Mobile Banking Trends in China

by Hua Zhang, January 29, 2013
Industry Trends
Asia-Pacific

Abstract

The number of mobile banking users in China reached 150 million in 2012, accounting for more than 40% of mobile banking users worldwide. Major commercial banks saw more than 100% growth in mobile banking users in 2012, and more than 300% growth in mobile banking transaction value.

In the report Mobile Banking Trends in China, Celent examines mobile banking innovations and trends, new business areas that mobile banking will support, and the impact on retail banking. The strengths of mobile banking compared to online banking include portability, ease in obtaining the geographical location of the user, and the opportunity to analyze user behavior. Commercial banks are offering innovative services by leveraging the convenience brought about by mobile phones, such as cardless cash payments and withdrawals, branch maps, fund transfers using mobile phone numbers, and contactless payments.

“Mobile banking in China is not only growing rapidly, it is enabling new business models,” says Hua Zhang, analyst with Celent’s Asian Financial Services Group and author of the report. “Mobile banking provides banks with massive amounts of transaction data, which they can analyze in order to develop new products and strategies.”

This report describes the market size, characteristics, and potential of mobile banking in China, as well as analyzing its impact on retail banking.

This 19-page report contains 15 figures and two tables.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America (Boston)
Tylor Tourville
ttourville@celent.com
Tel.: +1 617 424 3284

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)208 870 7875

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81.3.3500.3023

Table of Contents

Executive Summary

1

Mobile Banking Market

2

 

US$556 Billion Transacted via Mobile Banking

2

 

Key Mobile Banking Products

3

 

Market Size of Mobile e-Commerce

6

Characteristics of Mobile Banking Users

7

 

Customer Segmentation

7

 

Common Mobile Banking Functions

8

 

Reasons Behind Users’ Selection of Banks for Mobile Banking

9

 

Value per Transaction

9

 

Mobile Banking Technologies

10

 

Factors Hindering Mobile Banking Development

11

 

Future Service Wanted by Users

11

Conclusion

13

Leveraging Celent’s Expertise

14

 

Support for Financial Institutions

14

 

Support for Vendors

14

Related Celent Research

15

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