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Mobile banking not expected to take off until 2007

29 May 2003  |  4708 views  |  0 Mobile banking not expected to take off until 2007

Major growth opportunities in Western European mobile banking are not expected until 2006 and 2007, says IDC, due to the slow adoption of more advanced technologies and devices.

According to the latest IDC forecasts, 4.6% of the total Western Europe population will access financial services and information, including banking, investing, and insurance, via mobile connection by the end of 2007.

While waiting for pick-up, the main objective of mobile banking is to be an additional channel with a marginal role in a broader multichannel strategy.

"European players launched their initial offerings in 1999 and 2000, but the right application or suitable package that injects new growth into the market to reach sufficient critical mass for profitability has yet to emerge," says Mirko Corbetta, research analyst with IDC's European vertical markets expertise center.

IDC attributes the past and current flop of mobile banking to the present condition of the wireless communication market, characterised by rapid growth but still not able to support more complex services such as financial applications, which require speed and tariffs through a wide range of products and services.

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