A new report from Insight Research predicts more than 2 billion mobile phone users will use a handful of mobile banking applications over the next five years.
The research firm believes this is one tool banks can promote to help get them out of their terrible financial predicaments. This is especially true for doing business outside the United States, where mobile banking is catching on much more quickly.
“Some of the most practical and innovative adoptions of financial applications for the mobile phones are popping up first in the emerging markets,” writes the author. He goes on to say that competition in those markets is driving the need for personalization, which is a trademark of the mobile phone.
While most of the banking services in question are currently free, Insight expects banks will eventually charge fees, much like ATMs do if your transaction is not connected directly to your own account or your own bank.
