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Mobile Banking Market By Transaction (Customer-to-Customer and Customer-to-Business), By Platform - Global Industry Outlook, Key Companies (UBS, Capital One, Citigroup Inc, and others), Trends and Forecast 2024-2033

Published on : April-2024  Report Code : RC-875  Pages Count : 254  Report Format : PDF
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Market Overview

The Global Mobile Banking Market is expected to reach a value of USD 2.2 billion by the end of 2024, and it is further anticipated to reach a market value of USD 11.2 billion by 2033 at a CAGR of 20.0%.

Mobile Banking Market Growth Analysis
The development of mobile banking systems has transformed the accessibility of banking & financial services, meeting both personal & business sectors. Participants in this ecosystem like telecom operators, payment processors, platform providers of mobile money, money transfer agents, financial institutions, and regulators. Opportunities in the mobile banking market are diverse, ranging from transaction modes like SMS, WAP, & smart cards/NFC, to the nature of payments (P2B, P2P, B2P, B2B) and types of purchases made, like transfers, top-ups, coupons, & merchandise.

Further, the global mobile banking market has seen significant growth, driven by the higher adoption of smartphones and the growing demand for convenient banking services. As smartphones become less expensive and accessible, a larger segment of the population gains access to mobile banking, especially through advanced digital banking platforms that offer seamless user experiences. Additionally, the integration of AI in banking is enhancing personalization, fraud detection, and customer service, further accelerating the adoption of mobile banking solutions worldwide.

The main driver behind this growth is the exceptional convenience that mobile banking provides. Users can execute many banking transactions anytime, anywhere, without the need to go to physical bank branches. From checking account balances to applying for loans, the flexibility of mobile banking services appeals to a large number of customers.

As per Nimble AppGenie, the mobile banking market is undergoing significant transformation driven by consumer preferences and technological advancements. While 61% of consumers are inclined to switch to digital-only banks, 77% continue to rely on traditional banks as their primary financial service providers, reflecting the coexistence of traditional and digital ecosystems. By 2025, the U.S. is projected to have 217 million digital banking users, emphasizing the sector’s rapid growth. 

Mobile banking adoption is robust, with 89% of digital banking users conducting operations via mobile devices, and 69% of Americans using mobile apps to manage finances. Bank of America alone boasts 30 million active app users, showcasing institutional adoption of digital channels. Despite the digital surge, 82% of consumers still value having a nearby branch, while 21% prefer digital-only banks as their primary providers. This duality underscores opportunities for banks to balance branch presence and digital innovation to meet evolving demands.

Moreover, security & trust have traditionally been major concerns for mobile banking users. However, technological development and strong security measures have highly encouraged the safety of mobile banking applications. Furthermore, biometric authentication methods like fingerprint scanning & facial recognition add an extra layer of security, creating confidence in users to conduct financial transactions through their mobile devices, which has reduced concern and fostered greater trust, thereby growing the adoption of mobile banking services globally.

Mobile banking is reshaping the financial landscape, driven by increasing smartphone penetration and demand for seamless digital experiences. Recent trends highlight the adoption of AI-driven personalization, biometric security, and open banking APIs, enhancing customer engagement and safety.

Events like the Mobile Banking and Payments Conference 2024 showcase innovations in fintech collaboration. Opportunities abound in emerging markets, where digital inclusion initiatives fuel growth. Major deals include Visa's acquisition of fintech platform Plaid, signaling interest in data-driven solutions. Partnerships like Apple's tie-up with Goldman Sachs for Apple Card underline the industry's focus on integrated ecosystems. The sector promises rapid evolution and expansion.

Key Takeaways

  • Market Growth: The Mobile Banking Market size is expected to grow by 8.6 billion, at a CAGR of 20.0% during the forecasted period of 2025 to 2033.
  • By Transaction: The customer-to-customer segment is expected to lead in 2024 with a major & is anticipated to dominate throughout the forecasted period.
  • By Platform: Android as a platform is expected to get the largest revenue share in 2024 in the Mobile Banking market.
  • Regional Insight: North America is expected to hold a 56.7% share of revenue in the Global Mobile Banking Market in 2024.
  • Use Cases: Some of the use cases of mobile banking include account management, mobile deposits, and more.

