Mobile Banking is Predicted to Reach 1 Billion Users This Year

Juniper Research forecasts 1 billion people will access their bank accounts via mobile devices by the end of this year. The researcher suggests that banks should start directing their efforts toward wearable devices such as smartwatches, which are expected to reach 100 million banking sessions in five years. While the number of mobile banking sessions via wearable devices is expected to grow tenfold by 2020, Juniper predicts the number of mobile banking users will double to 2 billion. The Wall Street Journal reports: “Banks hoping to gain customers under the age of 30, or to prime the population younger than that, must expand into wearable devices, as well as develop a substantive social media strategy, said Nitin Bhas, head of research.”