In the US alone, nearly 30 million mobile users utilized their phone to gain access to their digital bank accounts in the fourth quarter of 2010. The population increased more than half this year with a 54% across the board increase. More and more people rely on the convenience of this type of banking to do business transactions through programs supported by these technologies.
Mobile platforms by different mobile companies try to address the issue on the rising popularity the mobile phone has to offer to its users. Mobile applications are geared towards the development of two main streams in its application as mobile commerce and mobile banking are taking its toll. ABI’s October, 2011 research shows that mobile companies are fast on its track to address its users needs in terms of mobile application downloads with Android taking the lead over its Apple counterpart. Android’s 44% application downloads surpassed Apple’s 31% in the 2nd quarter of 2011.
The mobile platforms of the different companies are designing ways and means for its users to truly appreciate their product’s services option in mobile banking supported programs. Different countries have seen the efficiency and convenience of using mobile banking as a medium for accessing digital bank accounts. More subscribers will exponentially multiply around the world as the new banking presents itself as a tool for m-wallet and money transfers.
Different groups have predicted a rise in population of mobile users accessing their hand held phones to transact business with their banks and accessing digital bank accounts. Yankee Group in its June, 2011 update predicts 500 million mobile banking users worldwide in the year 2015. With a current 27% of survey respondents leaning towards mobile banking rather than the commerce side, platforms are indeed improved and should be dynamic to constantly address the growing needs of its subscribers.
Mobile financial services are geared towards taking control over Asia, Middle East and Africa. Mobile banking will surely be an advantage to developed nations such as US and Europe. Mobile phones are fast in its tracks of being the medium in excellent position to surpass desktops and laptops.
Mobile companies along with its mobile operators and bank service providers are joining hand in hand to make customers and clients satisfied with quality, safe and reliable service. Mobility and ease of handling are the primary features of a hand held device, improving its platform for digital banking is deemed important to adapt to the fast pace of the modern world.