Use Cases

  • Account Management: Users can easily check their account balances, look into their transaction history, and manage their accounts on the go via their mobile banking app, which includes tasks like transferring funds between accounts, setting up recurring payments, and updating personal information.
  • Mobile Deposits: Mobile banking enables users to deposit checks at any location by simply taking a photo of the front and back of the check within the app, which removes the need to visit a physical bank branch, making banking more convenient & accessible.
  • Bill Payments: Mobile banking apps allow users to pay bills directly from their mobile devices. Users can schedule one-time or recurring payments for utilities, credit cards, loans, and other expenses, assisting them stay on top of their financial obligations without the struggle of writing checks or visiting various websites.
  • Alerts and Notifications: Mobile banking apps can send live alerts & notifications to users, providing updates on account activity, low balances, upcoming payments, & other necessary information, which helps users monitor their finances closely & inspect any suspicious or unauthorized transactions promptly, bettering security and peace of mind.

Market Dynamic

Mobile banking has transformed the way customers interact with their finances, providing unparalleled convenience & accessibility. With the ability to conduct a variety of financial transactions from anywhere at any time, the need to visit physical bank branches has become obsolete, which has driven a significant increase in the adoption of mobile banking services among consumers, improving their overall banking experience.
 
Also, the growing demand for convenient online banking activities & the growth in smartphone use are expected to further drive the expansion of the global mobile banking market. Mobile banking not only allows users to look into account balances & review financial transactions 24/7 but also saves valuable time, contributing to the strengthening of market trends. Moreover, the growing awareness of personal finance management is expected to support market growth, as consumers look for fast, convenient, and round-the-clock banking solutions.

However, despite the promising opportunities, challenges command the expansion of the global mobile banking industry, mainly concerning data security & privacy concerns. Also, the rise in fear of identity theft, security breaches, & online banking fraud creates major restraints on industry growth. The growth in the incidence of cyber-attacks, hacking, & data violations further intensifies these challenges, potentially impeding the market's growth in the years ahead.
 
In addition, the persistence of some individuals preferring traditional banking methods & showing resistance towards digital platforms due to limited technological familiarity or concerns about trust & security presents a barrier to the broad adoption of mobile banking services, which along with a preference for face-to-face interactions, highlights the importance of addressing security and trust issues to encourage higher acceptance of mobile banking among consumers.

Research Scope and Analysis

By Transaction

The global mobile banking market is categorized into customer-to-customer and customer-to-business segments in terms of transaction types. In 2024, the customer-to-customer segment is expected to dominate with a majority of the market revenue and is also expected to exhibit the highest growth rate over the coming years, which is anticipated expansion due to the growing use of mobile banking apps for routine fund transfers & various purchases. 

In addition, mobile banking apps support monthly installments for electronic goods purchases, further driving growth in the customer-to-business segment. Also, the convenience and flexibility offered by mobile banking apps are expected to sustain this growth trajectory, shaping the future landscape of the mobile banking market.

Further, the customer-to-business segment plays a vital role in driving the growth of the global mobile banking market in coming years, which is driven by the convenience provided by mobile banking apps, allowing users to initiate payments for goods & services smoothly. Moreover, the provision of features like monthly installments for purchases, mainly for electronic goods, further enhances the adoption of mobile banking. As consumers highly use mobile banking for transactions with businesses, the customer-to-business segment constantly contributes significantly to the complete expansion of the mobile banking market.

By Platform

In terms of platform, the Android segment is expected to dominate the global mobile banking market in 2024, holding the largest market share & revenue, which is anticipated to persist throughout the forecast period, mainly due to the higher adoption of the Android platform, mainly in developing economies. Also, the growth in Android usage in these regions has made banks prioritize the development of mobile banking services on this platform, making it a major trend in the mobile banking market. 

Mobile Banking Market Platform Share Analysis

As a result, Android users benefit from strong and accessible mobile banking solutions customized to their preferred platform, driving the segment's growth & market dominance.

Further, the iOS segment is expected to show the highest growth during the forecast period, which is due to the innovative integration of voice-activated artificial intelligence (AI) technologies, like Siri, within iOS mobile banking apps. 

By using voice-assisted banking services, iOS users can execute transactions, check balances, and look into information through voice commands, improving the overall user experience. The adoption of voice-activated AI in iOS mobile banking apps not only provides users with better convenience but also shows a forward-thinking approach by banking institutions to meet evolving consumer preferences. As a result, the iOS segment is expected to experience significant growth, reflecting the growth in demand for intuitive & technologically advanced mobile banking solutions among iOS users across the world.

