Mobile Banking Trends in China
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.