The last two weeks have produced numerous articles and announcements supporting the theory that mobile banking is truly in demand and is growing at a rapid pace. Specifically, we have seen:

Juniper Research forecasts over 800 million to do mobile banking by 2011
"A new report by Juniper Research into the mobile financial services sector has found that the number of consumers accessing banking services and products via their mobile phones will reach 816 million by 2011, a tenfold increase on the number using such services in 2007...According to the report, the annual number of global mobile banking transactions will rise from 2.7 billion in 2007 to 37 billion by 2011, as a greater number of services are deployed worldwide."

Online Banking Is Old News. Hello Mobile!
"More than 100 million US consumers will use their mobile phones for banking services by 2012, according to Javelin Strategy and Research data cited in an April 2008 BusinessWeek article."

"In an even more specific prediction, TowerGroup said in its "US Mobile Banking Forecast 2007-2012" report that nearly 41 million US consumers will conduct some banking activity by mobile phone at least every 90 days by 2012."

Mobile banking gaining traction among younger customers
"The study found that 21 percent of consumers age 18-34 use their cell phone for mobile banking transactions, compared to about 10 percent of the general population."

"Research firm Aite Group predicts that mobile banking users in the United States, having ballooned from a negligible number at the end of 2006 to 1.7 million by the end of last year, will rise to 8 million by the end of this year. And by 2010, Aite Group forecasts that 35 million Americans will be mobile banking users."

Last week I had the opportunity to speak with Bob Egan (Chief Analyst - Tower Group) and was able to gain a fresh perspective on the mobile banking industry. If you have not had the opportunity to meet Bob, I'd recommend making it a top priority for a number of reasons including:


1) This is his second exposure to the "mobile boom." In the late 90's Bob was heavily entrenched in the mobile industry.
2) Bob has more than 30 years of experience in information technology.
3) Prior to joining Tower Group Bob founded and led Mobile Competency, a boutique market analyst and consulting company focused on enterprise mobile and wireless technologies and solutions.
4) During our discussion I found his analysis to be eerily accurate.

To view Bob Egan's full biography click here>>

Bob's recent reports include:
* South Korean Mobile Banking and Payments: The Proof Is in the Pudding
* US Mobile Banking Forecast: 2007-2012
* Mobile Banking Evolution: Issues and Considerations for 2008
* Mobile Peer-to-Peer Payments: Verizon Wireless and Obopay Take a Short Step Down a Long Road
* Mobile Solutions for the Insurance Industry: The Challenges and Opportunities