50% of people will be using mobile banking by 2013

According to a research, about 50% of people (people with bank accounts) will be managing their money through mobiles within the next five years.

The number will increase to 75% by 2020.

Other findings of the study:

--Mobile banking will surpass internet banking within five years. As mobile banking take-up rate (the rate at which people adopt a service or product) is quite higher than that of -- Online banking.

Factors which are assisting mobile banking:

--Current Economic downturn: As people want to have a closer look at their finances at times of downturn. With mobile banking they can monitor their accounts many times a day.

--Ease of use: Getting updates and sending queries is easy.

Factors which go against the growth of mobile banking:

--When the people’s trust in financial institutions is at a low, removing human intervention (which mobile banking does) hinders its adoption rate.

--People are still not comfortable in using mobiles for significant financial deals/transactions through a mobile (computer is still considered a more secure medium).

--Mobiles are loss- prone (are lost quite easily), strengthening the people perception that mobiles are less secure than the computer.