Mobile Banking in Asia: Adoption, Challenges, and IT Spending Outlook
As channel diversification accelerates in the banking industry, financial institutions in Asia are increasingly turning their attention to mobile banking. This report examines how financial institutions in the region are tackling mobile banking as well as challenges for the future.
A new Celent report, Mobile Banking in Asia: Adoption, Challenges, and IT Spending Outlook, is based upon a Celent mobile banking survey conducted in 14 countries in Asia in the spring of 2014. Survey results showed that mobile banking initiatives are increasingly gaining traction in Asia, but that they have yet to reach the point where users are actively embracing them. Nevertheless, mobile banking is only increasing. This conclusion is further supported by the fact that many banks — 75% of responding banks — are considering increasing mobile banking IT spending.
“The strong interest in boosting IT spending in mobile banking points to further growth in this channel,” says KyongSun Kong, an analyst with Celent's Asian Financial Services Group and author of the report. “As banks deploy next-generation mobile banking systems and start to look at omnichannel, we can expect increased spending on IT solutions for digital banking.”
Celent’s survey asked banks about their mobile banking systems and future IT spending plans. Celent received responses from banks in Australia, New Zealand, China, Hong Kong, Taiwan, Japan, South Korea, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and India.
A follow up report will examine broader trends and present salient case studies in mobile banking in Asia.