) segment. Customers are using these mobile platforms to regularly transfer funds for various online as well as offline purchases. In addition, they are also regularly paying their EMIs through automated mobile banking features for various products and services that they might be using. Such applications allow industry entities to leverage self-service banking strategies by providing agile solutions for conducting financial transactions. The adoption of such solutions is catalysed by paced smartphone and internet penetration across user bases. These developments are creating strong tailwinds for the global mobile banking market.
North America to Lead Mobile Banking Market Amidst Significant Smartphone and Internet Usage
North America is poised to dominate the mobile banking market in terms of revenue during the study period. Growing smartphone consumption and busy lifestyles in these regions are boding well for the usage of mobile banking platforms. In prominent regional economies such as the USA and Canada, the young population, popularly referred to as generation z and millennials are leading contributors to the consumer base of mobile banking apps. Meanwhile, on the other end of the globe, Asia Pacific is expected to exhibit the fastest growth owing to a growing consumer base, a high concentration of market players, and burgeoning internet penetration.
Key Market Players
Some of the major players in the global mobile banking market include Bank of America Corporation, American Express Company, Credit Agricole, HSBC Holdings plc, JPMorgan Chase & Co, BNP Paribas, Citigroup Inc., Societe Generale Group, Mitsubishi Ufj Financial Group, Inc., and Wells Fargo & Company.
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