TechNavio Reports that Smartphones are driving the growth of M-Banking Globally

LONDON - Nov. 14, 2013 - PRLog -- TechNavio, an independent London-based research firm has found that smartphones are driving the growth of M-Banking globally. The analysis is for the forecast period 2012-2016.

North America has been the leading contributor to the growth of m-banking largely due to the huge growth in the smartphone market in this region and the growing affinity towards the convenience provided by it. Following it is Australia, where the transaction volume has reached almost US$10 billion. Europe has been particularly lagging behind in the developed market because of the staggering initial uptake and growth in this region.

South-east Asian countries on the other hand have been making rapid progress in m-banking. However  the market in these countries is still in the developmental phase. Mobile network operators (MNOs) have been viewing this as a potential business opportunity and are increasing their networks to tap the unbanked as well as underbanked markets.

These regions are following the one-to-many model of banking. Under this system, the MNOs are deploying a network of agents who are conducting banking transactions on behalf of the banks. They are creating a virtual wallet for the customers, secured by a strong authentication system such as PIN or biometrics. Customers who are not very comfortable using mobile phones are visiting agents in getting their transactions processed. Countries such as India, Pakistan, Bangladesh, Indonesia and the Philippines have been showing rapid growth in this market by following this model.

To determine the scenario for these vendors in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of drivers, challenges, and trends of this market featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in order of importance.

If you are interested in more information on this topic and our upcoming research on Global M-Banking Market 2012-2016 (http://www.technavio.com/report/global-m-banking-market-2...), please send an e-mail to media@technavio.com

About TechNavio

TechNavio is a leading technology research and advisory company with a global coverage. We focus on emerging technology trends that can shape the market. We identify and explain these trends to our customers to help them take better decisions.

TechNavio models the trends using a mix of quantitative and qualitative tools in its proprietary research methodologies. We build forecasts across market segments and geographies based on the trends identified. These forecasts and analysis are used to help our customers identify new and existing opportunities in their markets. We also help customers assess their competitive position in a changing market scenario.

TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape of Global M-Banking Market. Our analysts obtain the information using a combination of the bottom-up and top-down approaches, besides using in-house market modeling tools. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

Decision makers and influencers in sales & marketing, strategy, product and R&D teams rely on research from TechNavio. We have a large and growing base of happy customers worldwide. Our customers include technology suppliers, end users, consulting companies, investment firms and research institutes.

Founded in 2003, TechNavio has about 200 analysts globally. We cover more than 500 technologies across 80 countries. Our analysts are closely monitoring the market every day by talking to all the industry participants. We have proprietary databases that provide us with a complete perspective of the market. TechNavio develops over 2000 pieces of research deliverables every year.

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