“Mobile is where it is at for banking today,” says Tom Roberts, digital lead for
banking at PMI Global Executive Council member KPMG in London, England.
;e global banking industry spent an estimated US$4.2 billion on mobile
banking projects in 2015, according to global tech research ;rm Ovum. And
it’s banking on those investments to meet the coming demand. Globally, the
number of mobile banking users from 2015 to 2020 is set to double to 2 billion,
according to a 2015 Juniper Research report. Adoption rates will be highest
in developing countries, reaching 60 to 70 percent in China and India, but
consumers in developed countries are also driving demand for mobile banking
services. According to a U.S. survey released from the Federal Reserve Bank
of Boston, 78 percent of the country’s banks and credit unions o;ered mobile
banking services in 2014, with an additional 16 percent planning to launch
mobile o;erings in the next one to two years.