The number of mobile banking users will grow to over one billion by the end of 2017, compared to a predicted 590 million this year according to research firm, Juniper Research.
In a new report by Nitin Bhas, titled Mobile Banking: handset and Tablet Market Strategies 2013-2017, the firm said that the one billion figure will represent only 15 per cent of the mobile subscriber base.
Juniper Research also stated that "it should be acknowledged that around half of all mobile subscribers remain unbanked, with limited access to traditional financial services.
At present, the report found that most banks have at least one mobile banking offering, either via messaging, mobile browser, or an app-based service. Some larger banks are now rolling out two or more of these technologies together.
From the banks' perspective, Bhas said the "triple play platform is advantageous as it avoids them having to switch suppliers for different approaches as well as maximising client reach."
"While messaging remains highly popular and relevant in the financial sector, apps will be the dominant access mode in developed markets with banks reporting an increased number of visits per month on their mobile apps."
Sign up for CIO Asia eNewsletters.