Tuesday, 20 May 2014
Mobile Banking grow two-fold, reveals BBA
British Bankers' Association stated that mobile banking is undergoing an evolutionary phase. As per the data collected by BBA, 5.7 million transactions occur every day through Smartphones.
“Local branch closures due to declining demand for day-to-day banking are the "direction of travel," the BBA said.
"There's an amazing revolution in the way people are banking," "The reason why it [mobile banking] has grown so much is just that it's a lot more flexible." "It's driven by customers - they can do it any time of day or night. You can pay a bill while at the pub - that sort of thing." BBA chief said to BBC.
"They [branches] are an integral part of the industry," he said. "They will be more focused on the big decisions - taking out a mortgage, taking out a big business loan, where you need to have a face-to-face interaction."
This Proves that mobile banking is growing significantly and would change the way banking is performed in future. A recent report published by AMR gives in-depth information on global SOHO mobile banking market. The report gives market trends, analysis, revenue, and market share to understand the growth of market. The report states that in U.S alone, there are about 20 million SOHO firms. More information can be found in the report. Also, AMR has a report that provides you detailed information of global mobile banking.