For a large chunk of the world, a mobile phone is becoming an indispensable part of life. According to the World Bank, about 75% of the global population now has access to a mobile phone, while subscriptions have climbed from 1 billion in 2000, to more than 6 billion today, and are forecast to actually exceed the human population in the near future.
For banks, the ability to connect with clients and clients of clients via mobile channels holds obvious appeal, and the ability to check balances or make transfers on the go has led to a massive upsurge in the provision of mobile services, particularly when it comes to consumer banking. In the US, for example, mobile banking services will reach 108 million users in 2017, or about 46% of all account holders in the country, according to Forrester Research.