The Mobile Banking Market Report is segmented on the basis of the following

By Transaction

  • Customer-to-Customer
  • Customer-to-Business

By Platform

  • Android
  • iOS
  • Others

Regional Analysis

North America is set to maintain its leading position in the global Mobile Banking market in the coming years, with an estimated contribution of about 56.7% in 2024, which is expected to be sustained over the next decade, driven by factors like growing awareness about personal finance management in countries like the U.S. & Canada. 

Mobile Banking Market Regional Analysis

Furthermore, the region's market growth is anticipated to be driven by the expanding presence of Fintech startups, which are expected to catalyze growth by launching innovative solutions & services customized to the changing needs of consumers in North America.

Further, the Asia-Pacific (APAC) Mobile Banking industry is expected to show rapid growth during the forecast period, which is largely due to the expansion of smartphone usage & sales in countries like India & China. Moreover, the broader adoption of smartphones in these populous nations provides a higher market opportunity for mobile banking services. 

In addition, the presence of key smartphone manufacturers in countries like Japan, China, South Korea, and Taiwan further builds up the growth opportunities of the mobile banking industry in the APAC region. As these countries constantly use digitalization & mobile technology, the need for mobile banking services is expected to grow, driving significant expansion & innovation within the APAC Mobile Banking market.

By Region

North America
  • The U.S.
  • Canada
Europe
  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
Asia-Pacific
  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific
Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America
Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

Competitive Landscape

The global mobile banking market is characterized by intense competition among many players providing convenient, secure, & innovative solutions to consumers. Established banks, fintech startups, & technology giants are competing for market share by constantly improving their mobile banking platforms with features like mobile deposits, bill payments, account management, & personalized financial insights. 

Further, the rise of digital-only banks & payment platforms intensifies competition, as they use agile technology and customer-centric approaches to attract users. Regulatory developments, changes in consumer preferences, and developments in mobile technology also shape the competitive landscape, driving holders and new entrants as same to adapt quickly and differentiate their offerings to stay relevant in this dynamic market.

Some of the prominent players in the global Mobile Banking Market are:
  • UBS
  • Capital One
  • Citigroup Inc
  • JPMorgan Chase & Co
  • HSBC Holdings Plc
  • PayPal Holding Inc
  • Bank of America Corporation
  • Barclays PLC
  • Standard Chartered PLC
  • Other Key Players

Recent Developments

  • In February 2024, The Financial Services Commission (FSC) of South Korea announced two new policy measures focused on expanding open banking services. The first initiative focuses on broadening the data accessible through open banking, including both personal & business accounts, which will allow third parties to conduct live multi-account inquiries. Mainly, including business account data focus to support the introduction of customized fund management products for corporate clients. Also, the second initiative aims to extend open banking services to offline channels, enabling account holders to look into services like account inquiries & money transfers through any bank branch.
  • In January 2024, ICICI Bank Canada launched its mobile banking app, 'Money2India'. The app allows customers of any bank in Canada to send money quickly and round the clock to any bank in India without opening an account with ICICI Bank Canada. Customers of any bank in Canada can send money via the app using their Visa / Mastercard debit cards. They can quickly send money to India with a single transaction limit of CAD 30,000, with a confirmed exchange rate.
  • In October 2023, Entersek launched a complete integrated mobile application authentication solution for financial institutions (FIs), using the Q2 Digital Banking Platform, which developed in partnership with Q2, provides better authentication features within the mobile banking platform, providing a consistent user experience across many channels. Further, the integration of Entersekt’s authentication suite into the Q2 Mobility App allows FIs to protect against many types of fraud, like account takeover fraud, ACH and wire fraud and device takeover fraud, using the pre-built integrations.
  • In September 2023, The State Bank of India, the biggest commercial bank in the country, and IDFC First Bank announced the implementation of unified payments interface (UPI) interoperability in their digital rupee (e₹) or the central bank digital currency (CBDC).
  • In August 2023, Canara Bank launched its UPI Interoperable Digital Rupee mobile application that enables users to pay with digital currency by scanning any merchant's UPI QR code, which is a part of the RBI's Central Bank Digital Currency (CBDC) pilot project. Further, the Digital rupee would be available to Canara bank customers only on an invite basis, similar to your physical wallet but in digital form., as one can do on the Canara Digital Rupee app including Loading Digital Rupee Tokens; Redeem Digital Rupee Tokens; Send & Receive Digital Rupee Tokens; Scan and Pay using Digital Rupee Tokens.
  • In April 2023, City Union Bank Limited launched a facility through which customers can use Voice Biometric authentication for logging into the mobile banking app, as it feature has been introduced for better security purposes, and the customers of the Bank will be protected from fraudsters since Voice Biometric cannot be compromised like PIN / OTP. Further, the feature of voice biometric login would be expanded for net banking users, the process is under development.

