By
2014, Berg Insight forecasts that mobile banking will attract 110
million users in Europe and 80 million users in North America. In Europe and North America, the
technology will mainly serve as an extension of existing online banks
as mobile handsets become more widely used for Internet access.
The worldwide number of users of mobile banking and related services is
forecasted by Berg Insight to grow from 20 million users in 2008 at a compound annual
growth rate (CAGR) of 89.0 percent to reach 913 million users in 2014.
Asia-Pacific is expected to become the most important regional market,
accounting for 65 percent of the total user base. Mobile banking is
also anticipated to play a key role in bringing financial services to
people in the Middle East and Africa. "Mobile
handsets are in an excellent position to become the primary digital
channel for providers of banking and related financial services on
emerging markets," said Marcus Persson, Telecom Analyst, Berg Insight.
"People who sign up for their first mobile subscription today will
likely open their first bank account in the coming years and thus join
the modern financial system. Mobile operators can play a vital role in
this development and will have the opportunity to take an active part
in the creation of some of tomorrow's most important financial
institutions based in Asia and Africa."
Besides traditional retail
banking, the report also identifies international money transfer as a
potential revenue source for mobile industry players. Berg Insight
forecasts that 5-20 percent of the international money transfers
currently handled by various formal or informal agent networks will be
carried out using a mobile handset by 2014, generating US$ 170-680
million in service revenues.