Global Mobile Banking Market Report and Forecast 2024-2032

Global Mobile Banking Market Outlook

The global mobile banking market size is projected to grow at a CAGR of 13.4% between 2024 and 2032. The major market drivers include increasing penetration of smartphones and internet and rising emergence and adoption of novel FinTech technologies.

Key Trends in the Market

Mobile banking refers to services that allow customers to perform various banking tasks including paying bills, transferring money, and checking account balances through devices such as iPads, tablets, and mobile phones. The various advantages associated with mobile banking include efficient document sharing, decreased infrastructure costs, and increased accessibility.

• The increasing penetration of smartphones and internet is aiding the mobile banking market growth. The convenience offered by the service including rapid transfer of money, bill payment, and checking of balance is bolstering its utilisation in various regions across the globe.

• The presence of use friendly interface and real time customer support is boosting the market expansion. The integration of mobile banking with advanced technologies including wireless application protocol and chatbots enhances the banking experience for the customers.

• The availability of advanced security measures and systems to protect the sensitive information and funds of the customer are bolstering their confidence in mobile banking services. For instance, the multi-factor authentication system involves two different types of verification processes, the dual step process provides additional protection to the digital bank account.

Global Mobile Banking Market Analysis

On the basis of type, the market is divided into SMS banking, wireless application protocol (WAP), and unstructured supplementary service data (USSD). Based on service, the market is classified into transaction, account information, investments, and support services, among others.

On the basis of platform, the market is segregated into android and IOS, among others. Based on mode of deployment, the market is bifurcated into cloud and on-premises. On the basis of region, the mobile banking market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Bank of America Corporation 

• American Express Company 

• JPMorgan Chase & Co. 

• Barclays PLC 

• Citigroup Inc. 

• BNP Paribas SA 

• Standard Chartered Group 

• Mitsubishi UFJ Financial Group Inc. 

• Wells Fargo & Co. 

• HSBC Holdings plc 

• Credit Agricole SA 

• Others

Market Share by Platform

Android is anticipated to account for a significant mobile banking market share. This growth can be attributed to the increasing concentration of the banks to provide services on this platform owing to the utilisation of the platform by the vast majority of the population in the developing countries. The relatively cost-efficient nature and provision of more storage options in android phones is boosting their utilisation and supporting the segment growth.

Market Share by Region

North America is expected to witness significant growth over the forecast period. This growth can be attributed to the emergence and adoption of novel FinTech technologies. The provision of customised product offerings to enhance customer experience is bolstering the mobile banking market demand. The convenience and security offered by the service due to the presence of biometric identification via fingerprint or face recognition and two-factor authentication is increasing the popularity of mobile banking in North America.

Competitive Landscape

Bank of America Corporation, headquartered in North Carolina, United States, is a financial service holding company and multinational investment bank that provides a wide range of asset management, banking, risk management, and other financial products and services.

American Express Company, headquartered in New York, United States, is a multinational financial service corporation that was founded in 1850. The company specialises in corporate cards, business travel, merchant and network services, and mobile banking, among others.

JPMorgan Chase & Co. is a multinational financial services firm that specialises in commercial banking, asset management, private banking, and mobile banking, among others. The company was founded in 2000 and is headquartered in New York, United States.

Other mobile banking market key players include Barclays PLC, Citigroup Inc., BNP Paribas SA, Standard Chartered Group, Mitsubishi UFJ Financial Group Inc., Wells Fargo & Co., HSBC Holdings plc, and Credit Agricole SA, among others.

Key Highlights of the Report