Mobile Banking Market overview

Mobile banking is a service provided by financial institutions that allows customers to conduct financial transactions using their smartphone or tablet . It uses a mobile app provided by the financial institution and is available 24/7, depending on an internet or data connection. The services offered by mobile banking include obtaining account balances and lists of transactions, bill payments, remote check deposits, P2P payments, and funds transfers. Using a mobile banking app increases ease of use, speed, flexibility, and security. However, it doesn't handle transactions involving cash, and customers need to visit an ATM or bank branch for cash withdrawals or deposits. The earliest mobile banking used SMS, and the key challenges for mobile banking development include handset accessibility, security, scalability and reliability, application distribution, and personalization. A report by the US Federal Reserve in March 2012 found that 21 percent of mobile phone owners had used mobile banking in the past 12 months.

In 2022, the size of the global mobile banking market was estimated at USD 0.941 billion. The Mobile Banking Market industry is projected to grow from USD 1.3 Billion in 2023 to USD 3.47 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.06% during the forecast period (2023 - 2030).

Mobile banking is a service provided by a bank or other financial institutions and allows users to conduct financial transactions remotely using a mobile device. The devices such as smartphones or tablets are used for mobile banking, primarily for transferring money from one account to another and depositing a check by taking a picture. These are prominently provided features for mobile banking in the market. Moreover, it typically operates across applications developed for iPhone, Android, or other device platforms. Moreover, mobile banking is conducted with the availability of an internet or data connection to the mobile device. Depending on the feature provided in applications, the products and services included in mobile banking provide account balances and lists of the latest transactions, remote check deposits, funds transferred between beneficiary accounts, electronic bill payments, peer-to-peer payments, and others. The main concept of mobile banking is to offer online services that will offer dynamic banking services. Covid 19 is impacting the market segments and market share, and it is a way of life across the world. People are now acquiring online banking due to the shutdown and other issues. The advanced smartphone application and banking methods mapping other facilities are key drivers for the market..

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Market segmentation

The Mobile Banking Market is segmented into solution, Technology and deployment. Based on the Solution, the market is categorized into Customer Management, Mobile Banking Features, and Mobile Payment Features. The mobile payment features will dominate the market due to the use of the several UPI payment option and due to the pandemic as well as people prefer cashless payments. By Technology, the Mobile Banking Market is bifurcated into  Wireless Application protocols, Standalone Mobile applications. Among them, the standalone segments will have a high market share as mobile banking has become the most secure and hassle-free process, increasing the market in the future. The  Deployment variables are On-Cloud and On-Premise. Both segments are increasing the market value, but the on-cloud is expected to hold more than the on-premise as it is helpful for the storage of the data without having security concerns.

Regional analysis

The Mobile Banking Market is studied in the regions such as Asia Pacific, North America, Europe and Latin America and the middle east and Africa. North America and Europe register the highest share of the market in 2018 and are expected to hold the same share in the forecast period. Due to the increase of new-age FinTech technologies, banks are upgrading their mobile banking applications to provide better-customized product offerings, enhanced customer experience, and convenience for their users. Asia-Pacific will dominate the market during the forecast period due to the increased use of digital banking platforms and robust economic growth. Other regions also have a good growth due to the enhancement of the market, and the market will experience growth shortly.

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Industry news

TRAI dismisses the USSD fee on mobile banking. The regulator body said it is a bid to boost digital financial inclusion and protect the interests of ordinary feature phone users.

Competition Analysis

Some of the major players operating the global market for mobile banking are Dais Software Company (Bulgaria), Strands Inc. (U.S.), Ebanq B.V (Netherlands), Nymbus Inc. (U.S.), Apex Software Ltd. (Kenya), Temenos Group AG (Switzerland), Neptune Software PLC (U.K.), Fisa System (U.S.), Capital Banking Solutions (U.S.), and others.

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