Report Details

                                    Report Characteristics
Market Size (2024) USD 2.2 Bn
Forecast Value (2033) USD 11.2 Bn
CAGR (2023-2032) 20.0%
Historical Data 2018 – 2023
Forecast Data 2024 – 2033
Base Year 2023
Estimate Year 2024
Report Coverage Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc.
Segments Covered By Transaction (Customer-to-Customer and Customer-to-Business )By Platform (Android, iOS, Others)
Regional Coverage North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
Prominent Players UBS, Capital One, Citigroup Inc, JPMorgan Chase & Co, HSBC Holdings Plc, PayPal Holding Inc, Bank of America Corporation, Barclays PLC, Standard Chartered PLC, and Other Key Players
Purchase Options We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively.

 

Frequently Asked Questions

  • How big is the Global Mobile Banking Market?

    The Global Mobile Banking Market size is estimated to have a value of USD 2.2 billion in 2024 and is expected to reach USD 11.2 billion by the end of 2033.

  • Which region accounted for the largest Global Mobile Banking Market?

    North America is expected to have the largest market share in the Global Mobile Banking Market with a share of about 56.7% in 2024.

  • Who are the key players in the Global Mobile Banking Market?

    Some of the major key players in the Global Mobile Banking Market are UBS, Capital One, Citigroup Inc., and many others.

  • What is the growth rate in the Global Mobile Banking Market?

    The market is growing at a CAGR of 20.0 percent over the forecasted period.

