37 Billion Mobile Banking Transactions by 2011 by Maria Vasilova

Complete financial information services, account transactions or even the mobile brokerage, all these activities performed by your mobile device. The internet revolution has created new players in the financial services industry, the online banks. And as the number of mobile subscribers is supposed to exceed 2,5 billion, more and more banks merge their usual banking tools with the newest mobile technology. In last 4 years, banks all over the world invested billions of dollars to create sophisticated internet banking infrastructures. According to different consumer surveys, there is a variety of trends coming up on the global market. Appearance of the Millennial Generation, also known as Generation Y , enjoying the luxury of digital technologies, is the main interest of marketers. In addition, China and Far East are expected to have the largest number of mobile banking services users in the future, followed by Western Europe. In the US, a study of IBM` s retail banking consulting practice showed, that 21 percent of respondents at the age 18-34 used their cell phones for banking transactions and the number would grow strongly. However, there is still a low level of confidence in the mobile banking services. The lack of common technology standards, problems of security of financial transactions and high reliability expectations of customers caused, that the Europe` s venture into mobile banking nearly failed. The biggest challenge are the reputation of services providers, customer support and personalization. There are still more issues that have to be solved in order to ensure the expected success of mobile banking. One of them is surely the the high cost of transactions that would discourage 84 percent of young Americans of using a mobile banking service. Well, the companies, consider this..

related story: http://www.cellular-news.com/story/30553.php

by Maria Vasilova for PocketNews (http://pocketnews.tv)

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edited by Beata Biskova