The global Mobile Banking Market was valued at $956.3 million in 2020 and is expected to reach $2,224.7 million by 2026, registering a CAGR of 11.8% from 2020 to 2026.
Mobile banking is a service provided by a bank or other financial institutions, allowing users to conduct financial transactions remotely using a mobile device. The devices such as smartphones or tables are used for mobile banking, primarily for transferring money from one account to another and depositing a check by taking a picture, which is prominently provided features for mobile banking in the market.
7 Mobile banking trends in 2020 are Mobile App ATM Connectivity, More Biometrics, Voice Commands, Machine Learning Customer Experience, Big Data Fraud Prevention, Debt Pay down Services, Open Banking. Consumers' growing desire to access financial services from digital channels has led to a surge in new banking technologies that are conceptualizing the entire retail banking market. Retail banks are also launching platforms in the Banking-as-a-Service (BaaS) space to remain competitive.
Key Players who largely share the market are American Express Company, BNP Paribas S.A., Bank of America Corporation, Citigroup Inc., HSBC Holdings plc., Credit Agricole Group, JPMorgan Chase & Co., Societe Generale S.A.,
American Express and Kabbage made headlines this week with reports the card company is looking to acquire the fintech for $850 million. Industry thinkers point out Kabbage could provide AmEx with a strong technology platform and the ability to reach new clients. Big banks, meanwhile, spoke with Bank Innovation about the spikes in mobile adoption. Citigroup Plan to make 5G and other innovations work for clients – and help them leverage the power of new technology – banks need to partner with treasury, ERP/TMS providers and third parties such as fintechs to drive change. The pace of technological innovation also means that banks need to evolve how they design, develop and deliver products to ensure they focus on the right solutions at the right time.
Benefits of mobile banking for business- As consumers repeatedly hear of large-scale data breaches at popular corporations and leading financial institutions, concerns about payment technology and transaction security will heighten. According to a research report from Aite Group, the mobile environment offers more robust security against cybercriminals and "traditional" identity thieves than online channels. As a result, it predicts that financial institutions and merchants will become more aggressive about integrating mobile apps into sales channels, and incentivizing consumers to leverage the higher-transaction security that mobile offers. As a small business, you can offer consumers the same level of protection by processing mobile payments through a secure payment processor, and/or incorporating such a processor’s environment into your business’s own native app
By Type segmentation are Windows, IOS and Android. BY Region it includes Asia-Pacific, North America, Europe and Rest of the world.The U.S. dominated the North America mobile banking market in 2018 and is projected to grow at a CAGR of 10.1% from 2019 to 2026.
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