  • Contents

      1.Introduction
        1.1.Objectives of the Study
        1.2.Market Scope
        1.3.Market Definition and Scope
      2.Mobile Banking Market Overview
        2.1.Global Mobile Banking Market Overview by Type
        2.2.Global Mobile Banking Market Overview by Application
      3.Mobile Banking Market Dynamics, Opportunity, Regulations, and Trends Analysis
        3.1.Market Dynamics
          3.1.1.Mobile Banking Market Drivers
          3.1.2.Mobile Banking Market Opportunities
          3.1.3.Mobile Banking Market Restraints
          3.1.4.Mobile Banking Market Challenges
        3.2.Emerging Trend/Technology
        3.3.PESTLE Analysis
        3.4.PORTER'S Five Forces Analysis
        3.5.Technology Roadmap
        3.6.Opportunity Map Analysis
        3.7.Case Studies
        3.8.Opportunity Orbits
        3.9.Pricing Analysis
        3.10.Ecosystem Analysis
        3.11.Supply/Value Chain Analysis
        3.12.Covid-19 & Recession Impact Analysis
        3.13.Product/Brand Comparison
      4.Global Mobile Banking Market Value ((US$ Mn)), Share (%), and Growth Rate (%) Comparison by By Transaction, 2017-2032
        4.1.Global Mobile Banking Market Analysis by By Transaction: Introduction
        4.2.Market Size and Forecast by Region
        4.3.Customer-to-Customer
        4.4.Customer-to-Business
      5.Global Mobile Banking Market Value ((US$ Mn)), Share (%), and Growth Rate (%) Comparison by By Platform, 2017-2032
        5.1.Global Mobile Banking Market Analysis by By Platform: Introduction
        5.2.Market Size and Forecast by Region
        5.3.Android
        5.4.iOS
        5.5.Others
      10.Global Mobile Banking Market Value ((US$ Mn)), Share (%), and Growth Rate (%) Comparison by Region, 2017-2032
        10.1.North America
          10.1.1.North America Mobile Banking Market: Regional Analysis, 2017-2032
            10.1.1.1.The US
            10.1.1.2.Canada
        10.2.1.Europe
          10.2.1.Europe Mobile Banking Market: Regional Trend Analysis
            10.2.1.1.Germany
            10.2.1.2.France
            10.2.1.3.UK
            10.2.1.4.Russia
            10.2.1.5.Italy
            10.2.1.6.Spain
            10.2.1.7.Nordic
            10.2.1.8.Benelux
            10.2.1.9.Rest of Europe
        10.3.Asia-Pacific
          10.3.1.Asia-Pacific Mobile Banking Market: Regional Analysis, 2017-2032
            10.3.1.1.China
            10.3.1.2.Japan
            10.3.1.3.South Korea
            10.3.1.4.India
            10.3.1.5.ANZ
            10.3.1.6.ASEAN
            10.3.1.7.Rest of Asia-Pacifc
        10.4.Latin America
          10.4.1.Latin America Mobile Banking Market: Regional Analysis, 2017-2032
            10.4.1.1.Brazil
            10.4.1.2.Mexico
            10.4.1.3.Argentina
            10.4.1.4.Colombia
            10.4.1.5.Rest of Latin America
        10.5.Middle East and Africa
          10.5.1.Middle East and Africa Mobile Banking Market: Regional Analysis, 2017-2032
            10.5.1.1.Saudi Arabia
            10.5.1.2.UAE
            10.5.1.3.South Africa
            10.5.1.4.Israel
            10.5.1.5.Egypt
            10.5.1.6.Turkey
            10.5.1.7.Rest of MEA
      11.Global Mobile Banking Market Company Evaluation Matrix, Competitive Landscape, Market Share Analysis, and Company Profiles
        11.1.Market Share Analysis
        11.2.Company Profiles
          11.3.1.Company Overview
          11.3.2.Financial Highlights
          11.3.3.Product Portfolio
          11.3.4.SWOT Analysis
          11.3.5.Key Strategies and Developments
        11.4.UBS
          11.4.1.Company Overview
          11.4.2.Financial Highlights
          11.4.3.Product Portfolio
          11.4.4.SWOT Analysis
          11.4.5.Key Strategies and Developments
        11.5.Capital One
          11.5.1.Company Overview
          11.5.2.Financial Highlights
          11.5.3.Product Portfolio
          11.5.4.SWOT Analysis
          11.5.5.Key Strategies and Developments
        11.6.Citigroup Inc
          11.6.1.Company Overview
          11.6.2.Financial Highlights
          11.6.3.Product Portfolio
          11.6.4.SWOT Analysis
          11.6.5.Key Strategies and Developments
        11.7.JPMorgan Chase & Co
          11.7.1.Company Overview
          11.7.2.Financial Highlights
          11.7.3.Product Portfolio
          11.7.4.SWOT Analysis
          11.7.5.Key Strategies and Developments
        11.8.HSBC Holdings Plc
          11.8.1.Company Overview
          11.8.2.Financial Highlights
          11.8.3.Product Portfolio
          11.8.4.SWOT Analysis
          11.8.5.Key Strategies and Developments
        11.9.PayPal Holding Inc
          11.9.1.Company Overview
          11.9.2.Financial Highlights
          11.9.3.Product Portfolio
          11.9.4.SWOT Analysis
          11.9.5.Key Strategies and Developments
        11.10.Bank of America Corporation
          11.10.1.Company Overview
          11.10.2.Financial Highlights
          11.10.3.Product Portfolio
          11.10.4.SWOT Analysis
          11.10.5.Key Strategies and Developments
        11.11.Barclays PLC
          11.11.1.Company Overview
          11.11.2.Financial Highlights
          11.11.3.Product Portfolio
          11.11.4.SWOT Analysis
          11.11.5.Key Strategies and Developments
        11.12.Standard Chartered PLC
          11.12.1.Company Overview
          11.12.2.Financial Highlights
          11.12.3.Product Portfolio
          11.12.4.SWOT Analysis
          11.12.5.Key Strategies and Developments
        11.13.Other Key Players
          11.13.1.Company Overview
          11.13.2.Financial Highlights
          11.13.3.Product Portfolio
          11.13.4.SWOT Analysis
          11.13.5.Key Strategies and Developments
      12.Assumptions and Acronyms
      13.Research Methodology
      14.Contact
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