30 April, 2015
Mobile Banking – Can Analytics Help Banks Innovate?
Bank of America COE Brian Moynihan recently disclosed that its mobile customers grew by 2 million, touching 70 Million this year. Wells Fargo and JP Morgan Chase have already reported robust growth in mobile customers in 2014.
This rise in mobile banking users is welcome news for the banking industry. This growth is not limited to the US alone. Britain also, in the recent past, has seen an uptick in mobile banking users and the number is expected to reach 32.6 million by 2020 as per a study by Fiserv.
Mobile banking is widely used in emerging economies of the world – especially where traditional banking services have not taken deep roots. For example, Sub-Saharan Africa, Kenya and Bangladesh have huge user base in mobile banking.