It is expected that two billion people will be using their mobile phones to bank by 2019 as the number of users doubles in the next four years. According to research by UBS Evidence Lab, which was sponsored by KPMG, the mobile banking channel is the biggest today in terms of transaction volumes, but take-up is now entering an ‘exceptionally rapid phase’. The research report said banks should by now have clear mobile strategies if they are to remain competitive. Banks that do not have clear mobile banking strategies will lose customers and cross-sell opportunities in the short-term, as well as risk jeopardising competitive advantage, it said. It said banks that want to take advantage of the increase in mobile banking and fight off new competition need to expand the services available on the phone, collaborate with other banks and developers on mobile technology, and acquire startups, as well as investing heavily in security.
