Newark, Dec. 04, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 4 billion in 2022 global mobile banking market will reach USD 10.37 billion in 2032. Customers of a bank or other financial institution that provides mobile banking can use a mobile device to conduct financial transactions. Users can also access and manage their bank accounts with it. Because mobile banking apps include biometric and two-factor authentication security, they provide a safe and practical means of conducting transactions. These apps have been carefully chosen to have an adaptive user interface that makes navigating them easier and increases customer satisfaction. Additionally, mobile banking makes it possible to communicate with banks more quickly and in real-time without physically visiting their locations. With just a single click, transactions are made easier with mobile banking. The virtual banking experience offered by mobile banking is easy, secure, quick, convenient, and safe. Users may also manage every card in one location with it. Additionally, it made it possible for the bank to raise customer satisfaction and strengthen relationships with its clients. Using mobile banking allows users to use time-saving features, fund management, transfer capabilities, and quick fraud detection. With digital banking, users may access their accounts whenever they want and get reminders for loans, bill payments, etc.
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Key Insight of the Global Mobile Banking Market
North America will dominate the market during the forecast period.
The constantly evolving fintech infrastructure has made the rise of the regional mobile banking sector possible. To enhance the customer experience, the major financial institutions in the area provide multifaceted, safe, secure, and easy-to-use mobile banking applications. Similarly, the region's high degree of digital literacy and tech familiarity makes mobile banking more common.
In 2022, the wireless application protocol (WAP) segment dominated the market with the largest market share of 39% and market revenue of 3.90 billion.
The type segment is divided into wireless application protocol (WAP), SMS banking, unstructured supplementary service data (USSD), standalone mobile application and others. In 2022, the wireless application protocol (WAP) segment dominated the market with the largest market share of 39% and market revenue of 3.90 billion.
In 2022, the Android segment dominated the market with the largest market share of 48% and market revenue of 4.80 billion.
The platform segment is divided into iOS, Android and others. In 2022, the Android segment dominated the market with the largest market share of 48% and market revenue of 4.80 billion.
In 2022, the on-cloud segment dominated the market with the largest market share of 65% and market revenue of 6.50 billion.
The deployment type segment is divided into on-premises and on-cloud. In 2022, the on-cloud segment dominated the market with the largest market share of 65% and market revenue of 6.50 billion.
Advancement in market
A completely integrated mobile application authentication solution for financial institutions (FIs) utilising the Q2 Digital Banking Platform has been launched, according to Entersekt, a top provider of authentication solutions. This solution offers a consistent user experience across numerous channels and offers enhanced authentication features within the mobile banking platform. It was created in collaboration with Q2. The Q2 Mobility App incorporates Entersekt's authentication suite, which protects financial institutions (FIs) against many fraud scenarios such as device takeover, ACH and wire fraud, and account takeover. Through the pre-built connection, financial institutions may quickly implement the solution into their mobile banking app, minimising the number of contact centres and offering a haven for high-risk transactions and customer logins.
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Market Dynamics
Driver: Growing consumer desire for quick, easy, and 24/7 goods and services.
Customers' hectic lifestyles have increased the desire for quick, simple, safe, and easily accessible goods and services. This trend is also evident in the BFSI industry, where customers are driving the need for mobile banking services to access their accounts from anywhere in the world and facilitate quick and simple transactions. The BFSI industry is becoming increasingly crowded, pushing players to create cutting-edge services to draw in new clients and keep existing ones. Banks may increase consumer happiness and service delivery through mobile banking, which helps them gain market share.
Restraints: The increase in fraud instances.
As the number of people using mobile banking grows, so does the number of fraudsters using new viruses to target people in scams and frauds. Because these financial services and transactions are virtual, consumers are more vulnerable and in danger due to fraudsters' increasing expertise, lack of awareness, and lack of information. These occurrences drive away a substantial portion of the public, who will not use technology-driven BFSI services or mobile banking, restricting the market's expansion.
Opportunities: The advancements in technology.
The intense market competition has prompted ongoing research and development to create better consumer applications to increase customer satisfaction and maintain or grow market share. The market is expanding and developing due to the introduction of greater features, a safer and more secure environment with unique authentication systems, and user-friendly and creative interfaces. The use of AI to provide consumers with prompt service delivery and grievance redressal is a prime illustration of how technology is propelling the market's expansion in the future.
Challenges: data security and privacy concerns.
The adoption of mobile banking has grown exponentially in the majority of countries during the COVID-19 pandemic. However, mobile banking market regulation has not caught up with the market's exponential growth, enabling fraudsters and other stakeholders to exploit the system's loopholes and store, steal, and share customer data without their permission. This leads to detrimental effects on human rights and privacy and will challenge the market growth as international communities bring in stringent regulations to monitor and control the market to safeguard users.
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Some of the major players operating in the global mobile banking market are:
• Crédit Agricole Group
• Citigroup Inc.
• BNP Paribas S.A.
• Bank of America Corporation
• American Express Company
• Wells Fargo & Company
• Société Générale S.A.
• Mitsubishi UFJ Financial Group, Inc.
• JPMorgan Chase & Co.
• HSBC Holdings plc
Key Segments covered in the market:
By Type
• Wireless Application Protocol (WAP)
• SMS Banking
• Unstructured Supplementary Service Data (USSD)
• Standalone Mobile Application
• Others
By Platform
• On-Premises
• On-Cloud
By Deployment Type
• iOS
• Android
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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