Friday, June 05, 2009

Tower Group's latest projection on mobile banking

In a recent report, the Tower Group reported that mobile banking has now become "mainstream". (Read here) In this report, it is predicted that the number of mobile banking customers will reach 10 million at the end of 2009. (I presume that this is in the US, as this number has been reached at least two years ago globally). The report also predicts 53 million by 2013.

Seeing that I know that Tower Group made such predictions previously, I thought that I would go and check it out. This is what I found:

The first time that I could find that Tower Group made any prediction was in June 2007 (Read here). According to this report 400 thousand people used mobile banking then and was expected to grow to at least 22 million by 2012 (or even higher). Then a report was produced in November 2007 (Read here) where it was predicted that a million subscribers would be reached by the end of the year with 40 million by 2012. In a quote that I saw, Tower Group indicated that the tipping point in mobile banking has been reached in 2008.

If I collate all these predictions and fill in the gaps - the predictions was pretty accurate and remained consistent. Something tells me that the current predictions will not be that off the mark.

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