The Mobile Marketing Association is forecasting that the rate in which consumers utilize mobile banking services will accelerate at a rapid pace by the end of 2010. As the pervasiveness of mobile services trickle down to much smaller financial institutions than the big guns of banking first to embrace mobile technology, the MMA anticipates the present 17% of adults using mobile banking in the US will jump to nearly 22% within the next twelve months.
Aware of the increasing spread of mobile services and mobile marketing to smaller communities and the business that dwell within them, the MMA recently revealed plans to restructure into business units in its operating regions – Asia Pacific, Europe, Middle East and Africa, Latin America and North America. As part of the restructuring effort, the ”roles and responsibilities” of managing directors will expand to focus more intensely on ”local needs.”
The potential of mobile banking is a hefty contributing factor to the quickened growth of mobile services and mobile familiarity in increasingly smaller, more rural areas of the world. Within twelve months, the MMA predicts that many small, private banks could be just as well-versed and mobile proficient as the world’s largest banking institutions – which, until now, have held an upper hand in the mobile realm.
“Mobile banking is a major opportunity both today and over the long term,” said the MMA’s vice president of market intelligence Peter Johnson. Last year, analysts at CGAP predicted that mobile banking services in the developing world could ultimately be worth upwards of $5 billion by the turn of 2012.
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